AppFund Launches to Fund iPad App Development

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Predictably, the hype surrounding Apple is moving from iPhone to iPad with developers and now investors flocking to the emerging device ecosystem. If you’re familiar with Y Combinator and it’s ilk then you will already understand the AppFund model. It will provide both startup funds - as little as $5,000 and as much as $50,000 – along with access to experts and mentors to help developers create viable apps for iPad.

The first apps are set to launch during the Summer of 2010. As a result, fund founders Kevin Wendle and Daniel Klaus, are encouraging developers to submit their proposals immediately in order to be part of the initial crop of apps. Interestingly, the AppFund site indicates that they’ll be funding applications for “iPad and similar Tablet devices.” One can only imagine what they might be. (Google Tablet?)

Their philosophy appears to be well developed as they explain quite clearly what kind of apps their looking to fund and for whom:

We are looking to invest in entrepreneurs and development teams with revolutionary App ideas focused around:

Enterprise, Small business B2B, and B2C solutions
Collaborative entertainment consumption
Platforms for original content distribution
Social networking around location based connections, dating, shared experiences, and shopping
Utilities for everyday use around the house, car, and office

We are looking for Apps that will become utilities in everyday life and Apps that will help business grow. So priority will be given to ideas that:

Target early adopters and urban dwellers
Target users 16-39 with higher incomes
Incorporate video, audio, interactivity, and other capabilities unique to the iPad
Have a long shelf life
Have the potential to become “hits”

The one thing that appears to be missing from the developer criteria is location. The fund is based in New York City but doesn’t appear to be a full-fledged incubator, at least not yet. That would lead us to believe that location is not a critical factor.

Full press release is below.

[AppFund via TechCrunch]

VETERAN MEDIA AND INTERNET EXECUTIVES LAUNCH MULTIMILLION DOLLAR “APPFUND” TO FINANCE, DEVELOP AND LAUNCH IPAD APPLICATIONS

AppFund Provides Seed Capital and Expertise to iPad and Mobile Tablet Application Developers

New York, New York February 4 — Fueling a burgeoning marketplace with development capital, CNET and E! Online co-founder Kevin Wendle has teamed with MusicNation and Original Signal co-founder Daniel Klaus to form AppFund, a new company designed to help entrepreneurs create and launch iPad and other Tablet based applications. AppFund will provide funding and expertise to enable the development community to build the very applications that will support the long-term success of the iPad. Headquartered in New York City, AppFund will evaluate opportunities from developers around the world.

“We believe that the iPad is a revolutionary device with the ability to transform everything from the way consumers experience content, media and social networking to the way businesses can use applications to revolutionize their operations. The possibilities for this device given its size and functionality could eclipse the application market for the smaller iPhone,” said Wendle and Klaus. “A whole new category of developers and entrepreneurs is going to emerge around the iPad and build applications that can be even more interactive and dynamic.”

AppFund investments will range from $5000 to $500,000 depending on the complexity of each application and its potential to tap into the mobile end user market. AppFund is encouraging developers to submit proposals immediately to be part of the launch of the first iPad applications by summer 2010.

Wendle and Klaus’ combined management team has launched more than a dozen successful media and technology companies, and together they bring years of management, creative and marketing expertise to each developer. The duo’s team will evaluate each proposal based on the application’s ability to be true utilities in everyday life for consumers, enterprise and small business, as well its scalability and viral marketing potential.

Wendle and Klaus continued, “This year alone Apple is reporting that iPhone applications will grow to over 200,000. In that there is an expectation that developers will port their ideas to the iPad, we look forward to providing funding and thought capital to the entrepreneurs willing and able to harness this new and exciting marketplace.”

AppFund is currently accepting written proposals at submissions@appfund.net.