Kleiner Perkins Targets $100 Million Toward iPhone and iPod Products

Menlo Park, Calif. – With full backing of Apple and its CEO Steve Jobs, Menlo Park-based venture capital firm Kleiner Perkins Caufield & Byers (KPCB) announced on Friday the creation of its iFund -- a $100 million investment initiative aimed at products for the iPhone and iPod. The firm said Apple will provide “market insight and support” for the fund. “The iFund is agnostic to size and stage of investment and will invest in companies building applications, services and components,” KPCB said in a statement. “Focus areas include location based services, social networking, mCommerce (including advertising and payments), communication, and entertainment.” Seattle-based Pelago is the first company to receive financial backing from the iFund. The fund will be managed by KPCB Partner Matt Murphy, along with partners Chi-Hua Chien, John Doerr, Bill Joy, Randy Komisar, Ellen Pao and Ted Schlein.
http://www.kpcb.com/initiatives/ifund/index.html