institutional investor

Joost Adds Millions To Launch Plans

Joost, an Internet television service set to launch later this year, today announced $45 million in financing from two venture capital firms, two major content companies and a charitable trust. Index Ventures, Sequoia Capital, CBS Corp., Viacom and Li Ka Shing Foundation each invested in a minority percentage of the company.

"We've carefully selected these investors from a variety of interested parties, as they are best-in-class in their respective arenas and bring unique assets to Joost that will enable us to significantly accelerate growth and development of the Company," Joost co-founder Janus Friis said in a statement.

Index Ventures is a European venture capital firm which invests in technologies that with global reach. Sequoia Capital, according to Joost, Sequoia has been the first investor and business partner in companies that make up 10 percent of the NASDAQ's value.