Incestuous iFund funding? - Macenstein

Incestuous iFund funding?

Hmmm… Well, this is rather scandalous. It seems that both the named companies to receive iFund funds for iPhone application development thus far (out of over 1700 applicants) have deep ties to Kleiner Perkins Caufield & Byers, the group overseeing the fund, with one in particular, iControl, even having a KPCB partner on its board… I suppose that’s one way to put your application on the fast track…

[via a comment on]

“John Doerr stood on the stage at Macworld ’08 and said that he wanted to fund the next Google or Amazon. Ok……… The only two companies to have received funding are Pelago and iControl. Pelago has already received funding from KPCB and Jeff Bezos (2006) and Doerr sits on the board of iControl. WTF?????”

From iControl’s web site:

John Doerr
John Doerr is a partner at Kleiner Perkins Caufield & Byers where he and his fellow partners have backed many of America’s best entrepreneurial leaders, including the founders of Google, Amazon, Intuit, Sun, Compaq, Cypress, Macromedia and Symantec. In 1974 John joined a small chipmaker, Intel, just as they invented the legendary 8080 microprocessor. He worked in engineering, marketing and became a top-ranked sales executive. John joined KPCB in 1980, where soon after his arrival he served as founding CEO of Silicon Compilers, a VLSI CAD software company, and co-founder of @Home, the first broadband cable Internet service.

John is a techie and inventor, holding patents for computer memory devices. He earned a BS and MS in Electrical Engineering from Rice University and an MBA from Harvard Business School.

From Pelago’s site:

Pelago was initially self-funded by Jeff and Darren and closed Series A with the investors below in November of 2006.

Kleiner Perkins Caufield & Byers
Menlo Park, CA
Since its founding in 1972, KPCB has backed entrepreneurs in over 475 ventures, including AOL, Align Technology,, Citrix, Compaq Computer, Electronic Arts, Genentech, Genomic Health, Google, IDEC Pharmaceuticals, Intuit, Juniper Networks, Netscape, Lotus, LSI Logic, Sun Microsystems, Symantec, VeriSign and Xilinx. More than 150 of the firm’s portfolio companies have gone public. Many other ventures have achieved success through mergers and acquisitions.

Bellevue, WA
Trilogy Equity Partners was founded by successful veterans of the wireless industry, including the executive team that founded Western Wireless and VoiceStream. Trilogy’s partners have started new companies in emerging industries and have built enduring businesses across four continents. Trilogy’s portfolio companies benefit from its operational expertise and its global network of relationships in addition to its financial investment.

4 Responses to “Incestuous iFund funding?”
  1. odin says:

    So basically… it’d be like starting my own business with a fund that directly accesses my own bank account, and all the while I could say I have investors. Even better yet, I could say I won funding via an open competition. Neat.

  2. bronskrat says:

    It’s a great way to get more investors!

  3. Mike says:

    macenstein….its getting worse!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

    have you seen ngmoco or whatever the heck its called?

    check this out

    iPhone games publisher Ngmoco has raised a first round of funding led by Kleiner Perkins Caufield & Byers. Kleiner Perkins partner Bing Gordon, the former chief creative officer of Electronic Arts, will join the San Francisco company’s board. The amount was not diclosed.

    It isn’t too hard to connect the dots here. Neil Young (pictured left), a longtime EA veteran, recently quit to found Ngmoco (whose name means next-generation mobile company) to make iPhone games. In April, Gordon (pictured below) left EA after more than 26 years at the big game publisher to become a venture capitalist.

    this is terrible. jobs and perkins are trying to pull the whool over our eyes. this isn’t the fashion in which amazon, google, youtube, et al were created. these guys don’t care about content or solving a problem. they just want money. fscking MBAs.

  4. Mike says:

    by the way, that was my original Digg comment you referenced for this article and it makes me feel famous. thank you.

Leave A Comment


Click here to inquire about making a fortune by advertising your game, gadget, or site on Macenstein.