Thursday, October 21, 2010

Lockerz, Jive Get Backing From KPCB's New Social Fund

Seattle-based Lockerz, an online site which gives users points for watching videos and music, shopping, and for other online activities; and Jive Software, which is now located in San Francisco but has its roots and operations in Portland, have been highlighted in the launch of a new, social networking and social media focused venture capital fund backed by Kleiner Perkins Caufield & Byers. According to KCPB, which announced its new $250M sFund Thursday morning, Lockerz and Jive are two of the first companies that represent the kinds of companies it would like to invest in from the fund. KPCB said its new fund will focus on investing in entrepreneurs in the social space. The new fund is headed by former Chief Creative Officer of Electronic Arts, and is being funded by Amazon.com, Facebook, Zynga, Comcast, Liberty Media and Allen & Company, LLC. KPCB said that Lockerz and Jive received funding from the firm's existing funds, and not the sFund, but are the kinds of firms it hopes to fund with its new investment vehicle.