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.

 

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