Zoom Announces $100 Million Zoom Apps Fund

Rhea-AI Summary

Zoom Video Communications has launched the Zoom Apps Fund, a $100 million initiative aimed at fostering innovation within its ecosystem. Investments ranging from $250,000 to $2.5 million will support developers in creating solutions that enhance video communication and collaboration on the platform. This fund highlights Zoom's commitment to improving user experience as it continues to evolve in the competitive video conferencing market. The initiative was announced as part of Zoom's ongoing strategy to integrate productivity apps into its platform, ensuring future growth.

Positive

• Launch of $100 million Zoom Apps Fund to stimulate ecosystem growth.
• Initial investments between $250,000 and $2.5 million to attract viable developer partners.
• Focus on enhancing customer experiences and improving collaboration on Zoom's platform.

Negative

• None.

New Venture Fund to Stimulate Innovation in the Zoom Apps Ecosystem

SAN JOSE, Calif., April 19, 2021 (GLOBE NEWSWIRE) -- Zoom Video Communications, Inc. (NASDAQ: ZM) today announced the Zoom Apps Fund, a new $100 million venture fund created to stimulate growth of Zoom’s ecosystem of Zoom Apps, integrations, developer platform, and hardware. 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. Zoom Apps, announced at Zoomtopia 2020, are 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.”

To learn more about the Zoom Apps Fund visit zoom.com/fund and read our recent blog post.

About Zoom
Zoom is for you. We help you express ideas, connect to others, and build toward a future limited only by your imagination. Our frictionless communications platform is the only one that started with video as its foundation, and we have set the standard for innovation ever since. That is why we are an intuitive, scalable, and secure choice for individuals, small businesses, and large enterprises alike. Founded in 2011, Zoom is publicly traded (NASDAQ:ZM) and headquartered in San Jose, California. Visit zoom.com and follow @zoom.

Zoom Press Contact
Colleen Rodriguez
Global PR Lead
press@zoom.us 

FAQ

What is the Zoom Apps Fund announced by Zoom?

The Zoom Apps Fund is a $100 million venture fund created by Zoom to stimulate innovation within its ecosystem by investing in developer partners.

How much will companies receive from the Zoom Apps Fund?

Companies can receive initial investments ranging from $250,000 to $2.5 million to develop innovative solutions for the Zoom platform.

When was the Zoom Apps Fund announced?

The Zoom Apps Fund was announced on April 19, 2021.

What is the aim of the Zoom Apps Fund?

The aim of the Zoom Apps Fund is to enhance Zoom's ecosystem by supporting the development of applications that improve communication and collaboration.

Which stock symbol is associated with Zoom?

Zoom is publicly traded under the stock symbol ZM.