Traunch

Traunch and tranche (cf.) effectively have the same meaning, as alternate spellings of the French word for slice or portion. A company might split or unitise a financing round via traunches, selling a first traunch of equity at price x to investors on date y. Once that traunch has closed, it can follow up with a second and subsequent traunches until it has completed its financing. Venture capitalists might fund start-ups using a traunched approach, under which agreed funding is released sequentially via separate traunches as the target company meets agreed corporate and financial targets.