Simplestream, a London-based SaaS company, provides multi-platform live-streaming and video-on-demand services to broadcast and media companies. In a recent development, the company announced that it has secured a £1 million loan from the alternative lender BOOST&Co to build on a strong period of growth.
Eyes grow its team
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans ranging from £2 million to £10 million to companies across a wide range of sectors. However, these companies should have a strong track record in technology, media, and telecommunications (TMT). It has funded more than £500 million across more than 130 deals to date and provided close to £200 million under the government’s CBILS initiative to support SMEs during COVID-19.
The funds will be used to roll out new features for its global 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.
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.”
Simplestream was founded by Dan Finch and Adam Smith in 2010. It is revolutionising content distribution and offers the best experience to viewers with event streaming, simulcasting, real-time video clipping, catch-up creation and VOD management. The company has enabled clients across sports, broadcasters, telcos and content producers to deliver their content directly to consumers across platforms in both Live and VOD capacities. Some of its notable clinetele include Sony, AMC, A+E Networks, UKTV and Alchimie
During COVID-19, there was a 30% rise in the consumption of digital media. This has enabled Simplestream to grow swiftly over the past 12 months, thereby 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.