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Zoom Video Communications Inc. has announced a new Zoom Apps Fund to invest in Zoom developer partners.
The new $100-million venture fund has been created to “stimulate the growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform, and hardware,” the company has said in an official release.
The company, though this fund will invest in portfolio companies focusing on solutions around the way Zoom customers meet, collaborate, and communicate on the platform.
“Portfolio companies will receive initial investments between $250,000 and $2.5 million to build solutions that will become core to how Zoom customers meet, communicate, and collaborate,” the company said.
There are already “dozens” of companies working on Zoom Apps integrations. The Zoom Apps Fund will invest in developer partners with viable products and early market traction.
“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,” said Yuan.
The company further invited applications from portfolio companies looking to build such solutions.
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