Joost gets $45 million in financing
On-demand video site says plans for the money include speeding up product development and expanding globally.
Online video network Joost has received $45 million in funding from a group led by Index Ventures and Sequoia Capital. Also investing were: Li Ka-shing, chairman of Hutchison Whampoa and Cheung Kong Holdings; Viacom; and CBS. The two media companies also are providing content to the site.
The money will be used to "accelerate product development, global expansion, localization and service offerings," according to a statement from Joost. The company was launched by Janus Friis and Niklas Zennstrom, the founders of Skype and Kazaa.