Simplestream receives £500,000 of additional financingThursday, October 5th, 2017
Leading TV streaming services provider receives six-figure lending package
Simplestream, innovators in live and on-demand over-the-top (OTT) TV services, has received a £500,000 finance package from Clydesdale and Yorkshire Bank’s Growth Finance team to assist with further investment and international expansion.
The London-based company is going through a stage of significant growth and this most recent round of funding will allow Simplestream to increase sales and development to enhance its international capacity. The company’s market leading offering is already used by industry leaders including QVC, Sony and News Corp.
Simplestream currently employs 30 people in its London office and will be expanding to create a presence in both the US and mainland Europe.
Adam Smith, founder and CEO, Simplestream said: “It’s a hugely exciting time for us and the new funding will enhance our ability to grow the business and explore new, international markets. Our business is built on innovation, service and delivery and it was great to work with a partner who understood our vision and ambitions and was able to deliver the right solution at the right time.”
The deal was delivered by Christopher Kennedy from Clydesdale and Yorkshire Bank’s Growth Finance team, a specialist UK-wide team that provides senior lending for innovative and rapidly expanding businesses with strong intellectual property assets and existing venture capital.
Christopher Kennedy, Associate Director, Growth Finance, Clydesdale and Yorkshire Banks, said: “Adam and the team at Simplestream have shown huge determination and vision to build the business and we were delighted to have the opportunity to work with them. Over the next 3 years we’re making £6 billion of lending available to SMEs around the country to support the growth ambitions of businesses like Simplestream.”