VC firms launch iPad app development funds | iLounge News

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VC firms launch iPad app development funds

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By Jesse Hollington

Social Media & Software Editor, iLounge
Published: Thursday, February 4, 2010
News Categories: Apps + Games

imageFollowing last week’s iPad announcement, venture capital firms have launched initiatives to fund projects destined for Apple’s latest device. AppFund, a new joint initiative by CNET and E! Online co-founder Kevin Wendle and MusicNation and Original Signal co-founder Daniel Klaus, has announced that it is creating a multi-million dollar fund to provide seed capital and expertise for launching iPad and mobile tablet applications. AppFund will evaluate developers around the world, with investments expected to range from $5,000 to $500,000 depending upon the complexity of a given application and its potential. Written proposals are welcomed at submissions@appfund.net.

On a more regional scale, British Firm Northern Film & Media has also announced a £40,000 application development fund targeted at potential iPad application developers in northeastern England. The company’s goal is to encourage local developers to be among the first to enter the iPad marketplace. Northern Film & Media is accepting applications until February 24th and specifically looking for submissions that (a) have the potential to generate revenue, (b) take specific advantage of the new features and potential of the iPad, (c) provide a design distinct to the iPad relative to an iPhone or a desktop computer, (d) are original ideas, and (e) are ready to launch this summer. Developers must also have the majority of their talent and spending based in the local region.

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