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Joost Gets $45M Cash Infusion
Thursday, May 10th, 2007 at 1:40 PM - by
Joost has received about US$45M from five backers, including financiers from Silicon valley, China and Europe, according to Reuters on Thursday. Joost has also provided a sign-up page.
"Index Ventures, Europe's top Internet venture capital firm and an early backer of Skype, is leading the round with Sequoia Capital, the world's top venture capital firm, which has financed start-ups from Apple to Yahoo to Google to YouTube.
"Joost, a year-old company that is the hottest thing in Internet video after YouTube, is seeking to do for long-form television programming what YouTube has done for short, user-created video sketches," Reuters reported
The key to Joost's success so far has been a robust security and business model that works with content providers instead of against them. So far Joost has signed deals with Viacom, CBS, Time Warner and some independent producers. It has also inked deals with 31 name-brand advertisers while still in the testing phase.
Currently Joost has about 150 channels. A special sign up page has been created by the Joost team. Interpersonal invitations are no longer required.
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