A pair of Internet entrepreneurs announced today that they’ve launched a fund for developers creating applications for Apple’s much-hyped tablet device, the iPad.

The new venture, from CNET and E Online co-founder Kevin Wendle and MusicNation and Original Signal co-founder Daniel Klaus, is called the AppFund, and the pair says it will invest between $5,000 and $500,000 in each application, depending on the complexity and business opportunity. The AppFund is based in New York City, but says it will accept applications from around the world. It will consider applications aimed at either consumers or businesses.

The AppFund team isn’t disclosing the total size of the fund, except that it’s “several million dollars,” with the possibility of more money being committed in the future. This sounds like a smaller effort than Kleiner Perkins’ iFund for iPhone applications, or the BlackBerry Partners Fund. Meanwhile, British firm Northern Film and Media has also created a fund for iPad apps from northeast England.

The AppFund is looking for candidates right now and hopes to launch the its first applications this summer. Send submissions to submissions@appfund.net.