Simplestream, a UK-based TV streaming service, has received a £500,000 finance package from Clydesdale and Yorkshire Banks’ Growth Finance team.
The London-based company is going through a stage of significant growth, which is why it turned to the bank for funding. This round is to assist with further investment and international expansion as Simplestream increases its sales and development team. The company currently employs 30 people in its London office and will be expanding to create a presence in both the US and continental Europe.
“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,” Adam Smith, founder and CEO, Simplestream said.
The deal was delivered by Christopher Kennedy, associate director in Clydesdale and Yorkshire Bank’s Growth Finance team. Growth Finance is a specialist UK-wide team that provides senior lending for innovative and rapidly expanding businesses with strong intellectual property assets and existing venture capital.
“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,” Kennedy said. “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.”
Simplestream customers include QVC, Sony and NewsCorp. In 2016, the UK-based live streaming TV platform completed a £5 million investment round led by A+E Networks.
This investment was to further develop Simplestream’s content offering across 100 channels and to expand distribution of the service throughout the UK. Existing investors, including venture capital firm Beringea, invested alongside A+E Networks then. This additional six-figure funding boost from Clydesdale and Yorkshire Banks will take the business ever further.
