Kleiner Perkins Caufield & Byers has unveiled the $100 million iFund, a venture capital fund that will invest in companies developing applications and services for Apple's iPhone and iPod touch. But don't look for them on the fundraising trail or ask to invest in the iFund.
Capital for the fund came from the venture capital firm's existing funds, according to information on Kleiner Perkins' website. Matt Murphy, the partner in charge of managing the fund, refused to answer questions for this story, including identifying the venture capital funds that invested in the iFund.
The iFund is an initiative by KPCB venture capital funds, which are closed and do not accept new investors, and not a stand-alone fund. We are looking for investment opportunities, not investors, according to a statement on the website.
The iFund will invest between $100,000 and $15 million in mobile application and services companies located around the world. Apple Inc. will provide Kleiner Perkins with market insight and support, according to Kleiner Perkins' website.
How many companies will the iFund invest in? In response to that very question posed by Kleiner Perkins to itself on its website the firm said: As many great ventures as we see. If we need more than $100 million, we'll find more money.
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