Joost, ROO and Itiva All Close Funding
We’re not even halfway through the month and already there have been a bunch of funding deals.
- Today, Joost announced that five selected parties have collectively invested approximately $45 million in the company including Sequoia Capital, Viacom and CBS amongst others. They don’t say exactly what they plan to do with the money but I think it’s a safe bet to say that a good chunk of it will go to expanding their delivery capacity
- This morning, ROO announced that it had completed a private equity financing with gross proceeds of $25 million in a stock transaction involving mostly existing investors. ROO will use the money for ongoing operations, expansion of their video platform and "to pursue previously announced acquisitions."
- Last week, Itiva Networks announced it has secured $7 million in private funding. The company said it plans to use the money for working capital and to expand it’s sales and marketing efforts.
In addition, I know of a few more deals that should also be announced this month. Will be a successful month for companies in this space raising money.