During Zoom’s IPO two years ago, Salesforce made a big deal by investing $ 100 million at the offer price and watching the stock soar. Zoom learned a little something from this experience.

Zoom and Salesforce each bought $ 75 million in shares of Israeli software company Monday.com, which debuted on Nasdaq on Thursday. Monday.com, which provides cloud-based collaboration tools, had no zoom pop, but the stock jumped 15% – from $ 155 to $ 178.87 – giving both investors fast paper profit.

At the close of trading, Zoom and Salesforce’s stake stood at $ 86.55 million, each yielding a one-day gain of $ 11.55 million. Like Monday.com insiders, Zoom and Salesforce are subject to foreclosure restrictions and cannot sell for 180 days.

For Salesforce, buying IPO shares has become another way for its venture capital arm to generate returns beyond traditional investments in start-ups and late-stage technology companies. In addition to investing in the Zoom and Monday.com offerings, Salesforce invested $ 250 million last year in the Snowflake IPO, a stake that more than doubled to $ 529 million in the first. database company trading day.

In 2020, Salesforce reported an annual gain of $ 2.17 billion thanks to its investments, primarily from Snowflake and software company nCino, a company that Salesforce backed long before its IPO last year. In previous years, Salesforce Ventures invested in Dropbox and SurveyMonkey IPOs.

At Zoom, investments are a new business. In April, the video chat company launched a $ 100 million fund to support start-ups that would build features and functions in addition to Zoom. However, these transactions will be much smaller, given that Zoom’s investment in Monday.com is equal to 75% of that entire fund. According to PitchBook, this is Zoom’s first known investment of any size.

While a 15% jump in a day is certainly appealing, it is significantly lower than the types of pops the market has seen in recent years that Salesforce has benefited from. Overall, IPO prices have tightened this year after massive day one gains in 2020 in Snowflake, DoorDash and Airbnb, which have attracted increasing criticism that companies are leaving too much money on the market. table for delivering cheap stocks to new investors.

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