On the heels of the launch of the much-hyped iPad, investors and developers alike are beginning to cater to the iPad ecosystem. CNET and E! Online co-founder Kevin Wendle has teamed with MusicNation co-founder Daniel Klaus to form AppFund, a company designed to help entrepreneurs create and launch iPad and other Tablet based applications.
Similar to startup incubators like Y Combinator, AppFund will provide funding and expert mentoring to help developers build the very applications that will support the long-term success of the iPad. Based in New York City, AppFund will invest anywhere from $5000 to $500,000 in startups developing applications for the iPad or other tablet devices. The amount funded will depend on the complexity of each app.
The firm is encouraging developers to submit proposals immediately to be part of the launch of the first iPad applications by summer 2010. According to the fun’s site, AppFund has allocated several million dollars and may increase the size of the fund with additional capital or partners at a later time as needed. It’s not surprising that funds and incubators are popping up to foster and invest in promising development for the iPad and other tablet apps. AppFund is similar in some ways to Kleiner Perkins’ iFund, a $100 million fund for investing in startups building off of the iPhone and iPod touch platform, except that it is a much smaller fund.