The Kleiner Perkins iFund, a $100 million bucket of cash set aside specifically to invest in iPhone application development, has so far used up $30 million on five products.
Which means there’s still $70 million to go.
The global financial markets might be close to melting point, bankers and investors pulling their hair out in horror, but mobile software dev is still going strong. Or, as Salon’s Machinist blog puts it: “Prosperity, thy name is iPhone.”
The brand-new iFund blog spells out just how active things are in its very first post: “In 6 months, we’ve received over 2700 plans. To put it in context, that’s about 20x what we received in a similar period last year.”
The developers funded to date include Pelago, iControl, GOGII, and games shop ng:moco.
The iFund team also make clear that this marketplace has only just begun. Things haven’t even started hotting up yet, compared to what’s to come: “While these changes have been dramatic, we have only seen the first few pitches of a 9 inning game. The iPhone has changed users’ expectations of what is possible in a mobile device and UI and the AppStore finally showed the promise of mobile data applications.”
They also anticipate one other thing: “even more sophisticated” applications for the iPhone. Indeed, they will appear — assuming they don’t get arbitrarily rejected from the App Store by Apple’s moderators.
The Podcaster debacle has created a lot of ill-will towards Apple within the dev community. The iFunders will surely be hoping that rows like this are settled quickly — and that Apple makes its rules for app rejection crystal clear — so that the $70 million that’s left in the bucket o’ cash can be invested wisely.
Once again, your RSS feed turns this post into a huge jumbled mess. Jeesh.
Jumble Monitor: apologies, it looks like the RSS feed was sending out the raw Markdown code, instead of parsing it as HTML. I've edited the post accordingly and there's no Markdown present; hopefully this should fix the problem in future. Although, I'll see if anyone can investigate the Markdown error. Thanks for letting us know.
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My problem is I just need a very tiny amount of investment and then I could crank out some fun code. I could use up-to-date Mac and $99 for the developer fee. I've been coding for 15 years and think I could come up with some hits but I have a family and coming up with money for a new computer I don't really need is hard.
I wonder if any angel investors are interested in the iPhone? Or maybe some small individual investors that want to make a little buck?