Cloud-based video collaboration services company, Blue Jeans Network, has invested $US76.5 million to fuel global growth. In specific, Asia-Pacific and Europe, Middle East, and Africa are key geographies the company will focus on.
This new round of funding is led by NEA with participation from previous investors Accel, Battery Ventures and Norwest Venture Partners, and new investors Glynn Capital, Quadrille Capital, and Derek Jeter, among others.
With participation from previous investors Accel, Battery Ventures and Norwest Venture Partners, and adding new investors Glynn Capital, Quadrille Capital, and Derek Jeter among others, this funding round brings the total overall financing for Blue Jeans to $US175 million.
Blue Jeans Network CEO, Krish Ramakrishnan, said the new funding will help accelerate the company’s growth with global market expansion in Australia, Asia and Europe and support ongoing product innovation that sets the standard for visual collaboration and delivers customer experience.
“Despite all the advances in modern technology, the human face is still the most powerful tool for business. As organisations have become more geographically dispersed, the need for video has become more critical than ever to establish and maintain meaningful connections, foster empathy and understanding, and improve communications.
“Our customers improve their productivity, save time and money, and build better relationships with Blue Jeans. We are so proud of how far we’ve come in a few short years, but we are not done yet. With this investment we are fueling up our tanks and preparing to step on the accelerator,” he said.
NEA general partner, Jon Sakoda, claimed NEA is very excited to lead this round as five years ago, Blue Jeans predicted the convergence of Cloud, video, and mobile would blow the collaboration market wide open.
“They’ve executed tremendously well delivering growth that ranks them among the fastest growing SaaS companies in history and are continuing to disrupt the market incumbents with innovative new products and services,” he added.