Summary sheet
TourRadar is an Austrian travel tech company that operates a global booking platform, marketplace and online travel agency for multi-day tours. The financing primarily supports expenditures in research and development (R&D) and market development. The project concerns the development of algorithms and machine learning capabilities to improve the ranking and searching accuracy of the platform, better customer profiling capabilities and enhanced customised suggestions for users. In addition, the project supports TourRadar in becoming mobile-first and improving functionality on mobile devices.
The objectives of the EIB financing are to support the company to mitigate the impact from the COVID-19 pandemic and to execute its growth investments mainly in R&D and commercial expansion.
The
project supports the policy objective of support for SMEs, as well as
innovation and digitalisation by providing tailored venture debt financing to
an innovative start-up in the area of developing its online travel-booking
platform and acting as a driver of digital innovation in the travel sector.
The
project entails positive knowledge spill-overs related to the development of
algorithms and machine learning capabilities to improve the accuracy of ranking
and searching, customer profiling techniques and enhanced customised
suggestions for customers, strengthening the EU's position in innovative
digital markets.
EIB's
financial contribution facilitates the SME's sustainable growth and helps to
maintain its technological edge, despite the adverse economic conditions
resulting from the COVID-19 outbreak. Furthermore, it provides a positive
signalling effect to crowd-in further financing from private investors.
The project activities do not fall under the Annexes I or II of the EU Directive2014/52/EU amending the EIA Directive 2011/92/EU. The project will be carried out in existing facilities, already authorised, that will not change their scope due to the project. As such, the project activities are not subject to a mandatory environmental impact assessment (EIA).
The Promoter is a private company not operating in the utilities sector and not having the status of a contracting entity, and is thus not subject to EU rules on public procurement. Under these conditions, the procurement procedures followed by the Promoter are suitable for the project.
Disclaimer
Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).
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