Millesima Technologies, a Tunisian startup, has raised the funds to develop its video-on-demand solution.
Millesima Technologies, a Tunisian communications startup, has raised USD 480,000 from BH Equity, the venture capital investment subsidiary of BH BANK. Millesima was founded by Haythem Dridi in 2021 and offers an end-to-end solution for its users, allowing them to create customizable, in-person, hybrid and virtual events that aim to maximize audience engagement. The startup focuses on data technology, streaming video, and video on demand (VOD) technologies.
Tunisian Startup Act
The startup was registered under the Tunisian Startup Act. Startup Act is an initiative launched by the Tunisian government to support startups across a range of sectors and to boost socio-economic development and expand technological infrastructure while facilitating the launch and development of Tunisian start-ups, especially in the high-tech sector.
Millesima Technologies’ new funds were raised from BH Equity, a venture capital investment company subsidiary of BH BANK that has been operating in private equity since 1997, and from a private firm. The funds will contribute to the launch of Millesima’s VOD platform.
Millesima’s VOD platform
It is hoped that the platform will allow companies and organizations to have one or more VOD channels and live streaming functionality that is entirely customizable and private. Channels can be accessed for a fee or for free and the channel’s owners can make use of the platform’s advertising space to generate revenue.
VOD’s prominence in Internet traffic
Cisco has stated that it expects video traffic to account for 84% of all Internet traffic in 2022. The year’s statistics are not yet available. The global VOD market is projected to grow from USD 82.77 billion in 2022 to USD 257.59 billion by 2029, at a CAGR of 17.6% in forecast period, according to Fortune. The global pandemic has seen an unprecedented rise in the demand for, and use of, VOD services of a wide range of types, from streaming services such as Netflix to B2B services.
5G and Africa
5G services are expanding across Africa. While the hardware required to leverage the service is still comparatively expensive, PricewaterhouseCooper’s expect 5G’s growth to result in USD 13.2 trillion in global economic value by 2035 and the Africa Digital Economy Forum projects that 5G adoption will push Africa’s economy to USD 2.2 trillion by 2034.