The Blue Jeans Network recently had a famous investor joining their company. The investor is none other than New York Yankees icon Derek Jeter.
As reported by Rapid News Network, Blue Jeans Network received $76.6 million in investment from the former Major League Baseball player. It has been reported that the company will now use this money to expand its network in Europe, Asia and Australia and support its ongoing product development.
The Blue Jeans Network was launched in 2011 and provides video conferencing system, which was reported to be handling more than 1 billion minutes annually from over 25 million users all around the world.
Jeter was reported to be completely enamored by the services offered by the company which led him to make a huge investment, CRN has learned.
Said Jeter, "I was captivated by what Blue Jeans' video could do to amplify the voice of our athletes," He further said that "Now after working closely with the team, I share their vision and see the enormous potential that exists for interactive video events and experiences in business, sports, media, and entertainment."
According to CMS WiRE, the $76.5 million investment that the company received is assumed to be a pre-IPO round. However, CEO Krish Ramakrishnan refuses to call it as such and instead prefers the term, "mezzanine finance."
"Mezzanine Finance" is defined as a type of capital that is tapped by later stage companies. However, Ramakrishnan acknowledges that the investors participating in this round are the ones that usually invest in pre-IPO and post-IPO companies.
Apart from video conferencing services, Blue Jeans Network offers other myriproducts such as APIs that allows it users to embed interactive videos in applications such as Salesforce Chatter.
Besides Derek Jeter, the $76.5 million investment also included in the round were Accel, Battery Ventures and Norwest Venture Partners.
Since its creation in 2011, the Blue Jeans Network raised a total of $175 million.
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