Zenloop files for insolvency

The company would apparently have needed a convertible loan to bridge the time to profitability. However, this was not approved.

The software start-up Zenloop has filed for insolvency, as start-up scene reports. According to the report, Zenloop CEO Paul Schwarzenholz announced the insolvency to his staff in an online meeting. The reason for the insolvency was that a convertible loan was no longer available at short notice.

The company would have needed such a loan in the amount of 500,000 euros and had originally received a commitment for this sum. However, not all shareholders apparently agreed. "We were unable to obtain the necessary approval in the short time available. Unfortunately, this can happen with a large group of more than 40 shareholders," Schwarzenholz is quoted as saying by Gründerszene. In addition to the founders themselves, the largest shareholders are the investment companies Signals, Nauta Capital and Piton.

The convertible loan was necessary to bridge the time to profitability. According to the management and business plan, the company should have become profitable this year.