The fund, named Twilio Fund CONNECT, is run by Dave McClure of 500 Startups, an early-stage seed fund and incubator, who will invest $125,000 in the winning startups.
Each investment will be matched dollar-for-dollar by Ron Conway of SV Angel.
The fund will open for submissions on October 15th, 2011, and close January 1st, 2012, at http://www.twiliofund.com.
Created by 500 Startups and launched in September 2010, the Twilio Fund provides seed capital to startups built on the Twilio cloud communications platform.
Led by founder and CEO Jeff Lawson, Twilio is a San Francisco, California-based cloud communications company which hosts a telephony infrastructure web service in the cloud, allowing web developers to integrate phone calls, text messages, and IP voice communications into their web, mobile, and traditional phone applications.
The first $250k Twilio Fund has invested in 10 companies to date including Callyo, FastCall411, KnockKnock, Magnolia Prime, Order Mapper, Proven, Qwipd, Textaurant, Voicendo, and Volta. The remaining funds is allocated to the finalists, who will be presenting on stage at the Twilio Conference http://www.twilio.com/conference/, along with presentations from selected alumni companies.