China’s CITIC, Legend co-lead $105m Series C in Phoenix Travel

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Beijing-based international travel agency Phoenix Travel Worldwide has raised $105 million in a series C funding round co-led by China’s CITIC Capital, Haier Capital, Lenovo Holdings Corp and Legend Capital, as per a report in China Money Network.

The round also saw participation from Juyuan Investment, Yonghua Capital and Silk Road Huachuang, the report said.

Phoenix Travel will use the financing to set up an RMB1 billion (US$140 million) tourism industry fund to connect upstream and downstream industries, it added.

The travel agency last raised an undisclosed sum in a series B round from Legend, Co-Stone Capital and Zhengyuan Strategy in 2015. In 2012, it also received hundreds of millions of RMB from Legend.

Currently, the company has eight branch offices in Shanghai, Chengdu, Kunming, Taiyuan, Nanjing, Shenyang, Wuhan and Xi’an and nine agencies in cities such as Chongqing, Nanchang, Changsha, Tianjin and Zhengzhou.

It also has two holding companies called Beijing My Tour International Travel Service Co., Ltd. and Shanghai Dongshang International Travel Service Co., Ltd. and a joint -stock company called China Smart MICE Group.

Phoenix Travel has covered outbound destinations such as Europe, America, Australia, Africa and Asia Pacific, including over 100 countries and regions in the world.

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Singapore Reporter/s

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

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  • 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. 
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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.