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How Startup Blue Jeans Raised $50 Million In A Week Without Even Trying
"Money is on sale right now," Silver Lake partner Charlie Giancarlo told the CEO of startup Blue Jeans Network. "Go get�some."
That's why Blue Jeans CEO and founder, Krish Ramakrishnan,�raised $50 million in a matter of days. That brings his current total to about�$100�million.
Ramakrishnan was busy building his cloud videoconferencing business, a service that connects users on different systems so that a Skype user, Google Hangouts user and Cisco's TelePresence user can all talk to each�other.
Putting $50 million more in the bank wasn't even on his radar, Ramakrishnan told Business�Insider.
That changed when a casual meet and greet with Roger Lee, a general partner with Battery Ventures, turned into an offer to�invest.
"I didn't even know I was going to raise money," he�said.
But Ramakrishnan was cautious. He didn't need the money yet, having raised $25 million 15 months earlier. He didn't want to sell off more equity in his�company.
When he told his board about the offer, Giancarlo, an investor and board member, convinced him now is a good time for enterprise cloud startups to scoop up cash. VCs were offering very favorable terms - a lot of cash for a smaller-than-usual stake.�
Ramakrishnan told Lee of his interest and Lee sprung into�action.
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