Mafengwo Valuation, Funding & Investors

Mafengwo is valued at $2B as of May 2019.

Last Mafengwo valuation

$2B

Series E · May 2019

Last Mafengwo funding round

$250M

Series E · May 2019

Cumulative funding Mafengwo raised

$483M

across 3 funding rounds

Key investors in Mafengwo

  • Qiming Venture Partners
  • Hillhouse Investment
  • General Atlantic
  • Tencent
  • Temasek
  • Coatue

Mafengwo Overview

About Mafengwo

Mafengwo is a Beijing-headquartered online travel platform featuring user-generated content with over 10 million travel guides covering 95 percent of global destinations. The site aggregates reviews for hotels, flights, and itineraries while integrating booking services from partners like Ctrip and Booking.com. Mafengwo serves more than 100 million monthly active users in China, offering visa assistance, insurance options, and travel deals. Acquired by Trip.com Group in 2015, it continues to expand social features and mobile apps downloaded over 100 million times.


Founded

2010

HQ

ChinaBeijing

Status

Privately held

Customer focus

B2C

Revenue model

Advertising, Commission

Valuation

$2B (May 2019)

Mafengwo Valuation

Mafengwo is currently valued at $2B, based on its Series E in May 2019.

The $250M round was led by Tencent, with participation from NewMargin Ventures, Qiming Venture Partners, General Atlantic, Yuantai Investment Partners and eGarden Ventures.

Mafengwo valuation by funding round

Mafengwo valuation by funding round
DateStageValuation
May 2019Series E$2B

Mafengwo Funding History

Mafengwo has raised a total of $483M across 3 funding rounds.

Mafengwo's first fundraising round was a $100M Series C in March 2015. The most recent completed round was a $250M Series E in May 2019.

Mafengwo funding rounds

Mafengwo funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2019Series ETencent (lead); NewMargin Ventures; Qiming Venture Partners; General Atlantic; Yuantai Investment Partners; eGarden Ventures$250M$2BMafengwo is a Beijing-based online travel platform founded in 2010 that operates as China's largest travel community. The platform began as a reviews-focused content community enabling Chinese travelers to seek destination and sightseeing recommendations from fellow users, similar to TripAdvisor, and has since evolved to incorporate hotel bookings, ground transportation, attractions bookings, and flight reservations. In May 2019, the company announced a $250 million Series E/D+ funding round led by Tencent Holdings, with participation from General Atlantic, Qiming Venture Partners, Yuantai Investment, NewMargin Strategic Focus Fund (NM Strategic Focus Fund), and eGarden Ventures. This round valued Mafengwo at $2 billion according to reporting from Tianyancha.com. The company planned to use the capital to develop artificial intelligence technology, improve user recommendations, expand content offerings, and build a new AI-driven one-stop travel service platform. According to sources, Mafengwo achieved gross merchandise volume growth of over 100% for four consecutive years leading up to the round, and had doubled transaction volumes annually over the previous four years. The company had previously raised $133 million in a Series D round in December 2017 led by General Atlantic, and its cumulative funding exceeded $500 million by the time of the 2019 round.
Dec 2017Series DGeneral Atlantic (lead); Temasek (lead); Qiming Venture Partners; HOPU Investment Management Company; Hillhouse Investment; Capital Today; Ocean Link$133M-Mafengwo, founded in 2010 as a Chinese online travel community, has evolved into a comprehensive travel platform offering user-generated reviews, recommendations for destinations, hotels, attractions, and activities, along with booking services for hotels, transportation, and local tours through third-party affiliates. It covers over 60,000 global travel destinations and leverages AI and advanced analytics to enhance user experience for independent Chinese travelers, particularly younger users seeking self-guided tours. The platform differentiates through high-quality, candid user-generated content and has positioned itself as one of China's largest tourism communities. On December 12, 2017, Mafengwo closed its Series D funding round raising $133 million, with participation from new investors General Atlantic, Ocean Link, Temasek, Yuantai Investment (or Yuantai Changqing Fund), and Hopu Investment Management (or Hope Fund), alongside existing investors Capital Today, Qiming Venture Partners, and Hillhouse Capital. General Atlantic and Temasek are noted as lead investors in some reports. The funds were earmarked for expanding the platform, increasing user-generated content, upgrading tourism big data analytics, improving mobile products, and enhancing transaction capabilities to support growth in self-guided tour products including accommodations, transport, and entertainment. Traction metrics around the round included rapid sales growth in self-guided tour products over the prior two years and a forecasted gross merchandise volume (GMV) of nearly CNY10 billion (USD1.5 billion) for 2017, highlighting its status as one of China's fastest-growing online travel firms. The company had previously raised $15 million in Series B (2013) from Capital Today and Qiming Venture Partners, $85 million in Series C (2015) from Hillhouse Capital, Coatue Management, and Qiming Venture Partners, and smaller earlier rounds. Tencent noted GMV growth exceeding 100% year-on-year for four years prior, underscoring ongoing expansion in online travel services, AI-driven content, and e-commerce for travel merchandise.
Mar 2015Series CQiming Venture Partners; Hillhouse Investment; Coatue$100M-Mafengwo is a Beijing-based online travel community founded in 2010 that had become China's largest travel platform by the time of this funding round. The company expanded its services to include hotel bookings in 2015. In its Series C funding round in March 2015, Mafengwo raised $85 million from investors including Hillhouse Capital Group, Coatue Management, and Qiming Venture Partners. The company later raised $133 million in a December 2017 Series D round and $250 million in an October 2018 Series D+ round (which boosted valuation to $2 billion).

