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Zoom announces first start-ups from investment fund
August 31, 2021
Zoom has been on a mission to transform from an application into a platform. To that end, it made three announcements last year: Zoom Apps development devices, the Zoom Apps commercial center, and a $100 million development fund to invest in some of the more promising start-ups building tools on top of their platform. Today, at the closing bell, the organization reported it has made its first round of investments.
Ross Mayfield, product lead for Zoom Apps and integrations, spoke to TechCrunch about the round of investments. “We’re in the process of creating this ecosystem. We felt it significant, especially to focus on the seed stage and A stage of collaborating with entrepreneurs to make incredible things on this stage. Furthermore, I think what you find in the first batch of more than a dozen investments is representative of something that’s going to be a significant ongoing undertaking,” he explained.
He said while they aren’t announcing exact investment amounts, they are writing checks for somewhere in the range of $250,000 and $2.5 million. They are collaborating with other investment partners, instead of leading the rounds, however, that doesn’t mean they aren’t working with these start-ups using internal resources for advice and executive backing, beyond the money.
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