Failed 2023

    Musement (TUI Write-Down)

    Milan tours-and-experiences platform Musement was acquired by TUI for €60M in 2018, then largely wound down post-COVID in 2023 — destroying most acquisition value.

    Founded → Closed

    2013 → 2023

    Funding Raised

    $25M

    Industry

    Travel/Experiences

    Country

    Italy

    Full Analysis

    Milan-based Musement was Italy's leading tours-and-experiences platform, raising €25M from P101 and 360 Capital. Acquired by Germany's TUI Group for €60M in 2018, the platform was integrated into TUI Musement but largely wound down as a standalone Milan operation in 2023 as TUI consolidated its experiences business in Germany. A representative Italian travel-tech acqui-failure.

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