TOURRADAR (EGF VD)

Promoter – Financial Intermediary

TOURRADAR GMBH

Location

• Austria

Description

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.

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.

Objectives

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.

Sector(s)

• Services - Information and communication

Proposed EIB finance (Approximate amount)

EUR 14 million

Total cost (Approximate amount)

EUR 17 million

Environmental aspects

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).

Procurement

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.

Status

Signed - 9/07/2021