A company called Pelago has become the first recipient of funding from iFund, the $100 million venture capital fund set up by Apple and Kleiner, Perkins, Caufield & Byers and announced in March. Pelago's Whrrl software will combine mapping and social networking to provide on-the-go location-based information including restaurant ratings, activities recommendations, and the like, according to a report on BusinessWeek.com.
From some 1,700 submissions, Pelago and iControl are so far the only two companies to have received funding from iFund ? or at least they're the only two the public knows about. iControl is a home automation app designed to let users control their lights, HVAC systems, and other home utlities from iPhone's touchscreen.
BusinessWeek quoted Kleiner Perkins partner Matt Murphy as saying that his firm has offered a third company startup funding and is "seriously considering another 10." With $100M in the kitty it sounds like there's still plenty of time to get some Apple-backed money to bring your killer iPhone app to life.