Kleiner Perkins doubles its bets on Apps

The thing that convinced me that the iPhone was a game-changer was the announcement in 2008 by John Doerr, the world’s smartest venture capitalist, that his firm was setting up a $100 million investment fund for Apps developers. Now, with the iPad looming, his firm has announced that it’s doubling its bets on Apps technology.

MENLO PARK, California, March 31, 2010 – Kleiner Perkins Caufield & Byers (KPCB) today announced the doubling of its iFund to $200 million of venture capital for applications for Apple’s revolutionary iPhone OS family of products, including iPhone, iPod touch, and iPad. Established in 2008 as a $100 million investment pool, the original iFund is now fully committed across 14 companies. iFund companies have been supported by an additional $330 million from follow-on investors.

KPCB also announced iFund-supported companies have more than 20 applications in development for the soon-to-be-released iPad, with 11 available at first ship on April 3. KPCB noted the iPhone has created an inflection in mobile content consumption and the iPad will lead the next wave of innovation in mobile computing. The iFund is increasing its investment dollars to back entrepreneurs and build companies that focus on these areas. Particular areas of interest on iPad include entertainment, communication, social networking, commerce, health care, and education.

“Welcome to the brave new post-PC era where a swoosh of fluidity replaces the traditional mouse-bound GUI. A new, truly revolutionary platform is rare, and a prize for entrepreneurs,” said John Doerr, KPCB Partner. “We expect all ventures to have an iPad strategy. We will fund many more ventures for iPad, and the iFund will accelerate their success.”

The firm thinks that the first $100 million was well spent. The claimed results for companies it has backed include:

  • Over $100 million of 2010 mobile revenue
  • Over 100 million aggregate mobile downloads
  • 18 titles by investees reached the Top 10 on the App Store.