Video conferencing app Zoom has created a new 100 million fund for startups. However, to receive this fund, startups need to use the Zoom technology app.
Kelly Steckelberg, Zoom’s chief financial officer, said the fund would be used to fund those who are creating “Zoom Apps”. The amount can range from 250,000 US dollars to 2.5 million dollars. Apps that can be added as a new feature to the organization’s video conferencing software may be considered for this investment.
Steckelberg added that it would help developers invest behind the scenes at an early stage and allow the market to attract at the beginning stage. The fund will be managed from Zoom’s ledger, not as a single business capital entity. As a result, Zoom will not sit on the board of the invested organization.
During the pandemic situations, not only Zoom but also big companies like Microsoft and Cisco have entered the field with video conferencing services. Microsoft’s video conferencing service is called ‘Teams’, while Cisco Systems Inc.’s service is called Webex.