Who has invested in Mafengwo?

12 investors have backed Mafengwo across its funding rounds, including Qiming Venture Partners, Hillhouse Investment, General Atlantic, Tencent, Temasek and Coatue.

Lead investors include Tencent, General Atlantic and Temasek.


Mafengwo Investors

Investors in Mafengwo by funding rounds participated
InvestorHQRoundsRoleFirst check
Qiming Venture PartnersChinaShanghai3ParticipantMar 2015
Hillhouse InvestmentSingaporeSingapore2ParticipantMar 2015
General AtlanticUnited StatesNew York City, NY2LeadDec 2017
TemasekSingaporeSingapore1LeadDec 2017
NewMargin VenturesChinaShanghai1ParticipantMay 2019
TencentChinaShenzhen1LeadMay 2019
HOPU Investment Management CompanyChinaBeijing1ParticipantDec 2017
Capital TodayChinaShanghai1ParticipantDec 2017
CoatueUnited StatesNew York City, NY1ParticipantMar 2015
Yuantai Investment PartnersChinaChina1ParticipantMay 2019

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Investments by Mafengwo

Mafengwo has invested in 1 company to date.

Latest investment by Mafengwo was on May 2nd 2018. Mafengwo invested in Caibeike in their $20M Series A round.


Latest Investments by Mafengwo

Caibeike
Description
Caibeike is a China-focused mobile app facilitating family entertainment and short-distance travel bookings. Parents use the platform to reserve child-friendly events, leisure activities, and nearby tourism facilities such as amusement parks and resorts. Operational since 2019, it aggregates services from regional providers in provinces like Guangdong and Jiangsu, enabling one-stop planning for weekend outings.
HQ CountryChina
HQ City
Shanghai
Deal Date2 May 2018
RoundSeries A
Raised$20M
InvestorsGaorong Capital
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Mafengwo Competitors

Mafengwo competitors include listed companies like HBX Group and TBO.com, and private ones like BlaBlaCar, GetYourGuide, Engine and hOp.

Public and private companies comparable to Mafengwo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BlaBlaCarFranceParisPrivate$291M-$2B6.9x
GetYourGuideGermanyBerlinPrivate--$2B-
HBX GroupSpainSpainPublicly listed$896M$218M$2B3.3x
EngineUnited StatesDenver, COPrivate$11M-$2.1B-
hOpUnited StatesAustin, TXPrivate$20M-$2.1B106.3x
TBO.comIndiaIndiaPublicly listed$262M$41M$1.8B5.2x

Mafengwo Public Comps

Mafengwo is still privately-owned, but its public comps include HBX Group, TBO.com, Newborn Town, mixi, Weibo, Trump Media & Technology Group, DeNA, Webtoon, Grindr and Strive.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
HBX Group$896M$218M3.0x3.3x12.4x5.7x
TBO.com$262M$41M6.7x5.2x43.2x34.3x
Newborn Town$1B$154M1.3x1.1x8.6x6.0x
mixi$1.1B$218M0.9x0.8x4.5x4.7x
Weibo$1.8B$644M0.5x0.5x1.4x1.9x
Trump Media & Technology Group$4M($723M)673.6x-(3.4x)-
DeNA$950M$177M1.1x1.1x5.8x6.5x
Webtoon$1.4B($373M)0.6x0.6x(2.4x)37.6x

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Common questions about Mafengwo

When was Mafengwo founded?Mafengwo was founded in 2010.
Where is Mafengwo headquartered?Mafengwo is headquartered in Beijing, China.
Is Mafengwo publicly listed?No, Mafengwo is a private, VC-backed company.
What is Mafengwo's valuation?Mafengwo was last valued at $2B in its Series E in May 2019.
How much funding has Mafengwo raised?Mafengwo has raised $483M across 3 funding rounds.
What was Mafengwo's last funding round?Mafengwo's last funding round was a $250M Series E in May 2019, led by Tencent.
Who are Mafengwo's investors?Mafengwo's investors include Qiming Venture Partners, Hillhouse Investment, General Atlantic, Temasek, NewMargin Ventures, Tencent, HOPU Investment Management Company, Capital Today, Coatue, Yuantai Investment Partners and 2 others.
Which companies are comparable to Mafengwo?Companies comparable to Mafengwo include BlaBlaCar, GetYourGuide, HBX Group, Engine, hOp and TBO.com.
How many companies has Mafengwo invested in?Mafengwo has invested in 1 company, including Caibeike.
What was Mafengwo's last investment?In May 2018, Mafengwo invested in Caibeike's $20M Series A alongside Gaorong Capital.

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