Qiming Ventures And Capital Today Invest $15 Million In Mafengwo

Qiming Ventures and Capital Today has invested US$15 million in Chinese travel website and app maker, Mafengwo.cn, in series B financing. This is Capital Today’s second investment in the Beijing-based travel portal, following a first-time US$5 million investment.

Founded in 2006, Mafengwo aims to attract high-end Chinese travelers from big metropolitan in China. It says the newly raised funding will be used for building “innovative business models and on mobile Internet services.”

Around 50,000 users book travels through Mafengwo daily. Its revenue sources include transaction-based commissions and advertising.

In 2012, Mafengwo integrated offerings from local and international online travel booking services including Booking, Agoda, Ctrip, and eLong.

Wafengwo had over 20 million downloads since it launched its first "Trave Guide" mobile app in 2011. A new version of the app will be released on May 7 at the Global Mobile Internet Conference in Beijing.