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Signature(s)

Amount
€ 14,000,000
Countries
Sector(s)
Austria : € 14,000,000
Services : € 14,000,000
Signature date(s)
9/07/2021 : € 14,000,000
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Summary sheet

Release date
6 October 2021
Status
Reference
Signed | 09/07/2021
20190781
Project name
Promoter - financial intermediary
TOURRADAR (EGF VD)
TOURRADAR GMBH
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 14 million
EUR 17 million
Location
Sector(s)
Description
Objectives

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.

Additionality and Impact

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.

Environmental aspects
Procurement

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.

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Summary sheet
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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).

News & Stories

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Summary sheet

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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