Zoom Video Communications has created a fund of 100 million dollars (more than 83 million euros) to invest in companies that create applications using its technology, in order to drive the growth of its ecosystem. The company, which has seen its business strongly boosted by the pandemic, seeks to strengthen its offer to better compete with rival platforms such as Teams, from Microsoft, or Webex, from Cisco Systems.
The chosen companies will receive initial investments of between $ 250,000 and 2.5 million to create applications that bring “productivity and engaging experiences” directly on the Zoom platform.
The company’s chief financial officer, Kelly Steckelberg, has assured Reuters that with this fund the company wants to encourage developers to create new functions such as digital whiteboards to draw ideas. He added that the fund will also be open to telemedicine application providers or video conference room hardware manufacturers who want to take advantage of Zoom’s cloud-based video systems.
The aforementioned agency recalls how technological giants such as Salesforce already have Zoom applications that allow, for example, to display information from corporate systems during sales meetings, said the aforementioned agency.
According to the video communications company, dozens of Zoom applications are already in development, and the fund will invest in developers with viable products and early market traction.
“I founded Zoom in 2011, almost ten years ago, and without the support of early investors it would not be what it is today,” says Zoom CEO and founder Eric S. Yuan. The manager assures that the goal is for the meetings to be “productive and fun” and says that his hope is that the fund will help its clients meet in a more collaborative and fluid way, while helping entrepreneurs to build new businesses through as the Zoom platform evolves.
Steckelberg details to Reuters that the fund will be run from Zoom and not as an independent venture capital firm. Likewise, it ensures that they will not seek to occupy positions on the boards of directors of the companies in which they invest.