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.

Tags:
Tech Culture
About the author

Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service, and the Associated Press. E-mail Elinor.

 

Join the discussion

Conversation powered by Livefyre

Show Comments Hide Comments
Latest Galleries from CNET
ZTE's wallet-friendly Grand X (pictures)
Lenovo reprises clever design for the Yoga Tablet 2 (Pictures)
Top-rated reviews of the week (pictures)
Best iPhone 6 and iPhone 6 Plus cases
Make your own 'Star Wars' snowflakes (pictures)
Bento boxes and gear for hungry geeks (pictures)