updated 03:20 pm EDT, Thu July 31, 2008
Games co. gets iFund money
A gaming company has been chosen as the next iPhone developer to receive money from Kleiner Perkins Caufield & Byers, an announcement reveals. The venture capital firm has agreed to provide ngmoco with Series A money from the iFund, a $100 million pool created to boost companies interested in developing native applications for the iPhone. Although ngmoco was only founded this year and is still seeking game creators and technical staff, it may be helped by the presence of Bing Gordon, a former chief creative officer with Electronic Arts, now one of the largest game publishers in the world.
Despite the size of the iFund, Kleiner Perkins has so far loaned money to just a handful of businesses. Other than ngmoco, only two other companies are known to be recipients: Pelago, the developers of a location-based social app, and iControl, whose project is software for running home automation systems. It is unknown how many businesses so far applied for funding, but in May the tally had reached 1,700.