iFund™ FAQ
- What is the iFund™?
- Does the iFund™ focus on specific investment areas?
- Why did KPCB establish the iFund™?
- How much will the iFund™ invest in each startup company?
- How many companies will the iFund™ invest in?
- Who is managing the iFund™?
- How do I submit a business plan for consideration by the iFund™?
- Will the iFund invest outside the United States?
- Can I invest in the iFund?
- Will KPCB sign a non-disclosure agreement or a confidentiality agreement before I submit my business plan?
- I’m an entrepreneur and I have more questions. Who can I follow up with?
- I am a member of the press. Who should I contact for more information?
- Q: What is the iFund™?
- A: The iFund™ is a $200 million venture capital investment initiative that is funding innovators developing applications, services, and components for Apple’s iPhone and iPod touch platform. Originally launched in March 2008 as a $100 million initiative, Kleiner Perkins Caufield & Byers (KPCB) announced in March 2010 that it has earmarked an additional $100 million for this initiative. It is managed by KPCB’s partners. Apple provides KPCB and iFund companies with market insight and support.
- Q: Does the iFund™ focus on specific investment areas?
- A: The iFund™ is agnostic to stage and size of investment (from seed stage to established products with revenue), but targets companies with long-term standalone potential. Focus areas include location-based services, social networking, mCommerce (including advertising and payments), communication, entertainment, health care, and education.
- Q: Why did KPCB establish the iFund™?
- A: KPCB believes that the iPhone, iPod touch, and iPad are fantastic platforms for mobile applications and services, combining a world class development environment, great devices and UI, an advanced customer base, and strong global distribution. This confluence of factors will ignite a wave of mobile internet innovation, generating opportunities on par with or greater than the PC internet. We expect the most innovative mobile companies and entrepreneurs will choose to develop their apps for the iPhone OS platform.
- Q: How much will the iFund™ invest in each startup company?
- A: The iFund™ will invest anywhere from $100K of seed capital to $15M of expansion capital in mobile application and services companies.
- Q: How many companies will the iFund™ invest in?
- A: Between March 2008 and March 2010, the iFund invested in 14 companies and fully committed the initial $100 million. With the additional $100 million of capital, we expect to fund 12-14 additional ventures. If we need more than $100 million, we’ll find more money.
- Q: Who is managing the iFund™?
- A: The iFund™ is managed by KPCB partner Matt Murphy in collaboration with partners Chi-Hua Chien, John Doerr, Bill Joy, Randy Komisar, Ellen Pao, and Ted Schlein. Apple is providing KPCB with market insight and support.
- Q: How do I submit a business plan for consideration by the iFund™?
- A: Please submit email your investor presentation to ifund@kpcb.com. In it, please include the following five sections:
- Market Overview: What is the unsolved market need? Who is the customer? How big is the market? How fast is it growing? Who are the competitors?
- Team: Who is on your team? What experience have they had in this market?
- Technology Overview: How is your technology unique / 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 will review your initial submission and request additional information, a follow-up phone call, or meeting if it 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.
- Q: Will the iFund invest outside the United States?
- A: Yes. We believe innovation in this market will occur globally and will evaluate business plans from around the world.
- Q: Can I invest in the iFund?
- A: No. 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.
- Q: Will KPCB sign a non-disclosure agreement or a confidentiality agreement before I submit my business plan?
- A: Given the quantity of business plans that we receive we do not sign NDAs, but protecting entrepreneurs' ideas is at the very heart of our business. Please feel free to forward a non-confidential investor presentation and we will get back to you on next steps.
- Q: I’m an entrepreneur and I have more questions. Who can I follow up with?
- A: Please email ifund@kpcb.com. One of our team members will respond to you as soon as possible.
- Q: I am a member of the press. Who should I contact for more information?
- A: Please contact Ellen Topp of Burson-Marsteller at ellen.topp@bm.com or 415-591-4048.