Like many companies, it had to devise new ways to impart its culture to employees who had never met in person while making sure the new hires felt integrated into the virtual workplace. A year ago, Zoom had 2,400 employees, and now it has 3,400.
#VENTURE CAPITALS OF ZOOM VIDEO COMMUNICATIONS HOW TO#
Zoom reorganized around the new reality, and Yuan had to rethink how to onboard employees as the company sustained a rapid hiring pace. The company had been preparing for growth, but nothing like the tidal wave that hit. It closed in late December at $66.64 per share, as investors felt it faced growing uncertainty heading into 2020. The video conferencing company priced its IPO at $36 a share and saw it pop 72% on the first day of trading before eventually reaching $102.30 per share in June. At one point, it was the best-performing tech IPO of 201 9. Time proved him right, and Zoom went public in 2019. I knew the market potential was big because nobody liked the existing products.” However, I spent a lot of time talking to the customers. Nobody thought the world needed another video service. Still, he had a famously hard time raising money for his new startup, with a long list of venture capitalists taking a pass. He knew that despite a large number of video conferencing options, the company wasn’t meeting business customers’ needs. “The year before I left, every day I did not want to go to the office because I did not see a single happy WebEx customer,” Yuan said. But after several years, he found himself losing motivation because customers seemed increasingly unhappy with the product. Yuan had been an early WebEx employee and stuck with the company when Cisco acquired it. Founded in 2011, Zoom initially targeted the kind of customers who had been using Cisco’s WebEx.
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