Mafengwo, a social travel service, announces US$ 15 million series B financing today. This round is contributed by existing investor CapitalToday, who invested US$ 5 million in last round, and QimingVentures. The funding will be used for building “innovative business models and on mobile Internet services”, according to its press release. It is reported that the company started raising this round of funding in mid-2012.
With more than one million entries of user-generated travel guides and over five million ratings and reviews, Mafengwo provides travelers with information and recommendations on hotels, flights, travel routes, visa, insurance, etc.
In 2012, the platform integrated offerings from local and international online travel booking services including Booking, Agoda, Ctrip, and eLong. Around 50 thousand users book travels through Mafengwo daily. Its revenue resources include transaction-based commissions and advertising.
Travel Guide, which won our ChinaBang Awards 2013 as one of the best social travel services, has registered over 20 million installations since its launch in 2011. Mafengwo expects to see over 50 million users on the Travel Guide platform in 2014. The company has been working on personalized travel guides based on user data.