Blue Jeans Network gets $50M funding boost
Blue Jeans Network, a leading player in the interoperable video collaboration services space, has just received $50 million in new venture capital funding. The funds will be used to help the company expand its cloud-based videoconferencing network both domestically and globally.
The company, which is based in Mountain View, Calif., is expanding its sales force operations in San Francisco, just launched in Australia and will soon be announcing service in Europe.
The primary funding source is Battery Ventures, with previous investors Accel Partners, New Enterprise Associates and Norwest Venture Partners also participating. The latest round brings the total of venture capital funds that have been put into the firm at nearly $100 million, Blue Jeans revealed.
"The new funding arrives as the company is experiencing record growth across all facets of its business, including customers, users, usage, bookings, and revenues, largely at the expense of industry incumbents like Cisco and Polycom," Blue Jeans noted in its release announcing the funding.
The company also announced that its customer base has now surpassed 2,000 businesses and 3 million participants, all of whom consume more than 100 million minutes of videoconferencing time annually.
Roger Lee, general partner of Battery Ventures and the leading investor in this latest round of funding, spoke last week on why his company was so interested in being a part of this investment round.
"Blue Jeans Network is the new face of business collaboration," Lee was quoted as saying in the Blue Jeans release. "The company's cloud-based, interoperable solution was a shock to the system of the traditional video and web conferencing markets and quickly made Blue Jeans a leader in the space. Along the way, Blue Jeans set a new standard for SaaS business models with exceptional revenue growth and retention rates that rivals companies like Salesforce and Workday at similar stages. Now Blue Jeans is redefining the video conferencing business and collaboration markets, expanding the parameters with an eye toward replacing every phone call with a face-to-face Blue Jeans meeting."
Blue Jeans will use its latest funding round to "set the world on fire," company CEO Krish Ramakrishnan was quoted as saying by VentureBeat last week.
Ramakrishnan noted that Blue Jeans had captured between a third to a half of the videoconferencing market in just two years. "And it comes at the expense of old-school videoconferencing companies who have lost approximately $250 million in business in the past 12 months," VentureBeat reported.
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