The social media giant is reportedly establishing an investment fund “to stay in close touch with the startup world,” according to Axios. The fund will invest in “leading private companies alongside top venture capital firms and angel investors,” according to a job posting for a head of investments for Facebook’s New Product Experimentation team. (Axios)

Talking point: Facebook joins other big tech firms like Intel, Microsoft and Google who have their own internal venture funds, according to Axios. In 2020 so far, Facebook has already acquired GIF-maker GIPHY, Spanish gaming startup PlayGiga, computer vision startup Scape Technologies, and virtual reality games studio Sanzaru Games. Facebook’s New Product Experimentation team has been developing a range of apps, including a music video apps for teens to rival TikTok and others for podcasting and travel. Meanwhile, Chris Cox, one of Facebook’s earliest engineers, announced his return as the company’s head of product after resigning in March 2019 due to disagreements with CEO Mark Zuckerberg. Cox is reportedly “encouraged by [Facebook’s] progress on so many of the big issues facing us.”