Internet group Tencent led a $250m round for China-based travel information and services provider Mafengwo today.
Growth equity firm General Atlantic, venture capital firm Qiming Venture Partners and private equity firms Yuantai Investment Partners and eGarden Ventures also participated in the round together with an entity known as NM Strategic Focus Fund.
Founded in 2010, Mafengwo runs an online platform with more than 80 million users that allows users to post reviews concerning their travels. It also provides local travel guides and Q&As for prospective travellers.
The company has latterly expanded into travel services and allows users to book hotel rooms or local tours through third-party affiliates on the platform.
Gang Chen, Mafengwo’s co-founder and chief executive, said: “It has always been our mission to realize everyone’s travel dream. This latest round of funding will enable us to bring more high-quality travel intelligence and efficiency to Chinese travelers when it comes to making well-informed travel decisions.
“It can also help us create better travel experiences for our consumers by offering them more creative ideas and plans.”
General Atlantic and Yuantai Investment had previously joined Singaporean government-owned investment firm Temasek and private equity firms Ocean Link and Hopu Investment Management to provide $133m of series D funding for Mafengwo in December 2017.
Mafengwo had secured an undisclosed amount from Qiming Venture Partners, hedge fund manager Hillhouse Capital, investment management firm Coatue Management, CoBuilder and private investor Richard Barton in a 2015 series C round, according to China Money Network.
Qiming Venture Partners and Capital Today had reportedly supplied $15m in series B funding for the company in 2013, increasing its overall funding to $20m in the process.
This article was amended on May 24 to reflect a press release issued by Mafengwo.
