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Facebook’s app funding program — fbFund — has gotten a new name and new terms for its participants. Dubbed fbFUND REV, the program is now a full-fledged startup incubator; participants will get roughly $25,000 and ten weeks of coaching at Facebook’s Palo Alto headquarters, and the fund will take between a one and five percent equity stake in each one.
The investments will be made as convertible notes, with the fund getting a discount on future priced rounds (via TechCrunch). Founders Fund and Facebook backer Accel Partners are running the program, with Founders Fund’s Dave McClure at the helm.
Eighteen new app developers and 2 non-profits will participate in the first fbFUND REV session this summer (the non-profits won’t get an actual investment, but will have all their expenses paid). Participants include Frintro, a friend introduction tool; Gameyola, a social commerce platform; and a peer-to-peer microlending service called Vittana, among others.