We are doing IPhone development. Its a web app. To the best of my knowledge, there is no official SDK available (yet) to build native IPhone apps. Is there any specific reason why you want to build a native app?
$100K is not enough to sustain two employees for an year. $50K is less than the annual average living expenses for a person. (Just do the Math, housing, insurance, etc.). I would strongggggggggly recommend to try raising something between 0.75M an 1M. I have noticed a lot of fellow hackers seriously undervaluing the time they spend building a product. Two strong hackers, working for 6 months is eaily $140K expenses(and I am including just the salary an employer would pay). Please, please do not undervalue your time and expertise.
With the oncoming recession and all, you do want to have enough in the bank for at least 1 to 2 years, if you are serious about your startup.
I really wish someone made wise estimates of their current revenue/profit numbers or at least provide the thought process that went behind coming up with $500M+ valuation.