Travel site Mafengwo raises USD 250 million in latest Tencent-led round
May 24, 2019 (China Knowledge) - Travel site Mafengwo has raised USD 250 million in its latest funding round led by Chinese tech giants Tencent Holdings.
The company which uses artificial intelligence on its platform to provide more optimized routes and faster speed operates in a similar fashion to TripAdvisor as a youth-oriented online travel community that allows users to share recommendations on hotels, transport, scenic spots and shopping on its platform.
The nine-year old company has seen transaction volumes doubling annually over the last 4 years on its platform since allowing users to book hotels via its site in 2015. This week, the company also completed a partnership with Hong Kong-listed Tongcheng-Elong to build a one-stop service which will allow users to book hotels and flights after reviewing content on Mafengwo.
In addition, the company’s latest investor Tencent will also help the company to venture into new businesses using the latter content and advantages.
Mafengwo is targeting to attract the largest traffic flow in China’s fast-growing online travel industry which is expected to grow by 18% to RMB 988 billion worth of transactions this year, and go public in two years.
Apart from Tencent, investors such as General Atlantic and Qiming Venture Partners also participated in the company’s latest funding round.
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