Joost, the world’s first broadcast-quality Internet television service, announced that five selected parties have collectively invested approximately $45 million in the company. Each party invested in a minority percentage of the company. This funding will enable Joost to accelerate product development, global expansion, localization, and service offerings.
Joost is powered by a secure, efficient, Internet platform that enables premium interactive, advertising-supported, video experiences while providing copyright protection for content owners and creators. Joost can be accessed with a broadband Internet connection and offers content to viewers for free.
“This funding represents a tremendous vote of confidence in Joost’s platform,†said Janus Friis, co-founder of Joost. “We’ve carefully selected these investors from a variety of interested parties, as they are best-in-class in their respective arenas and bring unique assets to Joost that will enable us to significantly accelerate growth and development of the Company.â€
Index Ventures, a leading European venture capital firm, which invests in impactful technologies that have global reach, led the round with Sequoia Capital, the premier venture capital firm in the world. Sequoia Capital has been the first investor and business partner in companies that make up 10% of the NASDAQ’s value. In combination, Index Ventures and Sequoia Capital bring unrivaled expertise and alliances in Europe, Asia and North America.
Originally posted on May 10, 2007 @ 7:45 am
Maybe they’ll give me some of that $45M as payback for the amount of time I’ve spent watching it over the last couple of days…
Grrr…damn Joost and their TV on demand service. Don’t they realise that some of us have a job to do?