Skift Take

The Russia online travel space is hot, and the depth of Oktogo.ru's funding punctuates that trend.

Fast-growing Russian online hotel booking service provider and travel agency Oktogo.ru has raised a third round of financing to the tune of $11 million, bringing its total raised to over $26 million.

Furthermore, the plan is to add another $40 million to the company’s coffers by the end of 2013, The Next Web has learned.

Prior backers such as VTB Capital, Mangrove Capital Partners and Ventech participated in this round, as did Internet entrepreneur and online marketing expert Victor Sazhin, who also joined the company’s board.

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Photo Credit: Oktogo.ru will use a lot of its new funding for marketing to expand its reach in Russia by nudging people away from their offline habits. Oktogo.ru

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