The firm said it will use the cash to expand its streaming platform, develop its live TV streaming service TVPlayer, and to launch a white label version of the latter in the coming months.
Simplestream provides live streaming and live-to-VOD services, for clients including Discovery Networks, Scripps Networks and Box Television. It also owns and operates TVPlayer, a live TV aggregator of more than 50 free-to-air channels that UK viewers can access from desktop, mobile and tablet devices.
The funding came from a consortium including Beringea, a leading growth capital firm with a focus on media and technology companies, and YOLO Leisure and Technology, an AIM listed investment company.
“With the support of these value added investors, which gives Simplestream significant credibility, we are particularly excited by our sales pipeline as major broadcasters increasingly recognise the ability to access a younger demographic of audience through Simplestream’s live streaming and automated catch-up capabilities,” said Simplestream founder and CEO Adam Smith.
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