Facebook to open $100m fund to invest in startups online ad business

The social network has announced it will fund at least $100 million to invest and scale its online advertising businesses.

Facebook founder Mark Zuckerberg announced the fund on Twitter on Wednesday, saying he and the company have “a lot of work to do.”

He said the investment will be focused on the “digital advertising market,” and it will help accelerate its “fundamental transformation” of how people interact with advertisers.

Facebook currently has two digital ad networks: its own News Feed and its own advertising platform, Facebook Ads.

In addition, the social network launched its own mobile advertising network, called Messenger.