Simplestream is to increase its headcount by 15 after securing a £1 million loan from the alternative lender BOOST&Co.
It follows a strong period of growth for the London-based software-as-a-service business that provides multi-platform live-streaming and video-on-demand services to companies including Sony, AMC, A+E Networks, UKTV and Alchimie.
Simplestream has recently launched a movie SVOD service for Sony in Africa and created a multi-platform children’s service for Freeview Play.
“We are delighted with the confidence placed in us by BOOST&Co that has allowed us to refinance our existing venture debt,” said Adam Smith, chief executive, 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.”
The funding will be used to roll out new features, 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.
Kim Martin, head of the south and Midlands at BOOST&Co, says: “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.”
BOOST&Co is a leading provider of growth capital for innovative, fast-growing UK SMEs. The independent asset manager offers loans ranging from £2m to £10m, across a wide range of sectors.
