Bangalore: San Francisco based an online video shopping network Joyus raises $24 million in series C round of funding led by Steamboat Ventures and Marker LLC. The funding round was also participated by its existing investors InterWest, Accel Partners and Time Warner Investments. The company’s total amount of funding reached $43.4 million to date.
The fund will be utilized to invest in product and hire engineers in order to bring its shopping video players to more destinations on web, mobile, and other video screens. As part of funding, the company also announced key leadership additions in Content, Merchandising, Business Development and Operations.
Incorporated in 2011 by Sukhinder Singh Cassidy, Joyus is a web’s first direct response video network that creates and distributes premium lifestyle content for women that monetized directly through commerce. The content is published across the Joyus Network, which includes Joyus.com as well as partner sites, such as People, AOL, Real Simple, Hearst, Hollywood Life, Century Link, Verizon and others. Today, with more than 500 brands, including superga, Joe’s Jeans, Verso Skincare, Jouer and Urban Remedy are showcased in video across beauty, health and fashion & lifestyle categories every day. On the other hand, the four-year-old startup has also developed an online sort of edition the Home Shopping Network.
Speaking about the company, Sukhinder Singh Cassidy, Founder & CEO, Joyus says, “I couldn't be more proud of what Joyus has accomplished and we’ve only just started. The continued shift of users towards consuming online video across all devices and all genres of content is driving a large scale opportunity in lifestyle programming and monetization through commerce. We have built a deeply engaging content and commerce experience for consumers, our partners are seeing off-the-chart ROI in our videos, and we're attracting world class talent and investors.”