Five firms have joined a huge $45 million funding round for Web video platform Joost, which has experienced some hiccups during its first days of unlimited beta release.
Two of the investors, CBS and Viacom, are also Joost content partners. Their involvement may generate some alarm at NBC Universal and News Corp.’s still nameless premium video joint venture, whose hopes rest in the entertainment business uniting to present a unified front against YouTube.
The other three investors are Index Ventures, Sequoia Capital, Li Ka Shing Foundation. The money will be used for product development, global expansion and service offerings, including localization.
Meanwhile, video platform Roo also completed a financing round. The company will spend $25 million proceeds from the sale of common stock to expand its sales and marketing efforts, fund operations, and pursue already announced acquisitions.