£1m to expand video tech startup
Posted on June 15, 2021 by Jonathan Symcox
A live-streaming and video-on-demand specialist has secured a £1 million loan to build on its rapid growth during COVID-19’s mass digital switch.
London-based Simplestream will use funding from BOOST&Co to expand its international customer base and add 15 employees to its team.
The SaaS company provides multi-platform live-streaming and video-on-demand services to broadcast and media companies including Sony, AMC, A+E Networks, UKTV and Alchimie.
With COVID-19 prompting a 30% rise in the consumption of digital media, the London-based firm has grown swiftly over the past 12 months, completing projects including the launch of a movie SVOD service for Sony in Africa, the creation of a multi-platform children’s service for Freeview Play and the design of a successful global MMA service for BKFC.
The funding from alternative lender BOOST&Co will be used to roll out new features for its customers, such as content syndication to third-party platforms, and to hire 15 new employees, including six staff in its development department and four across its commercial and marketing teams.
Simplestream enables digital broadcasters across Europe, the Middle East and Africa (EMEA) and the US to distribute content directly to consumers across different platforms. It is one of the few companies to offer an end-to-end solution, from content acquisition to managing complex video workflows, and its service is compatible with all mainstream video platforms, including iOS and Android.
Adam Smith, chief executive at Simplestream, said: “We are delighted with the confidence placed in us by BOOST&Co that has allowed us to refinance our existing venture debt.
“This will enable us to accelerate an exciting growth phase that will see us expand our customer base internationally for our cutting-edge, multi-platform end-to-end solution.”
Kim Martin, head of the south and Midlands at BOOST&Co, said: “We’re thrilled to support Adam and the Simplestream team during the next stage of the company’s exciting plans for growth.
“The market drivers have never been stronger, so this funding, alongside a fantastic platform and a first-class management team, means they are well-placed to maximise the opportunities ahead.”