Oktogo.ru Raises $10M in Financing
Oktogo.ru, a St. Petersburg, Russia-based online hotel booking and travel company, has raised $10m in financing.
Backers include VTB Capital, the investment arm of VTB, as well as existing investors Mangrove Capital Partners, Ventech Capital and ABRT.
Having raised $5m in April 2011 (read here), this new investment brings the total equity capital received by the company to date to $15m.
Oktogo.ru intends to use the capital to expand in the Russian online travel and provide most of the 10,000 hotels in Russia with an online presence. Led by Founder and CEO Marina Kolesnik, the company today has over 2,500 hotels in Russia and CIS in its database.
In addition Oktogo.ru added Philip Wolf, Founder and Chairman of global travel market research company PhoCusWright, to its Board as an Independent Director.