Kleiner Perkins Expands ‘iFund’ Venture Capital to $200 Million
Venture capital firm Kleiner Perkins Caulfield and Byers on Wednesday announced that the company would be double its investment pool for software on Apple’s App Store to $200 million.
Per AppleInsider, the announcement centers around the iPad, as more than 20 iFund-supported applications are being written for the device, which is slated for a Saturday release in the United States. The firm stated that it believes the iPad “will lead the next wave of innovation in mobile computing.”
Apple helped Kleiner Perkins create the iFund in 2008 to provide financial support to new companies developing iPhone apps. The firm has since revealed that the original $100 million iFund is now fully committed across 14 companies and that iFund companies have been supported by an additional $300 million from follow-on investors.
The first round of funding was reportedly successful with iFund ventures achieving more than $100 million of 2010 mobile revenue, more than 100 million aggregate mobile downloads and 18 titles reaching top-10 sales status on the App Store.
The App Store has proven fruitful for a variety of companies with new firms like Tapulous earning nearly $1 million per month to established outfits like TomTom recording more than 100,000 sales of its GPS app for the iPhone. In January, Apple revealed that there had been more than three billion App Store downloads in the time since the online storefront’s initial launch.