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Kirill Makharinsky no longer Ostrovok president

0 15 May 2014

Kirill Makharinsky, co-founder of Russian online travel agent Ostrovok, is no longer the company's president. On his Facebook page he announced that 

“After 4 years since moving back to Russia, I wanted to announce that I am no longer working full-time at Ostrovok. I’ll still be on the board of directors and supporting the company as much as I can, but full-time I am no longer with the company.”

Makharinsky, together with co-founder Serge Faguet, oversaw the rapid growth of Ostrovok into one of the biggest players in the Russian online travel sector, and also helped the company attract major investment from international investors. In 2011 it raised $11.6 million from General Capital Partners, Accel Partners and the Founders Fund, and then in 2013 it brought in $25 million from a group of investors including Yuri Milner, Edward Kaufman, Steve Hellman, Erik Blachford and Sherwin Pishevar. 

Makharinsky is confident about the company’s future -

“I move on with great hope as to what will happen with Ostrovok. We’ve built one of the best and motivated teams in Russia of 200 people, who have managed to already build what many feel is the best hotel booking product anywhere. Our current cash position will take us to profitability within a year, and revenues are growing at almost 20% every month. The team have built a platform on the back end which has a chance of massively disrupting the (let’s face it, slow-moving!) travel industry globally over the next few years. 

And I am sure the company will end up achieving what was my motivation all along - a sensational example of the kind of technology company that can be started and built in Russia - a country which is far away (in all senses of the world) from Silicon Valley where I learnt my trade originally.”

The company’s press service told Firrma that Makharinsky’s decision came after they decided that the project no longer needs two directors, as it did during the early years. Serge Faguet will now take full control of the project, while Makharinsky is thought to be pursuing a new venture. As he lives in London, it is likely that this will be outside of Russia.

Top image via Shutterstock

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