Zoom has announced new $100 million venture fund designed to “stimulate growth” of its fledgling ecosystem of third-party app integrations. The announcement comes after a whirlwind 12 months for the video-communications platform company, which has more than doubled in value over the past year as businesses were forced to embrace cloud-based tools as they rapidly transitioned to remote work.
Back in October, Zoom launched its new Zoom Apps platform for third-party developers to integrate their apps into Zoom, making it easier for teams to collaborate and access data while on video calls. And that, essentially, is what the new $100 million fund will support, by investing between $250,000 and $2.5 million in companies looking to develop tools and products that “will become core to how Zoom customers meet, communicate, and collaborate,” according to a statement.
In many ways, Zoom is following the Salesforce playbook in terms of how it’s looking to develop a stickier ecosystem, first through embracing third-party product integrations and then through investing directly in them.
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