Mafengwo has raised USD 250 million in fresh funds, according to an announcement by Tencent, which led the investment round. General Atlantic and Qiming Venture Partners also contributed funds. Mafengwo’s current valuation remains undisclosed.
Originally established as a travel forum in 2010, Mafengwo has since become a platform that operates an online travel agency and an e-commerce portal that carries travel-related merchandise. It also publishes popular editorial content for domestic and outbound Chinese travelers.
In December 2017, the company closed its Series D round with USD 133 million, according to Crunchbase. The firm also changed its name, replacing the original “Ma,” meaning “ants,” with a homonym that means “horse,” pointing to Mafengwo’s ambitions to grow larger.
Tencent said Mafengwo’s gross merchandise volume has been increasing by more than 100% year-on-year for the past four years, without revealing further details.
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