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Amazon, Facebook Sign On for $250M Fund

NEW YORK ( TheStreet) - Amazon (AMZN - Get Report), Zynga, Facebook and venture capital firm Kleiner Perkins Caufied & Byers announced Thursday a new $250 million fund to invest in social web companies.

Comcast (CMCST), Liberty Media (LINTA) and investment bank Allen & Co. are strategic partners in investment vehicle, dubbed the "sFund."

"We're at the beginning of a new era for social Internet innovators who are re-imagining and re-inventing a Web of people and places, looking beyond documents and websites," said Kleiner Perkins partner John Doerr in a press release. "There's never been a better time than now to start a new social venture."

Kleiner Perkins partner Bing Gordon, a former Electronic Arts (ERTS) executive and a board member at Amazon and Zynga, will lead the initiative. In 2008, the firm lauched the iFund, a $200 million fund to invest in mobile app technology.

--Written by Olivia Oran in New York.

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