KPCB sets up $100 million 'iFund' for application developers

KPCB sets up $100 million 'iFund' for application developers

I came across some really interesting news today as huge silicon valley venture capital fund Kleiner Perkins Caufield & Byers has set up a $100 million ‘iFund’ to invest in companies building applications for the iPhone.

And, let's be honest, KPCB has seen some killer opportunities in the past, having previously backed Google, Sun, Netscape, Amazon, Dash and Electronic Arts to name a few.

(KPCB also has an eye for a bargain investment – paying $25 million for 20% of Google before it became a juggernaught. To put it in perspective, in 2007 Google's market capitalisation was more than $222 billion.)

Anyway, it seems that the iPhone economy is about to become a reality. Expect to see lots of really cool apps popping up in the coming months.

With more and more SDKs and APIs being opened up and massive rewards for mobile apps (don't forget the $10 million dollar Android challange), a rich and diverse ecosystem is about to be born.

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