Leading US tech entrepreneur invests €500,000 in Cork start-up

The founder of Zoom, a popular videoconferencing platform which recently went public, has emerged as a backer of Cork-based internal communications software company Workvivo.

No financial details of Eric Yuan’s investment have been disclosed but industry sources said it is believed to be close to €500,000.

Mr Yuan personal fortune was valued at $2.9 billion (€2.63 billion) following Zoom’s market debut on the Nasdaq in April.

The entrepreneur, who emigrated from China to Silicon Valley 22 years ago, set up Zoom in 2011 having sold his previous company WebEx to Cisco for $3.2 billion.

Software group Kainos reports 37% jump in pre-tax profits

---

BT agrees sale of Irish unit to Mayfair Equity

---

Apple under fire over ‘sexist’ credit card

---

Web Summit’s ‘ungovernable zaniness’ sets it apart

---

His personal investment in Workvivo is to be used to help grow the company’s user base to more than one million by 2021.

Founded two years ago, Workvivo's solution is used by companies in more than 40 countries with clients including Morgan McKinley, Cubic Telecom, Voxpro and Laya Healthcare.

Mr Yuan, who has previously spoken of the importance of employee satisfaction in business growth, said Workvivo’s business model aligns with the values he used to create Zoom.

“The purpose of life is to pursue happiness, and that should always apply to your work life as well as your personal life. Engaging a workforce and making them feel valued should be a top ambition of any company. Workvivo is making that ambition a reality, and I am delighted to invest in such an innovative company. I believe Workvivo is fast becoming an essential component in the makeup of successful companies as we head into the next decade,” the entrepreneur said.

Based in Douglas, Workvivo is a communications platform designed to engage employees.

Its co-founder and chief executive John Goulding welcomed Mr Yuan's backing.

“Eric’s investment is a hugely significant moment in the Workvivo story. When people feel valued and connected to the organisation, they are engaged. In every one of our customers, we see increases in engagement and retention, because those employees feel part of a community and experience that every day.” Mr Goulding said.

"We're not just a communication tool. We bring community, engagement, enthusiasm, relevance, recognition and fun into employee communication. We're delighted someone like Eric Yuan recognises that in Workvivo," he added.