May 23, 2019 / 4:19 AM / a month ago

Chinese travel site Mafengwo raises $250 million in Tencent-led funding round

SHANGHAI (Reuters) - Chinese travel site Mafengwo said it has raised $250 million in a funding round led by Tencent Holdings Ltd as it expands in the booming online travel market.

In a statement on Wednesday, the company said General Atlantic, Qiming Venture Partners, Yuantai Investment, NM SS Holdings Limited and Hopson Emerald Limited were the other investors who participated in the fundraising.

Mafengwo competes with CTrip.com International Co Ltd, Fliggy, backed by Alibaba Group Holding Ltd, and many other rivals.

Mafengwo, or “wasps’ nest” in Chinese, is an online community where Chinese tourists share travel tips and shop for bespoke travel products.

The nine-year-old company also expanded into bookings for travel services via affiliate partners.

Reporting by Josh Horwitz; Editing by Anshuman Daga

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