$100 Million iFund Launched for iPhone Developers

It was a good day for aspiring iPhone developers. In addition to getting their first look at the iPhone SDK, developers were also told about the launch of a US$100 Million iFund to invest in companies developing applications and services for the iPhone and iPod touch.

The venture capital iFund is being provided by Kleiner Perkins Caufield & Byers (KPCB). The money will be invested in companies with market-changing ideas and products that extend the iPhone and iPod touch platform, according to the company.

Apple said it 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 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."

iFund Focus

The iFund will focus on areas including location based services, social networking, mCommerce, communication, and entertainment.

In addition to the money, KPCB will also assist with company building expertise, business development relationships and access to its network of entrepreneurs.

"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."