Travel booking and media solutions company NextTrip has secured a $3 million credit line from its chairman, Don Monaco.
The company said the revolving line of credit will be used for “general working capital purposes,” providing “financial flexibility to support critical near-term initiatives and minimize the need for potential shareholder dilution.”
NextTrip said it will specifically use drawdowns to fund marketing efforts, key product launches and to continue developments of its platform and its recent acquisitions.
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Last month, NextTrip acquired luxury hotel and resort reservation platform Five Star Alliance and travel- and adventure-focused Free-Ad Supported Streaming TV channel Journy TV.
"We greatly appreciate the chairman's continued support and belief in NextTrip's long-term vision," said Bill Kerby, CEO of NextTrip.
"This provides timely capital to allow us to execute our key strategic priorities, including enhancing our technology stack, increasing product awareness and driving customer acquisition, while preserving shareholder value."
Founded in 2002, NextTrip has a suite of online products, including leisure travel brand NextTrip Journeys, travel management solution NextTrip Business and travel software NextTrip Solutions. The company launched its cruise planning platform, NextTrip Cruise, in March.