VEB injects $5m into rebranded Travel.ru

Oktogo acquired Travel.ru in September for around $2m.

The funding from VEB will be used to further develop the newly rebranded Travel.ru, with a view to expand its position in Russia's travel and tourism market.

VEB is the venture fund of Vnesheconombank and was launched at the end of 2011. The fund invests in Russian technology companies under the state-backed Skolkovo project, which is a hub outside Moscow for Russian start-ups. The project has been described as the Russian equivalent of Silicon Valley.

Previous funding
Mangrove Capital Partners led a $5m series-A round for Oktogo in April 2011, with participation from Ventech and ABRT Venture Fund.

The following March, new investor VTB Capital led a $10m round for the company. Mangrove, ABRT and Ventech all committed to the second round of funding.

In March this year, Oktogo raised a further $11m from Mangrove, VTB and Ventech.

According to Oktogo, Mangrove and VTB are its main investors.

Company
Founded in 2010, Oktogo (now Travel.ru) is headquartered in St Petersburg and reportedly generated turnover of $30m in 2012.

The company operates an online hotel booking site for Russians travelling abroad. The newly-formed Travel.ru will incorporate the former Travel.ru's travel guide site.

People
Marina Kolesnik is the CEO of the new Travel.ru.

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• CEE
• Expansion
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• Russia