The investment co-led by rivals in the workplace messaging space is likely a sign of increased cooperation in the future.

US-based cross-platform chat interoperability provider Mio secured $8.7m in series A funding co-led by video conferencing platform operator Zoom and computing and IT group Cisco, signalling a future of open collaboration among companies competing in the enterprise communication software sector.

Other investors into the round include Y Combinator, Goldcrest Capital, Enicas Ventures, Two Sigma Ventures, Khosla Ventures and Capital Factory. Cisco, which is making the investment through its strategic investment arm Cisco Investments, owns Zoom rival Webex.

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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