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05/15/2007

Joost Closes $45 Million in Financing

 

Joost, the world's first broadcast-quality Internet television service, recently announced that five selected parties have collectively invested approximately $45 million in the company. Each party invested in a minority percentage of the company. This funding will enable Joost to accelerate product development, global expansion, localization, and service offerings.

Founded in January 2006 by Janus Friis and Niklas Zennstr´┐Żm, Joost is powered by a secure, efficient, Internet platform that enables premium interactive, advertising-supported, video experiences while providing copyright protection for content owners and creators. Joost can be accessed with a broadband Internet connection and offers content to viewers for free.

“This funding represents a tremendous vote of confidence in Joost's platform,” said Janus Friis, co-founder of Joost. “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.”

Index Ventures, a leading European venture capital firm, which invests in impactful technologies that have global reach, led the round with Sequoia Capital, the premier venture capital firm in the world.

Danny Rimer, general partner of Index Ventures said, “We are excited to be working with Niklas and Janus once again as we see the same ground-breaking potential in Joost that we saw in Skype. By leveraging proven P2P architecture and assembling a world class management team, they have made a powerful idea simple and brought new services to market in record time. Our investment in Joost signals Index Ventures' continued commitment to investing in impactful technologies.”

Roelof Botha, general partner, Sequoia Capital, added, “Feature length video on the Internet has been long on promise and short on delivery for some time. Full screen commercial content delivered online has simply not been compelling for the viewer and has been far too costly for the content owners. Joost allows content owners to reach audiences of any size at any time where the viewer can 'lean back' to enjoy an immersive yet interactive video experience. At the same time, Joost enables brand marketers to efficiently deliver precisely targeted and measurable advertisements. This ability poises the company to expand the video distribution business and capture an enormous market opportunity.”

Joost provides a new way of watching TV that combines the best of full-screen television entertainment with the interactive and community benefits of the Internet to bring broadcast-quality video to viewers anytime, anywhere. Based on a state-of-the-art, secure, peer-to-peer streaming technology, Joost can be accessed with a broadband Internet connection and offers video content to viewers for free. Joost features more than 150 channels with programming across all genres, including: cartoons and animation; entertainment and film; sports; comedy; lifestyle and documentaries; and sci-fi. Channels and programs available on Joost vary by geographic region, based on copyright ownership.

For more information, please visit www.joost.com