Live Notes from Facebook’s fbFund REV Demo Day in Palo Alto

Facebook’s fbFund REV summer incubator program, led by Dave McClure, wraps up this afternoon with Demo Day, and Inside Facebook is here and live blogging from the event.

This summer, Facebook, Founders Fund, and Accel Partners selected 20 social startups and made joint equity investments totaling over $500,000 dollars. Over the past couple months, we sat down with Navify, Weardrobe, Networked Blogs, Frintro (now Thread), Samasource, NutshellMail, Funji, RunThere, and Life360 – and in a little bit, these teams will give their investor demo day presentations. Stay tuned for updates throughout the afternoon!

Sheryl Sandberg, Facebook COO, gives welcome remarks: Facebook is becoming an increasingly social platform, beginning with Facebook Platform, Facebook Connect, and now this summer’s fbFund REV summer incubator program. Our goal with the fbFund REV was to revolutionize industries. Three finalists raised more than $350,000, some reached profitability, and Thread raised $1.2 million in seed capital.

Thread helps people find friends of friends to date. The problem with online dating is that it’s inauthentic, risky, and has low success rates. Our solution is to use Facebook Connect to get authentic rich profiles and get trusted introductions from friends, so Thread has the potential for higher conversion rates. CEO Brian Phillips’s 275 Facebook friends on Thread translate to over 90,000 friends of friends on Facebook, allowing us to leverage the secondary social graph.

Funji is a virtual community for iPhone. For the 200 million Generation Me users, the future is mobile. Teens are restricted in real life, but in virtual communities, they can freely express themselves by creating avatars and rooms and building social status. Users earn points through their activities on Funji and through external apps. We’ve raised $115,000 and are looking for $500,000 in additional funding.

Sociable: Retailers today aren’t driving significant sales from social media. Friends and family recommendations are the #1 source of influencing consumer decisions. Users can share purchases by publishing stories back to Facebook, which increases sales by 0.25 percent and drive traffic to third-party breakeven  sites. Our solution also leverages other platforms, including Twitter, further increasing traffic. Travel and retail are examples of industries that are social and have large market sizes. We’re projecting to breakeven by the end of the year. Seeking $1 million.

GeckoGo: Seventy percent of people are dissatisfied with online travel. There’s too much online travel content out there. We aggregate travel content from social networks, create simple travel snapshots, and distribute this information on popular travel sites. The snapshot provides information on how many of a user’s Facebook friends have been to certain places. We’re different because we’re the only one at the intersection of travel aggregation and social. Seeking $500,000.

Friend Radio: Music players are boring. Current algorithms only know users’ music preferences based on music they’ve already played. The Favorite Music category on the Facebook profile has been taunting me. We publish songs to the Facebook News Feed. Friends can follow other friends. Facebook Page admins can also publish songs to their Walls. In 2 months, we’re now at 20,000 MAU.

PhotosILove: Two things our users want to do: 1) strengthen old relationships, and 2) rekindle old relationships. Relationships need to be acknowledged. We’re monetizing via banner advertising, points, subscriptions, but the key will be generating quality content. Seeking $500,000.

Vittana: We’re Kiva for student loans. We make it possible for you to loan to students in the developing world. The loans we make range from $500 to $1,500 and range from six to 24 months in length. Currently, the #1 profession is bank teller, and we operate in Peru, Paraguay, Mongolia, and Nicaragua. We’ve already raised $230,000. Seeking $25,000 to $50,000.