US venture capital firm Kleiner Perkins Caufield & Byers (KPCB) has launched a $100 million fund to invest in iPhone applications.
KPCB said the iFund would invest in companies with "market-changing ideas and products that extend the revolutionary new iPhone and iPod touch platform."
"We think several significant new companies will emerge as this new platform evolves, and the iFund will empower them to realize their full potential," said partner John Doerr.
The fund will focus on location-based services, social networking, m-commerce, communication and entertainment.
KPCB is one of Silicon Valley's best-known VC firms. Its investments include AOL, Amazon.com, Citrix, Compaq, Google, Juniper Networks, Sun Microsystems and Symantec.