$100m fund offered to develop iPhone applications

Venture capitalist Kleiner Perkins Caufield & Byers (KPCB) is putting $100m (£49.7m) into the development of iPhone applications, as Apple aims to take a slice of the business handheld market.

The iPhone has already found popularity among consumers, and Apple now hopes to find similar success in business with the next generation of its product, which is compatible with Microsoft's Exchange software.

The updated phone will be available from June. Yesterday Apple launched a software development kit for developers, alongside an online Apps Store for distributing new programs.

KPCB's $100m "iFund" will seek to support companies and individuals developing new tools and utilities for both the iPhone and the iPod Touch media player. The investor hopes to attract a new wave of business startups as well as the established base of coding Mac fans.

"We think several significant new companies will emerge as this new platform evolves, and the iFund will empower them to realise their full potential," said KPCB partner John Doerr.

Apple hopes to sell 10 million iPhones by the end of 2008.

See also:

Record quarter for Apple

Highest-ever sales boosted profit 58 per cent to £807m  23 Jan 2008

Phone companies get into mobile ads

Vodafone and O2 hope to pre-empt dominance by search companies like Google and Yahoo  28 Nov 2007

Google reveals Android mobile platform

The open source operating system will encourage mobile technology innovation  05 Nov 2007

Record Mac sales boost Apple's finances

Pre-tax profits up 67 per cent thanks also to healthy iPod and iPhone sales  23 Oct 2007

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