US-based video conferencing platform Blue Jeans Network closed a $76.5m series E round yesterday backed by Norwest Venture Partners, the venture capital firm managing funds on behalf of financial services firm Wells Fargo.
The round was led by New Enterprise Associates (NEA), while Accel Partners, Battery Ventures, Glynn Capital, Quadrille Capital and angel investor Derek Jeter also took part.
Launched in 2011, Blue Jeans has developed a cloud-based tool that enables videoconferencing across third-party services, so that, for example, a Skype user can talk to a Google Hangout user without worrying about the platform itself. The company also provides its own interface.
Blue Jeans will use the capital to accelerate its growth in Europe, Asia and Australia and to further develop its product.
In 2009, Norwest and Accel provided $5.5m in series A funding and an $18m series B round in 2011, led by NEA. The same three investors injected $25m in series C funding in 2012, before returning for a $50m series D round in 2013, led by Battery Ventures.