P2P internet TV service Joost has received $45m (£22.6m) in funding to aid its expansion and product development.

Index Ventures led the funding round with Sequoia Capital, while other investors included Hutchison Whampoa Limited and Cheung Kong Holdings, through the Li Ka-Shing Foundation.

Viacom also invested in this round, and is described as a 'Key Launch Partner', providing content from its media properties, including Comedy Central and MTV.

The five investors have taken a minority stake in Joost.

Joost screenshot

Since its beta launch back in December, Joost has come a long way, adding a variety of content partners including Viacom, Warner Brothers, and CBS, as well as getting major advertisers on board.

It has now launched commercially, and all beta testers have unlimited invitations for friends and colleagues.

Graham Charlton

Published 10 May, 2007 by Graham Charlton

Graham Charlton is editor in chief at SaleCycle, and former editor at Econsultancy. Follow him on Twitter or connect via Linkedin.

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