Russian travel company Oktogo has received an investment to build out its marketing and revise its business strategy as it rebrands itself with a recent acquisition.

Oktogo received $5 million in a round led by VEB Innovations, according to published reports. The company is a hotel-booking site that acquired travel information site Travel.ru last year. The new company, which will also be known as Travel.ru, will hope to appeal to the 66 million Internet users in Russia and the resulting growth in that country's online travel market.