Zoom Apps and Business Potential
The initial reasoning behind this new fund comes from the launch of Zoom Apps. The company began expanding its video conferencing software to include a marketplace of apps that would allow for business to operate alongside Zoom. Some of these apps include business messaging company Slack, cloud-based storage company Dropbox, and task organization software company Asana. With more business capabilities integrated into Zoom, the company is now looking to invest in startup companies building apps of a similar nature.
Zoom Apps recently launched a $100 million venture fund specifically focused on startup companies building business-friendly apps that can enhance the overall videoconferencing service that the company offers. The new venture will be called Zoom Apps Fund and will focus primarily on tech startups in early development. More specifically, the fund will invest in startup companies still in seed funding and Series A development rounds.
The venture fund will begin with investments between $250,000 and $2.5 million in startup companies with apps or software that can directly bring benefit to the Zoom ecosystem. While the Zoom App Fund remains most neutral on what sort of tech brought in by the startup companies, the software or product must have clear, viable business application and early market traction.
Other Zoom Software Pushes
On top of the Zoom Apps Fund, the company has been making other serious pushes to help bring on more developers and outside technology. In particular, Zoom introduced the software development kit (SDK), which gives tools to entrepreneurs and business owners who want to build apps for integration into Zoom. The SDK also allows for Zoom to be integrated into other business platforms in order to increase the overall scope of the videoconferencing service.
Zoom looks to become one of the largest multi-faceted business services. This goal could be especially potent considering that even as the pandemic wanes, a large portion of work will remain remote moving forward. Adding more apps to the platform will allow for an easier path to effective, integrated work as companies and businesses of all sizes continue to find ways to optimize and improve operations from home.
In a blog post detailing the new fund, head of corporate development Colin Born wrote, “We’ve got a vision to help people accomplish more through video communications, and we’re looking for companies that share that vision. Our new Zoom Apps Fund will aspire to invest thoughtfully in teams that are committed to building new and positive experiences for our customers.”
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.