JPMorgan Chase is placing its bets on social media. The firm is getting ready to put a new social media investment fund in place targeting Internet and new media ventures, Social Media Today writes.
Set to be unveiled Sunday, the fund “is meant to assist social media-related companies that have already established viable business models and revenue streams but have yet to undergo initial public offerings,” the story goes. It posits that the firm is out to “catch the next Groupon, LinkedIn, or Facebook,” and places it in relation to Goldman Sachs fundraising for Facebook.
Fortune, however, warns that the fund JPMorgan Chase is planning “is the loudest announcement yet that the third (fourth?) Internet bubble is in full swing.” The Los Angeles Times echoes its concern, asking if the “rabid interest” in social media companies like Facebook has gone too far.
Last month, PRNewser wrote about Goldman Sachs’ $450 million investment in Facebook and IPO-related chatter.[Image via NY Daily News.]