This is the largest investment in an Austrian start-up in 2018, and the third most substantial investment in an Austrian tech company since 2015.
"It was a true highlight to advise on the biggest start-up investment in Austria in 2018 so far," said Schoenherr corporate m&a partner Thomas Kulnigg. "Having previously supported Endeit Capital on the Series B financing of TourRadar, this follow-up transaction illustrates how successful the start-up has been in creating a valuable business idea that appeals to new and existing investors," concluded Kulnigg who heads the start-up service at Schoenherr.
The Series C financing was led by TCV with participation from existing investors Endeit Capital, Cherry Ventures, Hoxton Ventures, and Speedinvest. Endeit Capital became the lead investor in TourRadar by acquiring a minority stake in the Austrian company in 2017. Schoenherr supported Endeit Capital on both Series B and Series C financing rounds, while TourRadar was advised by Herbst Kinsky. TCV was advised by Wolf Theiss.
The funding will allow TourRadar to expand its team globally and invest in its technology platform. Launched in 2010, TourRadar pioneered the transformation to digitise the touring industry, allowing travellers to compare and book multi-day tours online for the first time. The team aims to provide a personalised user experience for travellers in new and existing markets.
Schoenherr regularly advises start-ups and investors on financing rounds, for instance Speedinvest x (a Micro VC fund under the Speedinvest-umbrella) in the EUR 2 million financing round of the Polish start-up Packhelp.
The Schoenherr team advising on these transactions consisted of Thomas Kulnigg (partner, corporate/m&a); Sascha Smets and Maximilian Nutz (associates, corporate/m&a); and Teresa Waidmann (associate, labour & employment).