China CYTS Tours joins Sequoia, IDG to set up fund for innovative travel startups

Shanghai-listed travel agency China CYTS Tours Holding Co has teamed up with Sequoia Capital China and IDG Capital to set up the CYTS Hongqi Fund to invest in innovative travel startups. However, the fundraising target for this vehicle was not identified in CYTS’s filing.

The three parties also founded a fund management company to run the fund, according to China Money Network, reporting that each party will send one representative to join the board of directors.

“With the change of population structure and expansion of the middle class, Chinese consumers are becoming more demanding for the quality of their food and beverage, entertainment, culture, sports and tourism,” said Wang Cen, a partner at Sequoia. “With the tourism industry’s continued upgrade to meet new demand, innovative travel start-ups will be founded and this fund attempts to benefit from this trend by combining a tourism industry leader with venture capital experts.”

China National Tourism Administration earlier announced to spend RMB2 trillion ($290 million) during 2016-20 to promote the country’s tourism industry, which was reported to generate the revenue of RMB4.13 trillion ($600 billion) and accounted for 4.9 per cent of China’s gross domestic products in 2015.

Sequoia previously invested in some travel startups such as travel information and social networking website Lvmama, online travel agency Tuniu Co and Yaochufa.

Meanwhile, around 36 companies in IDG Capital’s portfolio, including artificial intelligence startup SenseTime, online video platform Bilibili and e-commerce Mogujie raised the funding last year. Of that, the 15 companies it backed had the valuation of $1 billion or more in 2016, taking the total number of unicorns in portfolio to 26.

Also read:

IDG Capital, China Oceanwide to acquire International Data Group

China: IDG Capital scores 17 exits, 15 portfolio firms cross $1b valuations in 2016

IDG Capital, Breyer raise $1b to invest in Chinese startups amidst slowing investments

China’s Molbase closes Series C investment led by Sequoia Capital China & TBP Capital

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.