In the Dutch tech startup scene, it’s no secret that TravelBird – the daily travel discounter turned hotshot scale-up – is aiming for the moon. Even though the founders have made no secret of their desire to go public, no signs where there of an imminent offering. Until this week, when Main Capital and the Keizersgracht-located travel empire released a read-between-the-lines press bombardement about a multi-million euro mezzanine loan.
For those not familiair with the term mezzanine loan, let’s break it down. It’s not a typical bank loan, as that would be too risky for any bank to do debt financing in a make or break scale-up. But another equity round would put even more eaters to the already well set cap table. Travelbird last year raised €16,5M from Global Founders Capital (Rocket Internet, basically), on top of a previous round of €15,5M for a total 25,2% stake, amongst the founders and earlier investors. The company states it “invested” €32M in 2014 and 2015, in total.