U.S. Investors Sail Away from Russian Travel Company Ostrovok.ru
Early last year, Russian travel booking site Ostrovok.ru raised $28 million in a Series B round led by General Catalyst Partners, to much fanfare.
By the end of the year, however, both General Catalyst and another investor, Accel Partners, had quietly divested their holdings, as Dow Jones VentureWire reported this morning.
General Catalyst Managing Director and Co-Founder Joel Cutler confirmed that the firm is no longer an investor. Sonali De Rycker, partner at Accel, also confirmed that the startup is no longer in its portfolio.
Western venture investors in general have cooled to the Russian market, especially in recent months, partly due to the increased risks associated with the conflict in neighboring Ukraine. It's unclear whether the changes at Ostrovok had to do with those circumstances.