MapsPeople A/S has signed a new debt facility of up to mDKK 14.9 with Danmarks Eksport- and Investeringsfond (EIFO). The facility can be drawn in three tranches over a term of up to 75 months and is conditioned on covenants primarily focused on reaching ARR objectives. The first tranche of mDKK 7 is contingent on a recent capital increase, while the additional tranches of mDKK 4 and mDKK 3.9 are tied to ARR milestones of mDKK 69 and mDKK 79.8, respectively. EIFO will receive warrants when loans are drawn, with the exercise price set to the average closing share price in the five days before the first drawdown. The new loans will be interest-only for the first 15 months after drawdown. If all tranches are drawn according to plan, MapsPeople expects a net positive cash impact of mDKK 13.4 by the end of 2025; management says the facility, together with a recent capital increase, provides a stronger balance sheet to execute growth plans including acquisitions.

Total raised

$53M

Funding rounds

1

Latest round

Equity

Latest activity

Aug 2024