Beccar Varela advises Turismocity on its Brazilian market entry.
PRESS RELEASE
Buenos Aires, October 1st, 2021. On September 28th, 2021, the travel and tourism technology platform Turismocity launched their entry into the Brazilian market through the acquisition of Quanto Custa Viajar, owner of one of the main travel and tourism sites of Brazil, founded in 2014.
The transaction is part of the regional expansion strategy of Turismocity, which in recent times also acquired the US company Farecompare. Both transactions were completed with funds obtained in the first A-Series investment round that Turismocity raised since 2020, for a total foreseen amount of approximately US$ 6 million. The round was led by a vehicle of Eduardo Elsztain (CEO of IRSA/Cresud) and other minority investors with an extensive background in the technology sector, such as Martín Migoya (co-founder and CEO of Globant), Francisco Álvarez-Demalde (co-founder and managing partner of Riverwood Capital), and Pablo Saubidet (co-founder of Iplan), among others.
Turismocity is the third-largest travel brand in Latin America behind Despegar and CVC and has more than 7 million unique monthly users. Founded in Argentina in 2014, its main markets are currently Brazil, Mexico, Argentina, Colombia, Chile, and Peru.
Beccar Varela advised Turismocity on both the acquisition of Quanto Custa Viajar and in the A-Series investment round. Beccar Varela’s team was led by partner Daniel Levi, who was assisted by Eugenia Radaelli and Victoria Hugo.
Moura Petrone law firm advised the Brazilian sellers of Quanto Custa Viajar with a team led by partner Renato Valeriano Garcia, assisted by Gabriel Salybe de Moura and Gabriel Serrasqueiro Sala.
In the A-Series matter, Eduardo Elsztain’s investment vehicle was assisted by Zang, Bergel & Viñes (partners Carolina Zang and Laura Barbosa), while the minority investors turned to Hernán Slemenson, partner at Marval, O’Farrel & Mairal.