Blue Jeans Network Closes $76.5 Million Investment to Fuel Global Growth and Power New Era of Video Collaboration
NEA Leads Round with Participation from Accel, Battery Ventures, Glynn Capital, Norwest Venture Partners, Quadrille Capital, and Derek Jeter
September 23, 2015- LONDON, UK – Blue Jeans Network, the global leader in cloud-based video collaboration services, today announced it has secured $76.5 million in new funding led by NEA to accelerate global growth with market expansion in Europe, Asia and Australia and support ongoing product innovation that sets the standard for visual collaboration.
The new funding arrives as Blue Jeans hits record growth across every critical business metric for the fourth straight year, including bookings (ARR), revenues, subscribers, meetings, minutes, participants and more. Blue Jeans has at least doubled, tripled, or quadrupled each of these metrics year over year, every year since it launched its service in 2011. Today the Blue Jeans Network provides over 1 billion minutes of real time video collaboration annually to over 25 million participants around the world.
“Despite all the advances in modern technology, the human face is still the most powerful tool for business,” said Krish Ramakrishnan, CEO Blue Jeans Network. “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 gas to take on and dominate the Video Collaboration market across the globe.”
Blue Jeans set the industry standard for video as a service, when it first launched in 2011 and disrupted the market with its hallmark interoperability providing the first, best, and only solution that could seamlessly connect business video conference room systems like Cisco and Polycom with consumer desktop and mobile solutions like Skype and Google. With these unique capabilities, great performance, and an easy to use interface, Blue Jeans disrupted the billion dollar a year video bridging hardware (MCU) market as customers abandoned legacy hardware solutions for Blue Jeans’ cloud-based offering.
“We are very excited to lead this round,” said Jon Sakoda, general partner at NEA. “Blue Jeans made the right bet five years ago, predicting the ultimate 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.”
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 $175 million.
“As a new investor for Blue Jeans, we’re truly excited. It is a fast growing, ambitious organisation, and this round of investment is core to that journey”, said Jérôme Chevalier from Quadrille Capital. “Over the last couple of years, we’ve observed Blue Jeans growing rapidly within EMEA, and this additional funding is a key part to helping Blue Jeans achieve its continued commitment to the region through disruptive innovation.”
About Blue Jeans Network
At Blue Jeans Network, we aim to bring great minds together to meet, share ideas and reach their audiences through the power of video collaboration. By making video communication easy, secure and scalable, our customers can make online conversations, meetings and events personal again. Blue Jeans’ cloud-based platform has taken video into the mainstream, giving thought leaders in business, education, entertainment, and media the power to interact face-to-face with anyone, anywhere. Blue Jeans Network is a private company headquartered in Mountain View, California. For more information go to: bluejeans.com or follow the company on twitter @BlueJeansNet.