Venture capital firm AME Cloud Ventures has struck gold with a stake in the recently public Zoom Video.
AME was founded by billionaire Jerry Yang, co-founder and former CEO of Yahoo. ‘AME’, pronounced ‘ah-may’, means rain in Japanese.
Yang’s firm held 5,272,588 shares of Zoom Video before the IPO last month. It sold 1,054,518 shares at the IPO price of $36 and still has 4,218,070 shares or 1.9% of the company.
Zoom stock has more than doubled since going public on April 18 and closed Friday at $79.18 per share.
AME Ventures’ stake in Zoom is now worth almost $334 million.
Emergence Capital Partners is the VC firm with the largest stake in Zoom, holding 29.4 million shares or 13.4% of the company. Its stake was worth $2.32 billion as of Friday. Sequoia was second largest with 26.78 million shares worth $2.12 billion.
This is the second IPO within a month for AME’s portfolio, which also has an undisclosed stake in Lyft.