With a US $76.5 million investment, Blue Jeans Network should find it a lot easier to fuel its plans for global growth and to power what it says will be a ‘new era of video collaboration for meetings, events and interactive experiences.’
The funding round was 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.
Presumably, the funders were happy to make this investment due to Blue Jeans reporting it has hit ‘record growth across every critical business metric for the fourth straight year, including bookings (ARR), revenues, subscribers, meetings, minutes, participants and more.’
The company says it has ‘at least doubled, tripled, or quadrupled each of these metrics year over year, every year since it launched its service in 2011,’ and today provides ‘over 1 billion minutes of real time video collaboration annually to over 25 million participants around the world.’
The new funding will help to accelerate this growth, with global market expansion in Australia, Asia and Europe, alongside being used to ‘support ongoing product innovation that sets the standard for visual collaboration and delivers an unparalleled customer experience.’
Krish Ramakrishnan, CEO of Blue Jeans Network said: “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 fuelling up our tanks and preparing to step on the accelerator.”
Jan Sakoda, general partner at NEA said: “We are very excited to lead this round. 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.”
Blue Jeans notes it ‘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.’
Armed with these ‘unique capabilities, great performance, and an easy to use interface,’ Blue Jeans says it ‘disrupted the billion-dollar-a-year video bridging hardware (MCU) market as customers abandoned legacy hardware solutions for Blue Jeans’ cloud-based offering.’
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.
Talking up its ‘unique portfolio of services for meetings, events, and experiences,’ Blue Jeans says that it ‘continues to provide tremendous value to its rapidly growing global customer base.’
Aside from the Australian customers including NRMA, 99designs and LendLease mentioned above, Blue Jeans counts almost 5,000 organisations ranging from high-growth startups, to the Fortune 100, to industry leaders in healthcare, education, technology, media, and entertainment as using Blue Jeans every day ‘to collaborate, boost business, and engage with their most important audiences.’