$100 mn iFund launched for iPod, iPhone apps development

MUMBAI: Kleiner Perkins Caufield & Byers announced the launch of the iFund with $100 million in venture capital to invest in companies developing applications and services for Apple’s iPhone and iPod touch.

The iFund, managed by KPCB, will be invested in companies with market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform. Apple will provide KPCB with market insight and support.

"A revolutionary new platform is a rare and prized opportunity for entrepreneurs, and that’s exactly what Apple has created with iPhone and iPod touch," said Kleiner Perkins Caufield & Byers partner John Doerr. "We think several significant new companies will emerge as this new platform evolves, and the iFund will empower them to realize their full potential."

"Developers are already bursting with ideas for the iPhone and iPod touch, and now they have the chance to turn those ideas into great companies with the help of world-class venture capitalists," said Apple CEO Steve Jobs. "We can’t wait to start working with Kleiner Perkins and the companies they fund through this new initiative."

The iFund will be led by KPCB partner Matt Murphy in collaboration with partners John Doerr, Bill Joy, Randy Komisar, Ted Schlein, Chi-Hua Chien and Ellen Pao.

The initiative will be agnostic to stage and size of investment with a focus on areas including location based services, social networking, mCommerce, communication, and entertainment.

The iFund will seek to fund entrepreneurs pursuing transformative ideas with the potential to become standalone, public companies.

In addition to providing capital, KPCB will assist with company-building expertise, business development relationships and access to its vast network of talented entrepreneurs.

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