- March, 2008
- Menlo Park, CA
- Funds Raised:
- KPCB's iFund, announced in March 2008, is a $100M investment initiative that will fund market-changing ideas and products that extend the
KPCB's iFund, announced in March 2008, is a $100M investment initiative that will fund market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform. The iFund is agnostic to size and stage of investment and will invest in companies building applications, services and components. Focus areas include location based services, social networking, mCommerce (including advertising and payments), communication, and entertainment. The iFund will back innovators pursuing transformative, high-impact ideas with an eye towards building independent durable companies atop the iPhone / 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, 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 iFund will be managed by KPCB Partner Matt Murphy in collaboration with partners Chi-Hua Chien, John Doerr, Bill Joy, Randy Komisar, Ellen Pao and Ted Schlein. Apple will provide KPCB with market insight and support.
Q: What is the iFund?
A: The iFund is a $100 million venture capital investment initiative that will fund innovators developing applications, services, and components for Apple's iPhone and iPod touch platform. Kleiner Perkins Caufield & Byers (KPCB) has earmarked $100 million for this initiative and it will be managed by KPCB's partners. Apple will provide KPCB with market insight and support.
Q: Does the iFund focus on specific investment areas?
A: The iFund is agnostic to stage and size of investment (from seed stage to established products with revenue), but targets companies with long-term standalone potential. Focus areas include location-based services, social networking, mCommerce (including advertising and payments), communication, and entertainment.
Q: Why did KPCB establish the iFund?
A: KPCB believes that the iPhone and iPod touch are a fantastic platform for mobile applications and services, combining a world class development environment, great devices and UI, an advanced customer base, and strong global distribution. This confluence of factors will ignite a wave of mobile internet innovation, generating opportunities on par with or greater than the PC internet. We expect the most innovative mobile companies and entrepreneurs will choose to develop their apps for the iPhone and iPod touch platform.
Q: How much will the iFund invest in each startup company?
A: The iFund will invest anywhere from $100K of seed capital to $15M of expansion capital in mobile application and services companies.
Q: How many companies will the iFund invest in?
A: As many great ventures as we see. If we need more than $100 million, we'll find more money.
Q: Who is managing the iFund?
A: The iFund is managed by KPCB partner Matt Murphy in collaboration with partners Chi-Hua Chien, John Doerr, Bill Joy, Randy Komisar, Ellen Pao, and Ted Schlein. Apple is providing KPCB with market insight and support.
Q: How do I submit a business plan for consideration by the iFund?
A: Please submit your business plan here. We will respond to submissions within two weeks.
Q: I'm an entrepreneur and I have more questions. Who can I follow up with?
A: Please email email@example.com. One of our team members will respond to you as soon as possible.
Q: I am a member of the press. Who should I contact for more information?
A: Please contact Tia Smith at firstname.lastname@example.org.
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