The $100 Million fund set-up in March to encourage development of applications for the iPhone has finally starting doling out some cash with two new apps taking advantage Whrrl and iControl.

Whrrl is a social mapping service that takes web 2.0 to your Apple and lets users rate events, entertainment and restaurants, the other iControl turns your iPhone into a multi-purpose device taking care of of all the nitty gritty of appliance control, light, sound and what have you.

Having received innumerable proposals the iFund still only has two new competition crushing apps being funded - but really what’s the rush?