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More Russian news as the Czech-based Invia.cz has decided to invest in Russian online travel booking website Travelata.ru in a bid to increase its global position. The move was announced several weeks, but Polish venture investor MCI Management SA and the backer of Invia has just offered us further details about the agreement.
According to Michal Chyczewski from MCI, Travelata was formed by Alex Zaretsky and Stanislav Satsuk when they realized that, although travel is an estimated $12 billion industry in Russia, options for online-booking were simply inadequate. As a result, they formed their own travel agency in 2011 and decided to make an effort to transform the market. Investing in Travelata was Altair Capital Management, which is a seed-investment fund led by business angel investor Igor Ryabenkiy. According to Mr. Chyczewski, Invia has already established itself as a prominent online travel agency in central and eastern Europe. At this time, MCI has declined to discuss the valuation or size of their investment.
Major U.S.-based travel sites include Expedia, Priceline, Orbitz, the fact that only about 2% of travel arrangements in Russia are made online suggests that none of these major players have had the sort of success in this region that they have enjoyed elsewhere.
As if a result of this investment, Travelata is now offering its Russian customers celebrate the New Year in Prague.
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