Chinese tourism

Tencent leads funding for travel site that wants to be the biggest in China

Mafengwo is ready to challenge traditional players in the travel industry. A hook up with Tencent will give it the funds to provide more customised services.

Travel website Mafengwo, which specialises in bespoke travel, has completed a $250 million round of funding led by Tencent.

General Atlantic, Qiming Venture Partners, Yuantai Investment Partners Fund, NM Strategic Focus Fund and eGarden Ventures participated in the round.

Mafengwo has raised funds at a steady pace since it was founded in 2010. It has completed a funding round every two years and had raised more than $153 million by November 2017. There are big names on its list of investors including Temasek, Hillhouse Capital, Qiming, Capital Today, Hopu Capital and others.

“We will provide better travel options for Chinese tourists,” chief executive Chen...

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