Zoom, the US-based video conferencing technology provider backed by mobile semiconductor producer Qualcomm, has filed for a $100m initial public offering on the Nasdaq Global Select Market.
Founded in 2011, Zoom has created a cloud software platform that facilitates face-to-face communication between people through electronic devices. It more than doubled its revenue to $330m in 2018 while making a $7.6m profit.
The offering will follow $160m in equity funding, including an early 2017 series D round featuring Qualcomm’s corporate venturing unit, Qualcomm Ventures, that the IPO filing indicated was $115m in size.
The series D valued Zoom at $1bn and was led by a $100m investment from venture capital firm Sequoia Capital with backing from Emergence Capital and AME Cloud Ventures.
Emergence Capital had led the company’s $30m series C round in 2015, investing alongside Horizons Ventures, AME Cloud Ventures head Jerry Yang and Patrick Soon-Shiong, the latter three of which had provided $6.5m of series B funding for Zoom two years earlier.
Qualcomm Ventures first invested in Zoom as part of a $6m series A round earlier in 2013 that included Jerry Yang, Subrah Iyar, Dan Scheinman and Bill Tai.
Zoom’s largest shareholder is Emergence Capital, with a 12.5% stake, followed by Sequoia (11.4%); Digital Mobile Venture, a vehicle for former board member Daniel Chen (9.8%); and Bucantini Enterprises, which represents Horizons Ventures owner Li Ka-shing (6.1%).
Morgan Stanley, JP Morgan Securities, Goldman Sachs, Credit Suisse Securities (USA), Merrill Lynch, Pierce, Fenner & Smith, RBC Capital Markets, Wells Fargo Securities, JMP Securities, KeyBanc Capital Markets, Piper Jaffray, Stifel Nicolaus and William Blair are the underwriters for the IPO.
