Online hotel booking and travel agency Oktogo.ru has raised a second round of equity financing to the tune of $10 million, bringing total raised to over $15 million.
The new round was led by VTB Capital, the investment arm of Russia’s largest bank, VTB, with previous backers Mangrove Capital Partners, Ventech Capital and ABRT participating. The investment was rumored before but has now been formally confirmed by the St. Petersburg company.
Furthermore, Oktogo.ru this morning announced that Philip Wolf, founder and chairman of international travel market research company PhoCusWright, has joined the company’s board as an independent director.
Oktogo.ru says its database contains more than 2,500 hotels throughout Russia and the Commonwealth of Independent States, boasting that it’s the largest hotel offering for both Russian and foreign travelers.
David Waroquier, partner at Mangrove Capital Partners, says he believes the market of online hotel bookings to reach $3 billion by 2015.
Interestingly, the founders of Oktogo.ru were also the founding team members of Russia’s leading online property, Mail.ru, and helped build DataArt, a major software developer for the travel sector in Europe and the United States.
Angel investors and advisors to the company include Javier Perez-Tenessa (founder and CEO of Odigeo and eDreams), OLX founder Fabrice Grinda and Jose Marin (founder of IG Expansion).