KPCB doubles iFund to $200 million pre-iPad

With Apple on the cusp of releasing its new iPad tablet device, venture firm Kleiner Perkins Caufield & Byers announced it has doubled its iFund investment initiative to $200 million. The iFund was created in 2008 to fund ideas and products for the iPhone and iPod touch platform, with an emphasis on location-based services, social networking, m-commerce, communication and entertainment--according to KPCB, the original iFund is now fully committed across 14 mobile startups, with an additional $330 million in support from follow-on investors. KPCB adds that existing iFund recipients have more than 20 iPad applications in development, with 11 available in conjunction with the device's April 3 retail launch including ngmoco's We Rule, GodFinger and WarpGate, Pinger's Doodle Buddy and Star Smash, and Shazam Entertainment's eponymous music discovery app.

KPCB said future iFund investments will target iPad firms building entertainment, communication, social networking, commerce, healthcare and education applications. In particular, the iFund seeks to fund entrepreneurial concepts with potential to become standalone, public companies--in addition to capital, KPCB assists with company-building expertise, business development relationships and access to its network of investments. The iFund is led by KPCB partner Matt Murphy.

For more on the iFund expansion:
- read this release

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