So far, the VC firm has invested in seven app makers, two of which have not been disclosed. They include Pelago, the parent of mobile location-based service Whrrl (pictured); iControl, a company that enables users to monitor homes while away; and Gogii and Ngmoco, two mobile game companies. It has made seed stage investments of $100,000, and has put in up to $15 million for expansion rounds. Murphy did not say how many companies the fund was looking to invest in.

One piece of advice to potential developers that emerged from the event was to be more willing to experiment with how they monetized apps. Charging a nominal fee doesn’t work for all apps, and developers should consider free trials, subscription models, and even charging for virtual goods within apps.