- An early investor and former board member of
Zoom Video made big gains from the company's surge in profits, Bloomberg reported Friday. - Samuel Chen's firm Digital Mobile Venture participated in Zoom's early funding rounds and now has a 3.8% stake in the video-conferencing juggernaut.
- Chen reportedly said he considered himself "lucky" to have had the early investment opportunity in Zoom.
- Visit Business Insider's homepage for more stories.
About a decade ago, Samuel Chen, a little-known investor from Taiwan, began to invest in the now popular video-conferencing app Zoom, Bloomberg reported on Friday.
Fast forward a 10 years and Chen's stake in Zoom is worth more than $1 billion, Bloomberg reported. Chen — who once sat on Zoom's board — controls around 3.8% of the company through his firm Digital Mobile Venture.
His company participated in Zoom's early funding rounds, and controls a $1.6 billion stake on the assumption that its stock holdings are the same from its last disclosure at the end of March, Bloomberg said.
Chen's firm is the biggest shareholder of a navigation software maker in California called Telenav. Telenav's chief executive H.P. Jin reportedly introduced Chen to Zoom's founder Eric Yuan.
Chen, who is also a board member of Taiwanese circuit-maker Sonix Technology, does not engage in daily operations of the firm, Bloomberg said, citing Shumin Huang, a spokesperson for Sonix.
He considers himself lucky with respect to his investment in Zoom, according to Huang.
Zoom Video shot to stock-market fame after the coronavirus pandemic led to employees and workers staying home and using the video-conferencing technology to conduct remote meetings.
Zoom, which trades with the ticker ZM, is up roughly 229% year-to-date. Its spiralling popularity makes its shares an interesting bet for investors.