- Companies
- Mafengwo
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
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
Website
Status
Privately held
Customer focus
B2C
Revenue model
Advertising, Commission
Valuation
$2B (May 2019)
Sectors
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
| Date | Stage | Valuation |
|---|---|---|
| May 2019 | Series 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
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| May 2019 | Series E | Tencent (lead); NewMargin Ventures; Qiming Venture Partners; General Atlantic; Yuantai Investment Partners; eGarden Ventures | $250M | $2B | Mafengwo 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 2017 | Series D | General 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 2015 | Series C | Qiming 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Mar 2015 | ||
| 2 | Participant | Mar 2015 | ||
| 2 | Lead | Dec 2017 | ||
| 1 | Lead | Dec 2017 | ||
| 1 | Participant | May 2019 | ||
| 1 | Lead | May 2019 | ||
| 1 | Participant | Dec 2017 | ||
| 1 | Participant | Dec 2017 | ||
| 1 | Participant | Mar 2015 | ||
| 1 | Participant | May 2019 | ||
This data is available for Pro users. Sign up to see all 12 Mafengwo investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialInvestments 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
| 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 Country | |
| HQ City | Shanghai |
| Deal Date | 2 May 2018 |
| Round | Series A |
| Raised | $20M |
| Investors | Gaorong Capital |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Mafengwo investments and their VC round multiples. Start Free Trial | |
Mafengwo Competitors
Mafengwo competitors include listed companies like HBX Group and TBO.com, and private ones like BlaBlaCar, GetYourGuide, Engine and hOp.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $291M | - | $2B | 6.9x | ||
| Private | - | - | $2B | - | ||
| Publicly listed | $896M | $218M | $2B | 3.3x | ||
| Private | $11M | - | $2.1B | - | ||
| Private | $20M | - | $2.1B | 106.3x | ||
| Publicly listed | $262M | $41M | $1.8B | 5.2x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $896M | $218M | 3.0x | 3.3x | 12.4x | 5.7x | |||
| $262M | $41M | 6.7x | 5.2x | 43.2x | 34.3x | |||
| $1B | $154M | 1.3x | 1.1x | 8.6x | 6.0x | |||
| $1.1B | $218M | 0.9x | 0.8x | 4.5x | 4.7x | |||
| $1.8B | $644M | 0.5x | 0.5x | 1.4x | 1.9x | |||
| $4M | ($723M) | 673.6x | - | (3.4x) | - | |||
| $950M | $177M | 1.1x | 1.1x | 5.8x | 6.5x | |||
| $1.4B | ($373M) | 0.6x | 0.6x | (2.4x) | 37.6x | |||
This data is available for Pro users. Sign up to see all Mafengwo competitors and their valuation data. Start Free Trial | ||||||||
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. |
See companies similar to Mafengwo
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




