(This is the first article in our Startup September series announced on September 1.) It is indeed amazing how fast applications on the internet evolve. We already know of the speed at which facebook is growing . It has crossed 250 mn UVs , with ever growing penetration in the Indian market. However, there is another direction in which facebook is evolving – as a Platform for app developers.
Till now, the most popular facebook applications have been games like Farmville, Mafia wars etc. The parent company, Zynga, which makes most of its money from these games, has revenue figures in millions of dollars. Taking cue from Zynga and other such firms, a lot of facebook-focussed startups have eveolved and they are getting huge VC support as well. Here are a few startup pitches to the VCs at the fb Fund REV social incubator organised by Facebook themselves.
Facebook quotes examples of successful VC fundings-
Thread.com $1.2M seed round of financing. The seed financing included participation from fbFund and was led by First Round Capital. Thread.com uses Facebook Connect to create a site for social dating via friendly intros. Nutshell Mail raised over $500k in funding. Nutshell Mail uses email to help you manage your social network activity. RentMineOnline raised over $300k in funding have been profitable for the past 4-5 months. They combine the success of resident referral programs with the power of your friends on Facebook.
We, at strat.in, are already using the services of one of these startups – Networked Blogs on our strat.in facebook fan page. The service that they provide in simple terms is to connect a blog with the facebook community. In future, they plan to enter into content disovery area from a blog perspective leveraging the social graph on facebook. Check out their presentation to VCs in the presentation pack above.
While it is interesting how startups are leveraging the power of facebook and social graph of its users, the question of sustaining growth still remains. It would be interesting to follow these startups and how they evolve over the course of time.