Oktogo.ru receives $11million from New Venture Capital Funding

By Marc Castro

Mar 18, 2013 09:37 AM EDT

Oktogo.ru, receives an $11million funding infusion from a new group of venture capitalists. The new investors are the Victor Sazhin Group of internet entrepreneur and online marketing expert Victor Sazhin, VTB Capital's venture business, Mangrove Capital Partners and Ventech. Oktogo's Board of Directors will be joined by Victor Sazhin.

The additional funding will be used for brand building and regional development in Russia. Fast company named Oktogo in February as the Most Innovative Company in Russia at The World's Top 50 Most Innovative Companies 2013 and it also won the National Geographic Travel Awards 2012 as the Best Internet service in September 2012. It has grown to be a leading online travel provider in an offline market for Russia.

Mariana Kolenski who is the founder and CEO of Oktogo said in a statement, "For the past year, Oktogo.ru has grown into the Russian market leader in online hotel booking. Our growth comes from converting travelers from offline to online. We strive to build Oktogo.ru into the leading Russian online travel brand by innovating and investing in human capital."

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