What is the iFund™?
The iFund™ is a US$200 million venture capital investment initiative that funds innovators developing applications, services and components for market-changing mobile Internet devices, such as Apple’s iPhone, iPod Touch and iPad. We launched the iFund in 2008 as a US$100 million initiative, then in 2010 we earmarked an additional US$100 million for this initiative. The iFund is managed by KPCB partners. We originally established the iFund in partnership with Apple, and Apple provides market insight and support to KPCB and iFund companies developing on its iOS platform.
Why did KPCB establish the iFund?
We believe that the Apple iOS platform is a fantastic foundation for mobile applications and services. The iOS platform combines a world-class development environment, great devices and UI, an advanced customer base and strong global distribution. We believe that factors like these will ignite a wave of mobile internet innovation, generating opportunities on par with or greater than the PC Internet. We expect that the most innovative mobile companies and entrepreneurs will choose to develop their apps for this revolutionary platforms.
Who manages the iFund?
The iFund is managed by KPCB partner Matt Murphy in collaboration with all other partners on our Digital team.
Does the iFund focus on specific investment areas?
The iFund is agnostic to stage and size of investment (from seed stage to established products with revenue), but it targets companies with long-term standalone potential. The fund’s focus areas include games, entertainment, communications, location-based services, social networking, advertising, commerce, healthcare and education.
How much will the iFund invest in each startup company?
The iFund invests anywhere from US$100K of seed capital to US$15M of expansion capital in companies developing mobile applications and services.
How many companies does the iFund invest in?
In its first two years, the iFund invested in 14 companies and fully committed the initial US$100 million. With the additional US$100 million of capital that we earmarked for the iFund in 2010, we expect to fund another 12-14 ventures. If we need more than US$100 million, we’ll find more money.
How do I submit a business plan for consideration by the iFund?
Please submit your investor presentation to email@example.com. In it, please include the following five sections:
• Market Overview: What’s the unsolved market need? Who’s the customer? How big is the market? How fast is it growing? Who are your competitors?
• Team: Who’s on your team? What experience do your team members have in this market?
• Technology Overview: How is your technology unique or differentiated?
• Product Description: What is your product? How does it solve the market need?
• Business Model Overview: How do you plan to make money?
We’ll review your initial submission and request additional information, a followup phone call or a meeting if your plan is a fit with our investment initiatives. To receive a faster and more direct response, please identify an entrepreneur, CEO or executive in your network who has worked with KPCB and get a referral directly into our partnership.
Will KPCB sign a non-disclosure agreement or a confidentiality agreement before I submit my business plan?
Given the quantity of business plans that we receive, we don’t sign NDAs, but protecting entrepreneurs’ ideas is at the heart of our business. Please feel free to forward a non-confidential investor presentation and we’ll get back to you on next steps.
Does the iFund invest outside the United States?
Yes. We believe innovation in this market will occur globally, and we evaluate business plans from around the world.
Can I invest in the iFund?
No. The iFund is an initiative by KPCB venture capital funds, which are closed and don’t accept new investors, as opposed to a standalone fund. With the iFund, we’re looking for investment opportunities, not investors.
I'm an entrepreneur and I have more questions. Who should I contact for followup?
Please submit e-mail to firstname.lastname@example.org. One of our team members will respond to you as quickly as possible.