(Yicai Global) May 23 -- Travel site operator Mafengwo Network Technology has raised USD250 million in its latest financing round led by Chinese tech giant Tencent Holdings.
Beijing-based Mafengwo, which uses artificial intelligence in its platform, will strive to have China's largest traffic flow and go public within two years, the Shanghai Securities News reported. The company, whose name means 'wasps nest,' also attracted funds from General Atlantic, Qiming Venture Partners, Yuantai Investment Partners, United Capital's NM Strategic Focus Fund and eGarden Ventures.
"The new cash injection will help us to provide more optimized routes and faster speed to aid consumers in making travel decisions," the report quoted co-founder Chen Za as saying.
Similar to TripAdvisor, Mafengwo is a youth-oriented online travel community that shares user recommendations on hotels, transport, scenic spots, catering, and shopping in 60,000 worldwide destinations, according to its website.
Tencent will help the nine-year-old company branch out into new businesses with Tencent's content and advantages, according to Lin Haifeng, Tencent's investment managing partner.
Mafengwo raised USD133 million in series D funding in December 2017. Investors then included General Atlantic, Temasek Holdings and other major global investment companies, public information shows.
It set up a partnership with e-travel agency Tongcheng-Elong last week. Users can browse Mafengwo's user-generated content on the order page after buying tickets or booking hotels through Tongcheng-Elong.