Last year, Apple announced a $100 million venture fund in conjunction with venture partners Kleiner Perkins, Caufield & Byers. The fund produced some of the App Store’s biggest names: iPhone developers like game-maker Ngmoco, social app maker GOGII and home-security company iControl. Now KPCB says they are adding more funding to the coffers because of the iPhone’s runaway success, reports Bloomberg. (Left, the splash screen from Ngmoco’s runaway success, the iPhone game Topple 2.)
Kleiner Perkins says it’s not looking for applicants planning massive IPOs–the traditional Valley mindset. Rather, the fund is seeking “big ideas” that scale profitably over Apple’s projected 100 or 200 million-person user base. Still, KPCB’s standing in the venture community means it won’t be pulling up too many small-time developers; the original Google-backer will likely get most of its relationships through its “established network of advisers and executives.”
KPCB has not specified how much capital they plan to add to the iFund.