The cloud communication technology provider has set up a venture capital-backed development fund aimed at startups developing technology on its platform.

Twilio, a US-based platform that enables startups to add cloud-based communication to their products, has set up a $50m fund to invest in those startups, Re/code reported yesterday.

Venture capital firms Bessemer Venture Partners, Draper Fisher Jurvetson and Redpoint Ventures, all of which backed Twilio’s $70m series D round in 2013, have teamed up with the company for the fund, which will also offer marketing support and credits towards the use of Twilio.

The fund has already made its first…