Facebook in recent weeks has approached a handful of small venture capital firms to discuss becoming an investor in their funds, according to people familiar with the matter. The VC strategy, which also includes direct investments in startups, aims to give the social network early, valuable insight into a wider swath of companies. 

To run the new investing initiative, Facebook recently appointed Sunita Parasuraman, a nine-year veteran of the company who previously ran the treasury for its embattled Libra cryptocurrency project. Former Kleiner Perkins general partner Eric Feng, now a Facebook employee, is helping approach funds, sources say. The moves come as Facebook fends off antitrust scrutiny of its acquisitions and attempts to find new ways to counter growing competitive threats like TikTok.