VTB Capital Venture Business, a subsidiary of Russia-based bank VTB, has participated in a $11m round of funding into online online hotel reservations agency Oktogo.ru. There was also involvement from Mangrove Capital Partners, Ventech and Victor Sazhin Group.
The company has now raised a total of $26m in funding, $5m in April 2011 and $10m in May 2012.
Mariana Kolenski founder and Chief executive of Oktogo, said: “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.”