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Russian ecommerce industry continues to make headlines with ever increasing funding rounds. Its online travel segment is growing fast, and is going to reach $3 billion by 2015, according to David Waroquier of Mangrove Capital.
This time the online hotel booking service Oktogo, founded by the Harward Business School alumna Marina Kolesnik, has raised $10 million from VTB Capital and existing investors Mangrove Capital Partners, Ventech Capital and ABRT.
I have known Marina through my work with a software development company DataArt. What is interesting, is that DataArt founders have also been the original founder of Mail.ru, the Russian Internet giant, which has a market capital of $8 billion.
Unfortunately the software development firm sold Mail.ru way before it has become a major player in Russian Runet. This time the founders of DataArt, which has accumulated significant experience in building travel websites, have built Oktogo. The company is going head to head with Ostrovok, making them both major players in Russian online hotel booking market.
The new money will be spent to help create online presence for 10 000 Russian hotels (which is about a $1000 per hotel).
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