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VC Kleiner Perkins Gives iPhone $100 Mln Boost

Apple's iPhone just got a big iBoost from Silicon Valley venture capital firm Kleiner Perkins Caufield & Byers, which said it has set up a $100 million fund for investments in companies focused on developing applications and services just for the iPhone and iPod.

John Doerr, the pioneering partner of KPCB announced the fund at a Apple software developer meeting at the company, saying: "A revolutionary new platform is a rare and prized opportunity for entrepreneurs, and that's exactly what Apple has created with iPhone and iPod touch."

He said the fund, which the firm is naming its "iFund," will create several companies surrounding the iPhone and iPod. Apple said today that it has 28% of the smartphone market. In January, the company said it had sold four million iPhones, according to reports.

By Cecilia Kang  |  March 6, 2008; 5:32 PM ET  | Category:  Cecilia Kang
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