iFund expected to exceed $100 million cap

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Venture firm Kleiner Perkins Caufield & Byers said it will likely lift the current $100 million cap on its iPhone-focused iFund, contending it remains bullish on the future of mobile application development. "We will exceed that cap," Kleiner partner Matt Murphy, who oversees the iFund, told a developer-centric audience at the business school of Stanford University on Tuesday, according to The Wall Street Journal. Murphy--who did not say whether Kleiner Perkins will turn to its limited partners or to other funds should the firm lift the cap--said the iFund has so far invested in seven mobile app start-ups, two of which the firm has yet to disclose.

Kleiner Perkins has said the iFund will back developers with $100,000 seed-stage investments all the way up to $15 million expansion rounds, but has never specified how many total companies it seeks to back. Last month, mobile social networking service provider Booyah announced the completion of an iFund-led $4.5 million Series A financing round--other iFund investments include Pelago, ngmoco, iControl and GOGII

For more on the iFund's future:
- read this Wall Street Journal article