Anytime you can get Index Ventures, Sequoia Capital, Li Ka Shing Foundation, CBS Corporation and Viacom to collectively invest $45 million into a company, it says a lot about said company.
Roelof Botha, general partner, Sequoia Capital, [said], â€œFeature 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 â€˜lean backâ€™ 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.â€