The rumor is whirling that China-based travelogue Mafengwo.cn is raising up to $15 million Series B round of funding that values the company at $80 million. Though the startup didn’t confirm the news, sources claimed that investor was auditing the company.

 According to people familiar with the matter, Mafengwo got started raising up to $12M B round funding as early as in April this year. At that time, the travel site was able to generate tens of thousands RMB every day through revenue cut from flights and hotels booking and profit up to RMB 10 million from advertising.

Given the team’s profitability, Chen Gang, founder of Mafengwo decided to look for new investors who can offer a better valuation. CapitalToday, the venture capital which invested US$ 5 million into Mafengwo would also join the second round.

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Chelsea Dong

She reads, travels, photographs and writes, with interests in chronicling China tech scene and interpreting how technology disrupts the way people live.