Chinese travel planning site Mafengwo.cn recently announced the completion of its latest round financing of USD250 million.
The investments were reportedly led by Tencent and followed by General Atlantic, Qiming Venture Partners, Yuantai Changqing Fund, NM Strategic Focus Fund, and eGarden Ventures.
Chen Gang, co-founder and CEO of Mafengwo, said that with the investments, Mafengwo will continue to enhance its "tourism consumption decision" contents and build a new one-stop tourism service platform driven by AI and data algorithm to become the first brand choice in the tourism sector for Chinese young people.
Founded in 2006, Mafengwo started formal corporate operations in 2010 and it has been developing in the tourism content sector for over ten years. In December 2017, the company gained USD133 million series D round financing from top global investment organizations, including General Atlantic and Temasek; in February 2015, it gained over USD100 million series C round financing from Hillhouse Capital, Coatue, CoBuilder, and Qiming Venture Partners; in April 2013, it gained USD15 million series B round financing led by Qiming Venture Partners; and in October 2011, it gained USD5 million series A round financing.
Prior to this, Chen said in an internal letter that Mafengwo would continue to hire outstanding talents and enhance market investments. Over the next one to two years, the company will strive to become the largest tourism traffic platform in China and realize IPO.