Kleiner Perkins Doubles iFund Size
Kleiner Perkins is about to begin its double-secret meeting about "developments in the mobile content revolution." Specifically, it seems that the Silicon Valley-based venture firm is doubling the size of its iFund to $200 million. It also will expand its focus from iPhones to also include iPads. Not really worthy of a press conference, is it? On the other hand, the double-secret meeting strategy has gotten the technorati to cover the news, so it works from a pure PR level. Kleiner partner Matt Murphy signaled that such a move could be coming, in a VCJ story from April 2008: “There’s no hard cap on this,” says Matt Murphy, a KP partner and lead investor for the iFund. “If we see opportunities beyond the $100 million, we’ll increase the allocation.” Worth noting that the original iFund was a carveout of an existing KP fund, rather than money specifically raised for Apple-related purposes. Our assumption is the same is true here, which makes us wonder what sector is getting deemphasized. Could it be cleantech?
