Salesforce chairman and co-CEO Marc Benioff Photograph by Stuart Isett/Fortune Global Forum

Video conferencing startup Zoom en route to an IPO has said that Salesforce Ventures has agreed to purchase $100 million worth of Class A shares at its IPO price ahead of its official debut on the public market. Zoom is targeting a debut price of $28 to $32 per share, equaling $30 at the mid-range. The company — valued at $1 billion from a previous round — is selling 20.9 million Class A common shares in its IPO: 10.9 million shares in the offering, with several shareholders selling approximately $10 million.

Zoom’s S-1 filing indicates $330.5 million revenue for the year ended January 31 2019, up from $151.5 million for the same period in 2018, and $60.8 million the year earlier. The company made $7.5 million in profit for the year ended January 31 2019, its first profitable year. Like many other tech companies, Zoom is going public with a dual-class share structure. Holders of Class A stock in the company are getting one vote per share, compared to 10 votes per share for Class B holders.

Salesforce CTO Parker Harris (left) and co-CEO Marc Benioff image: Salesforce

Salesforce Ventures is the investment arm of cloud software giant Salesforce that has funded many noteworthy tech companies. Its current portfolio includes Andela, Gusto, Hustle, Optimizely, Pendo, Stripe, Wefox, Hoopla, Talkdesk, and Evernote. Several of its investments like Anaplan, Adaptive Insights, Apptus, Dropbox, Twilio, and DocuSign have seen successful IPOs or acquisitions.

In December, the venture arm unveiled a $100 million fund targeted at Japanese startups.

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