Zoom announces $100M venture fund to invest in businesses building apps for videoconferencing platform

Zoom Image credits: Zoom

Zoom that became a household name in 2020 for providing frictionless communication amidst the pandemic outbreak just announced the Zoom Apps Fund. This is a new $100 million (nearly £72 million) venture fund meant to stimulate the growth of the Zoom ecosystem.

Focuses on Zoom apps

The new venture fund from Zoom will be used for the growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform, and hardware. The portfolio companies that will receive initial investments from Zoom Apps Fund will get between $250K (nearly £180 million) and $2.5 million (nearly £1.8 million). With this fund, the companies will be able to build solutions that will be the core of how Zoom customers meet, communicate, and collaborate. Announced at Zoomtopia 2020, Zoom Apps are leading applications that will bring productivity and engaging experiences directly into the Zoom platform.

“I founded Zoom in 2011, nearly ten years ago. Without the support of early investors, Zoom would not be what it is today,” said Eric S. Yuan, CEO and founder of Zoom. “What I’ve 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 Apps: A heads up!

Zoom Apps is an ecosystem of leading applications that improve meeting productivity and more engaging experiences. It enables developers to create apps that power workflows before, during, and after meetings. It brings first and third-party apps into the meeting experience for real-time adoption.

Currently, dozens of Zoom Apps are in development. These are an important component in building the future of video communications. The Zoom Apps Fund will invest in developer partners with viable products and early market traction that will provide valuable and engaging experiences to our customers.