iFund to Offer $100 Million in Seed Money to iPhone Developers

One of the announcements at today's iPhone SDK event was the creation of the "iFund" by Kleiner Perkins Caufield & Byers.

The iFund promises $100 million in venture capital to invest in companies developing applications and services for Apple's iPhone and iPod touch.

"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 John Doerr, Partner at Kleiner Perkins Caufield & Byers. "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 Steve Jobs, Apple's CEO. "We can't wait to start working with Kleiner Perkins and the companies they fund through this new initiative."

The funding will focus on location based services, social networking, mCommerce, communication, and entertainment.

Related Forum: iPhone

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