An update from Facebook investor and board member Jim Breyer: The company doesn’t need to raise more money, won’t go public for at least another 14 months, and isn’t afraid of Google’s OpenSocial platform — and may be willing to join it.
We chatted with Jim last night at a dinner to promote Global Grind, the hip-hop oriented “start page” that he’s invested in via his Accel Partners. But several of us had questions about Facebook, where Accel has an 11% stake and Jim himself owns another 1% (TechCrunch’s Erick Schonfeld has his own take here). Jim was happy to oblige…
• Contrary to earlier reports, Facebook hasn’t raised another $500 million in addition to MSFT’s $240 million, and may not raise any more money at all. The company doesn’t need any more cash to fuel operations, Jim says, but would consider another raise if it was from a strategic partner. How much? We got a non-committal shrug here, followed by: “$50 million, $100 million, $200 million.”
• No IPO till 2009 at the earliest.
• Facebook would consider joining Google’s OpenSocial platform; Jim said that the company isn’t philosophically opposed to what Google is trying to do, and that its business model isn’t dependent on keeping its social network gated. He also acknowledged that users will want to be able to port their data, networks, connections, etc from Facebook to other networks, and vice versa, and suggested that something like that may be possible within a year. Nothing in the way of specifics here but the message was clear: We’re not afraid of Google/MySpace/Ning/etc, and we’re not going to be “out-opened” by them.
• Facebook apps: More impressive stuff coming within the next year — via the fbFund (a Facebook-sponsored angel program for Facebook apps), he’s seeing not only college kids with lightweight apps but grown-up engineers working on serious stuff.
Related: SAI Facebook Coverage
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