Marley Spoon lifts bridge loan to €11.7M as refinancing slips to March
What's the deal? Marley Spoon has increased its bridge financing from Runway Growth Finance from €8.1 million to up to €11.7 million, giving the meal-kit company more room to fund its restructuring. The extra cash is earmarked for liquidity needs during the turnaround, but payouts are tied to restructuring milestones.
Why now? The company has pushed back its planned full refinancing from end of November 2026 to end of March 2027 — a four-month delay. Already-used bridge funds are to be credited against the new financing, which is meant to fully replace existing loan agreements.
What could go wrong? As of June 30, Marley Spoon held €7.6 million in cash against interest-bearing financial debt of roughly €105.5 million. The bridge money buys time but does not yet replace a long-term solution.
The post-IPO debt lands against weakening results. First-half 2026 group revenue fell about 24% to €105.6 million, while the net loss widened from €7.1 million to €16.9 million. Adjusted operating EBITDA swung from plus €5.6 million to minus €6.8 million.
Cutting the cost base: In late September, the group said it would cut its global workforce by about 21%, affecting operations in Germany, Portugal, the US, and Australia. The company says it does not plan to fully exit those markets, aiming instead to run them with leaner structures.
Marketing spend remains a pressure point. Despite falling sales, it rose in the first half from €20.2 million to €21.1 million, lifting its share of revenue from about 15% to 20%.
The signal: In Australia, Marley Spoon ranks second behind HelloFresh, according to Bonafideresearch.com — but market position has not shielded it from financial strain. The €11.7 million top-up, a roughly 44% increase, shows how tight the situation remains for the subscription meal-kit model as it chases a sustainable cost and funding structure.
Read more: etailment.de
Image credit: pfctdayelise
