Zoom Video Communications (ZM) - Get Report on Monday unveiled a $100 million venture fund to collaborate and build a larger ecosystem of apps and other hardware products, as the videoconferencing platform braces for a post-pandemic world.
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.
The Zoom Apps Fund will invest in developer partners with viable products and early market traction, the company said.
“What I’ve learned over the past year is that we need to keep meetings productive and fun," said Founder and Chief Executive Eric S. Yuan in a statement.
"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."
Last month, Zoom Chief Technology Officer Brendan Ittelson told The Wall Street Journal that the company would start selling its videoconferencing technology so other companies can embed it in their own products.
The calls that users make via the Zoom app would still run over Zoom but wouldn’t carry the company’s brand.
Shares of the San Jose, Calif., company at last check rose 1.7% to $335.57.
The shares are off 44% from its 52-week high of $588.84, set in mid-October. And they have dropped 26% since they touched $444 in mid-February.