Calgary's Ph03nix New Media launched the first Canadian-based iPhone Fund last month and they're inviting interested investors to learn more about it over lunch next week.
The $2 Million iPhoenix Fund I will be used to develop 133 Apple iPhone and iPod Touch games over the next 5 years. While funds focused on smartphone applications are nothing new with the Kleiner Perkins' iFund and the Blackberry Partners Fund raising a total of $250 Million, the iPhoenix Fund is both Canadian AND accessible to the average investor.
The iPhoenix Fund I is uniquely structured will a maximum of 400 Units costing CDN $5,000 each. Investors will get paid 50% of revenue and recoup 100% of the development costs first, starting with their first payment in six months. The Fund already has commitments over the minimum required and Lam anticipates that the Fund will close before year end.
Cool feature: All investors get the iPhoenix Fund I App (see screenshot) which provides reporting on the fund, payments, and app sales - allowing you to track your investment real-time.
Join Jon Lam and Michael Sikorsky for lunch on Tuesday, November 10th at the Bow Valley Club to learn more about he fund. If you can attend, be sure to RSVP by email so they know you're coming.