An events start-up which raised $150m from blue-chip investors just three months ago has drafted in Goldman Sachs as it scrambles to find a buyer.
Sky News has learnt that Pollen, which sells travel experiences incorporating events featuring Duran Duran and Justin Bieber, is working with the Wall Street investment bank on efforts to secure new funding.
City sources said the company had also asked Kroll, the restructuring specialist, to assist with the process, although one insider said that Kroll’s mandate was confined to Pollen’s student travel arm.
Pollen’s backers include some of the biggest names in venture capital investing, such as Northzone and Lansdowne Partners, the hedge fund.
The company partners with music event promoters like Live Nation and Electric Zoo to create exclusive packages for its customers.
AdvertisementIt also works with upmarket hotel operators, restaurants and nightclubs.
Founded in 2014 by brothers Callum and Liam Negus-Fancey, sources said indicative bids had been due by the end of last week.
More from BusinessIt was unclear what valuation Pollen might attract, although industry sources were sceptical that it would be a profitable transaction for the company’s existing shareholders.
Earlier this year, Pollen was reported to have laid off more than 20% of its workforce and missed employees’ monthly salary payments.
A spokesman for Pollen declined to comment.