$100 Million Investment for iPhone Software Applications by Venture Capital
Silicon Valley’s Venture Capital fund, Kleiner Perkins Caufield & Byers (KPCB) has announced a huge US$100 million investment initiative called “iFund” to finance new products developed explicitly for the Apple iPhone and iPod touch platform. The iFund is agnostic to size and stage of investment and will invest in companies building applications, services and components. Focus areas include location based services, social networking, mCommerce (including advertising and payments), communication, and entertainment. According to the business plan, as explained by Apple, developers will participate in a revenue-sharing arrangement. Apple will keep 30 percent of sales from every app sold. Plus Apple will host and take care of credit card fees. The software developers get to keep 70% of the proceeds, said Jobs. On other words, Apple stock is going up.
Filed Under: Apple • Breaking News
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