Following the excitement this week around the launch of Facebook Connect for iPhone, the social network has announced a new round of its FbFund investment scheme.

The company is putting up $10 million of funding for innovative applications using Facebook Connect, whether they be web or iPhone apps (or, indeed, third-party websites).

Successful applicants will get between $25k and $100k each of seed funding, as well as mentorship from Facebook engineers and executives, as well as business leaders.
Mashable reports that 50 entrants will be selected to go through to a second round, after which the winners will be chosen.

For independent developers thinking of releasing iPhone games with Facebook Connect built in, the fund may be worth a look. Full details are here.