Kleiner Perkins Caulfield & Byer (KPCB) is creating a USD100m fund to invest in applications for Apple’s iPhone, following the release of Apple's software development kit. The iFund will aim to aid developers of applications for the iPhone and iPod Touch, focusing on applications dealing with location-based services, social networking, mobile commerce solutions and entertainment products. Part of the investment goal is to create a stable of development firms that are dedicated to continually producing applications for Apple devices.
Official third-party applications are expected to be available on the iPhone from Jun. Developers are already planning applications for an anticipated massive release of third-party software for a wide range of functions.
In addition to direct investment capital, KPCB will also provide business development advice to participating developers and will provide access to its network of partners and industry contacts. The iFund will be led by KPCB partners John Doerr, Matt Murphy, Bill Joy, Randy Komisar, Ted Schlein, Chi-Hua Chien and Ellen Pao.
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