Pandemic brought the company Zoom quite in discussion and practice as the only preference left with people was using virtual tools to connect with people across different locations. The company has rendered efficient services during the last year’s tough phase but has now managed & tried to gain more market by the recent move.
Zoom Video Communications Inc.; made an announcement on Tuesday that it is coming up with Zoom apps fund. The insights into the matter can be obtained by going into the article.
MORE ABOUT ZOOM APPS FUND
A new venture fund is created by company to encourage the growth of the entire ecosystem of the company. The current amount associated with fund is $ 100 million. This amount will be used to enhance the application, integrations, platforms and hardware in general.
The fund can also be utilized to invest in portfolio companies that have up to $ 2.5 million recent initial investment in order to support the solutions provided by Zoom. It will lucratively pool funds in applications under development along with various developer partners & software companies.
The founder Eric S Yuan’s take on the entire thing is quite important to understand. He stated that “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’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.”
The fund is to be managed through the company’s balance sheet and will not function as a standalone venture capital entity. It is basically taking a step ahead as a strategic investor.
BACKGROUND OF ZOOM VIDEO COMMUNICATIONS
It is an American company working in the field of technology situated in California. It provides software that are used for services like teleconferencing, telecommuting, distance education and maintenance of social relations. The company saw a huge & massive rise when the pandemic hit the entire infrastructure across various regions.
The product Zoom app of the parent company witnessed close to 477 million downloads in 2020. It gives freemium benefit to do videoconferencing in 11 languages with up to 1000 participants for 30 hours.
The interesting fact is that the company has seen a journey from being a start-up to now being an investor that is prominently coming out to develop companies that can deliver what Zoom does in sync with its platform.
They have tapped the market when needed but now are ready to serve through their strategy by enlarging the base offering. In virtual space; now the battle is in respect of who is more engaging, productive and effective.