Skype founders Friis and Zennström rake in millions to boost Joost  

2007.05.11
Sequoia Capital, Index ventures, CBS and Li Ka-shing collectively put USD 45 m into Joost, a downloadable programme which enables users to watch high-quality full-screen TV for free
Scandinavia's dynamic duo are at it again. The founders of the internet telephony phenomenon Skype, Janus Friis and Niklas Zennström, last week formally launched Joost, a downloadable programme which enables users to watch high-quality full-screen TV on a PC or Mac, for free. The programme also features chat and instant messaging "baked right into the TV experience" as they put it. A beta version of Joost is currently running, which requires an invitation from another user before it can be downloaded.
 
So far, Friis and Zennström have been financing Joost from their own pockets, albeit deep ones following their sale of Skype to eBay for a cool four billion dollars. But now the pair have raked in extra capital for the expansion of their new product. Four investors - Sequoia Capital, Index ventures, CBS and Hong Kong billionaire Li Ka-shing have collectively put DKK 250 m (USD 45 m) into Joost. Coca-Cola and Nike have also joined in the fun as sponsors.
 
According to Janus Friis, product development is complete, so the extra cash will be used solely to get Joost out to as many users as possible. Friis has "hundreds of millions" in mind, and if this new initiative is anything like as successful as its predecessor Skype, he will probably get them.
 
The news was reported by Financial Times.
 
Link > Joost  

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