The iFund is a capital fund for developing applications, services, and components for iPhone, iPad, and iPod touch. It was established in 2008 with $100 million and an additional $100 million was added in 2010. The investment range is between $100,000 and $15 million, and companies can submit their proposals via email. The iFund is managed by Kleiner Perkins Caufield & Byers and is funded through their equity investment funds. Apple provides market information and support to KPCB and works similarly with the iFund partner companies.
The iFund is a capital fund for investments in the development of applications, services and components for iPhone, iPad and iPod touch. The fund was originally established in March 2008 as a $100 million dollar (USD) program to finance development of the iPhone and iPod touch, and an additional $100 million was added to the fund in March 2010. At that time, the initial money had already been invested with 14 companies. The iFund is funded through Kleiner Perkins Caufield & Byers (KPCB) equity investment funds and is managed by partners of the firm. According to the KPCB website, Apple provides “market information and support” to KPCB and works similarly with the iFund partner companies.
Submissions from companies seeking investment capital from the iFund can be made via email, and contact information can be found on the KPCB website. Such presentations are necessary to address what market needs exist and how the company’s product would satisfy them, as well as describe how the product stands apart from the rest of the market and how the product will generate profit. Companies seeking capital are also expected to list the people involved in the company and their qualifications. Based on the information submitted, KPCB may seek further information on the project. Their website also states that the process can be expedited with a referral from someone who has worked with KPCB in the past.
The investment range in each iFund venture is between $100,000 USD for seed capital and $15 million USD for expansion capital, and funds are available for companies of various sizes and projects at various stages. KPCB’s stated intention at the time the fund was increased was to continue to find capital for the iFund as needed. The capital is officially available without national or geographic restrictions, although the laws of specific localities may restrict outside investment. According to KPCB’s official statements, KPCB is closed to new investors, and therefore iFund as well.
The official reason given for the specific nature of the iFund is the perceived potential by the KPCB of the iPhone, iPod touch and iPad. According to KPCB, the potential opportunities they perceive arising from this group of products alone are comparable to the opportunities available through the Internet when it comes to personal computers. They state the expectation that leading innovators will focus on developing applications for these devices.
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