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fbFund: grants to build Facebook apps.

It must suck to be Bay Partners or Altura right now.  After tons of great press about their new Facebook specific venture funds, along come Facebook, Accel and Founders fund with a $10 million pot of gold for grants to founders.  That's right, if you're a worthy founder you can get up to $250K from fbFund provided you give Accel and Founders first right on your next round.

As a founder, of course, it's terrific.  You can keep all those small pre-seed investments (which tend to be very expensive) off the books, and relieves you of the need to set valuation or raise funds on a convertible note.  What's not to like?

With $10 million in grant money available from Facebook, Accel and Founders to skim La Creme, the teams at Bay and Altura are no doubt asking themselves if their funds are large enough. After all, they've just been repositioned as later stage funders.

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