US-headquartered video communication platform developer Zoom launched a $100m investment fund yesterday to support the ecosystem around its products.
Zoom Apps Fund will supply capital for developers of software or hardware products that can enhance how users of the app meet, communicate with each other and collaborate through the platform.
Portfolio companies will receive between $250,000 and $2.5m for a first investment in addition to assistance from the corporate in getting their products to market. It will focus on seed and series A-stage deals but can also invest later.
Eric S. Yuan, Zoom’s founder and chief executive, said: “I founded Zoom in 2011, nearly ten years ago. Without the support of early investors, Zoom would not be what it is today. What I have learned over the past year is that we need to keep meetings productive and fun.
“My hope is that the Zoom Apps Fund will help our customers meet happier and collaborate even more seamlessly, and at the same time help entrepreneurs build new businesses as our platform evolves.”
Zoom has not been an active corporate venturer thus far, but invested undisclosed amounts in Norway-based video meeting system developer Zoom in 2019 and June 2020. It floated in mid-2019 and its share price is now almost 10 times higher, giving it a market capitalisation of about $95.3bn.
