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Travel Site Ostrovok.ru Raises $13 Million from Accel, General Catalyst, Peter Thiel

Files under: News
Posted by: admin @ 01:13 [11. 07. 11]

How much does a Russian online travel startup need to raise in order to win against competitors? First, HipClub.ru has got a few hundred thousand from business angels. Second, Anywayanyday obtained $5 million from Tiger Global. Then, Oktogo.ru received $5 million from Mangrove and Ventech. Recently, Travelmenu got $1.4 million from Almaz Capital and Runa Capital. So, the answer shall be that to win the market a Russian online travel agency needs to raise more than a total of what all your competitors did before.

Accel Partners and General Catalyst have led $13.6 million round in Russian online travel agency Ostrovok.ru. The other investors in the round included Peter Thiel, Mark Pincus, and Esther Dyson who tweeted about a deal. Niklas Zennstrom (Skype) and his firm Atomico as well as Fritz Demopoulos (Qunar) also invested in Ostrovok.ru.

The $13.6 million Series A investment and $2 million previous investment from business angels in 2010 valued Ostrovok.ru at $35.6 million post-money, implying a 44% equity stake for the investors.

Ostrovok.ru (Островок.ру in Russian) was founded by Kirill Makharinsky and Serge Faguet in 2010. Ostrovok.ru launched hotel booking service on July 12, 2011.

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