Cash reserve to be managed by VC firm Kleiner Perkins Caufield & Byers and backed by Apple
Following on from the announcement of the official Apple iPhone SDK, American Venture capitalist firm Kleiner Perkins Caufield & Byers ahs unveiled a $100m fund to invest in firms making applications for the device.
Backed by Apple, who 'provide KPCB with market insight and support, the iFund will "be invested in companies with market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform".
"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, one of the partners at Kleiner Perkins Caufield & Byers who will lead the fund.
"We think several significant new companies will emerge as this new platform evolves, and the iFund will empower them to realize their full potential."
KPBC added that it will focus 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'.
"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," added Steve Jobs, Apple's CEO.
"We can't wait to start working with Kleiner Perkins and the companies they fund through this new initiative."