JP Morgan Chase & Co has raised $1.22 billion for a new fund to invest in the social media sector.
The filing for the aptly named “Digital Growth Fund” details that the fund will offer ‘pooled investment fund interests’. There’s no specific mention of Social Media but the NY Times reports ‘The Digital Growth fund’ is indeed the social media fund.
The launch of the social media fund follows January’s $1.5 billion fundraising by Facebook, mainly from Goldman Sachs Group Inc and its international investors.
Expect significant investments to enter the social space soon.
Bubble? What bubble?