Live-streaming and VoD specialist Simplestream has secured a £1 million (€1.16m) loan from the alternative lender BOOST&Co to build on a strong period of growth.
The company 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 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.
“We are delighted with the confidence placed in us by BOOST&Co that has allowed us to refinance our existing venture debt,” commented Adam Smith, chief executive at Simplestream. “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.”
“We’re thrilled to support Adam and the Simplestream team during the next stage of the company’s exciting plans for growth,” added Kim Martin, head of the south and Midlands at BOOST&Co. “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.”