Blue Jeans Network, the global leader in interoperable video collaboration services, announced it has secured $50 million in new funding led by Battery Ventures. The financing cements Blue Jeans’ position as a transformative leader poised to capitalize on the rapidly shifting landscape in business collaboration and unified communications. The new funding arrives as the company is experiencing record growth across all facets of its business, including customers, users, usage, bookings, and revenues, at the expense of industry incumbents Cisco and Polycom. Blue Jeans also announced today it has surpassed 2,000 business customers and 3 million participants consuming more than 100 million minutes annually. The new funding will accelerate this growth with domestic and global market expansion as well as support ongoing product innovation that sets the standard for business collaboration.
“Blue Jeans Network is the new face of business collaboration. The company’s cloud-based, interoperable solution was a shock to the system of the traditional video and web conferencing markets and quickly made Blue Jeans a leader in the space,” said Roger Lee, general partner, Battery Ventures. “Along the way, Blue Jeans set a new standard for SaaS business models with exceptional revenue growth and retention rates that rivals companies like Salesforce and Workday at similar stages. “Now Blue Jeans is redefining the video conferencing and business collaboration markets, expanding the parameters with an eye toward replacing every phone call with a face-to-face Blue Jeans meeting.”
Fueled by the growing desire for a single, scalable, easy-to-use service for face-to-face collaboration and rich content sharing across conference rooms, desktops, and mobile devices, Blue Jeans is bridging the gap between increasingly dispersed social and business networks. The recent round of funding, led by Roger Lee of Battery Ventures, brings the total of overall financing for Blue Jeans to nearly $100 million. Existing investors Accel Partners, New Enterprise Associates and Norwest Venture Partners also participated in the financing. In addition to supporting innovation, the funding will fuel market expansion with new offices in San Francisco and new operations in Europe and Australia.