Zoom today announced the Zoom Apps Fund, a new $100 million (R1, 4 billion) venture fund created to stimulate the growth of its Apps ecosystem, integrations, developer platform, and hardware.
The company said in a statement that portfolio companies will receive initial investments between $250,000 (R3.6 million) and $2.5 million (R35 million) to build solutions that will become core to how Zoom customers meet, communicate, and collaborate.
Zoom Apps announced at Zoomtopia 2020 leading applications that will bring productivity and engaging experiences directly into the Zoom platform.
Dozens of Zoom Apps are currently in development and 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.
“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, Founder and CEO 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.”
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Ten years ago, Zoom was a startup.
“As we celebrate our 10th anniversary this year, the Zoom Apps Fund is our commitment to supporting developer partners and stimulating growth of our ecosystem of Zoom Apps, integrations, and hardware to create new and engaging experiences for our customers.
“We’re looking to make an initial investment of $50,000 to $2.5 million in each portfolio company. But for us, an investment goes beyond capital. We’re committed to helping our partners succeed,” he said.
“We’re looking forward to rewarding innovation that benefits Zoom users and working with global partners to build our platform in new and exciting ways. But our partnership doors will always be open to any interested, interesting, innovative new Zoom partners, regardless of investment status.
“We’re looking for companies with a viable product and early market traction, and a commitment to developing on and investing in the Zoom ecosystem.”