Kleiner Perkins Ups Apple Development Fund (iFund) To $200 Million
Kleiner Perkins Caufield & Byers partner John Doerr hosted an event today at the Sandhill Hotel in Menlo Park, California to announce their involvement with the Apple iPad. Kleiner Perkins announced that the venture capital’s iFund will go from $100 million to $200 million.
Kleiner Perkins first introduced the iFund in March 2008 in order to encourage start-ups to make iPhone apps. Some of the companies that received funding from the iFund include Booyah, Shazam, Pinger, and ngmoco.
The companies that have funding in the iFund have seem about a total of 100 million downloads according to Doerr. Those companies themselves are expected to make about $100 million in revenues this year. [TechCrunch
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry
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