Zo World Limited, a travel startup which is building a decentralised travel marketplace, announced today that it had signed an agreement with GEM Global Yield LLC SCS, a Luxembourg-based private alternative investment group, for a euro 15 million capital commitment.
The brand, a new, independent entity, is a partner of Zostel, a community-led, experience-driven ecosystem – chain of backpacker hostels. Two of Zostel’s founders lead Zo World and come with extensive experience in building and scaling travel and accommodation companies in the region.
Under the agreement, GEM will provide Zo World with a share subscription facility of up to euro 15 million for a 36-month term following the public listing of the company shares on European or other Global National Stock Exchanges. Zo World will control the timing and maximum amount of drawdown under the facility and has no minimum drawdown obligation. In addition, concurrent to the public listing of Zo World Shares, GEM will…