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twiliofundTwilio announced a new $50 million fund on Wednesday to support developers creating applications with its cloud-based communications software.

The newly-formed Twilio Fund has already chosen its first startup. San Francisco-based Speakeasy, a conference calling app that obviates the need for PINs, will get $5 million in funding, marketing and technical support, and Twilio credits.

“We’re incredibly excited to launch the new TwilioFund and can’t wait to meet the companies leading the charge into an era defined by software-embedded, contextual communications,” the company wrote in a blog post.

The money is coming from Twilio venture capital investors Bessemer Venture Partners, DFJ and Redpoint Ventures. The Speakeasy investment also included funds from Salesforce Ventures.

A Bessemer partner told Re/Code that investments aren’t limited to startups. Twilio is used by Airbnb and Uber to power user communications, as well as by more established companies like Walmart and Coca-Cola.

Twilio was started in Seattle by former Amazon employee Jeff Lawson, but moved to San Francisco shortly after it was founded. Venture Capital Dispatch reported it was on a $100 million revenue run rate for 2014, and it has been discussed as a possible IPO candidate. It raised $100 million in venture funding earlier this month.

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