German customer journey software startup Zenloop and its founding squad of ex-Flaconi (the online perfume outlet) pioneers tried their hardest to make the product stick. Sadly, and despite venture support at seed and series A stage, it wasn't to be and German media is reporting Zenloop will close up having already entered insolvency (source — Gründerszene.)
As the Berlin-HQed startup's suppliers wrestle over whatever is left, company lead Paul Schwarzenholz laid the blame on the final hour collapse of a crucial convertible loan deal.
According to Schwarzenholz, Zenloop was agonisingly close to survival having sought a €500,000 bridge loan. The CEO argued this would've been enough runway for Zenloop to become profitable, but, unfortunately, its equity structure was already heavily populated, and shareholders couldn't agree on a way forward.
Breaking the news to his colleagues, Schwarzenholz writes: "We were not able to get the required approval in the short time. Unfortunately, that can happen with a large group of more than 40 shareholders.”
