MUMBAI: Joost, the world’s first broadcast-quality Internet television service, has announced that five selected parties have collectively invested approximately $45 million in the company.
Each party has invested in a minority percentage of the company. This funding will enable Joost (www.joost.com) to accelerate product development, global expansion, localization, and service offerings.
Founded in January 2006 by Janus Friis and Niklas ZennstrÃƒÂ¶m, 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.
Index Ventures, an 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.
CBS Corporation and Viacom are also content partners, providing channels and programming on Joost. In addition to its investment, CBS has contributed more than 2000 hours of CBS entertainment, sports and news programming. Entertainment programming offered includes the full CSI franchise, Survivor and news content includes the CBS evening news.
Also an investor in the round, Viacom is a Key Launch Partner, providing channels and programming from across all of its properties including: Comedy Central, MTV, VH1 and Paramount Pictures.