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KPCB's iFund backs Pelago and iControl
Kleiner Perkins Caufield & Byers (KPCB) has invested the first portion of its USD100m iFund on companies Pelago and iControl, reports Business Week. The fund - which was created in Mar to invest in applications for Apple’s iPhone and iPod Touch - has been used to finance recent funding rounds by each firm. An offer has been made to fund one other startup, while another 10 firms are being seriously considered says KPCB partner Matt Murphy. Roughly 1,700 reportedly applied for funding through the iFund.
Deal Details
- Status completed
- Investor Kleiner Perkins Caufield & Byers
- Targets
Earlier this week Pelago - which makes mobile-tracking and social-networking application Whrrl - announced it had raised USD15m in Series B funding. KPCB was listed as an investor, alongside others which included T-Mobile Venture Fund and Reliance Technology Ventures. KPCB previously funded Pelago and then transferred this investment to the iFund, according to a seperate paidContent report. This established Pelago as its first receiver of an iPhone app investment.
In Apr, iContol Networks - a firm which supplies home security solutions - raised USD15.5m in Series B funding led by KPCB. Under this move KPCB partner and iFund co-manager John Doerr joined the iControl board. This iFund investment was designed to create an iPhone app that will let users view, manage and control home security remotely.
The launch of the iFund shortly followed the release of Apple's software development kit. This was designed to open up the iPhone platform to third-party developers for the first time, with applications due to be available from Jun.
