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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