5 Apr '11
Luxemburg fund Mangrove Capital Partners, France’s Ventech Capital and Russian fund ABRT intend to invest $5m in hotels online-booking system Oktogo, Vedomosti reports.
The funds have reportedly received over 20%, but less than 25% shares in Oktogo.
The main investor is Mangrove, the newspaper said.
Oktogo.ru is a hotels online-reservation system, similar to systems Booking.com and Expedia. It was founded by Marina Kolesnik and her family members, as well as technical director Artyom Zakharov. The project’s database encompasses over 2,000 hotels in Russia and CIS and 100,000 hotels worldwide. The project’s 2011 revenues are expected to total $10m.