Kleiner Perkins Launches iFund To Invest in Companies Developing Applications for Apple's iPhone

Everything related to Apple or Steve Jobs has to be a style statement, just like the recent announcement of opening up the iPhone SDK to 3-rd party applications. In fact, this one step seems to be so powerful and attractive that people have already started launching patents and publishings, and many have gone as far as dreaming about establishing their own startups just for this! Well, here's a piece of good news for those people. Thanks to the Apple and Steve Jobs appeal, Kleiner Perkins is all set to dedicate a large pool of money just to feed the frenzy behind iPhone and iPod applications! So if you have a great idea and need some capital investment, you know where to look!

Kleiner Perkins Caufield & Byers (KPCB) today announced the launch of the iFund with $100 million in venture capital to invest in companies developing applications and services for Apple's innovative 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 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 and applications 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 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.

Since its founding in 1972, Kleiner Perkins Caufield & Byers has backed entrepreneurs in over 500 ventures, including AOL, Amazon.com, Citrix, Compaq Computer, Electronic Arts, Genentech, Google, Intuit, and more! KPCB portfolio companies employ more than 250,000 people, and have seen more than 150 companies go public. Current portfolio companies including Pelago, Dash, GOGII, and Pinger will collaborate closely with the iFund initiative.

Do you have an idea for a "killer iPhone application"?? Then maybe you should pick up the phone and talk to KPCB!

Kleiner Perkins Caufield & Byers (KPCB):
Tia Smith

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