CITIC Capital-backed entertainment firm Cityneon raises $177m

Singapore. Photo by Andrew Kow on Unsplash

Cityneon, a Singapore-based entertainment company that focuses on interior design, events, and exhibition experiences, on Wednesday announced raising S$235 million ($177 million) in its latest private fundraising round

In an announcement, the CITIC Capital-backed firm said the funding round was backed by existing investors Pavilion Capital and EDBI, and new investors Seatown Holdings International, Qatar’s Doha Venture Capital, and Cityneon’s executive chairman and group CEO Ron Tan.

The funding comes right after Cityneon acquired multi-year licensing rights for James Cameron’s Avatar touring exhibition and forayed into the original artefacts IPs space.

Cityneon will debut a multi-sensory Avatar exhibition in Chengdu, China in May 2021, ahead of the Avatar movie sequel, which is slated for release in 2022. Avatar is the world’s top-grossing film of all time at over $2.8 billion.

It will stage international exhibitions of the treasures of the ancient civilization Machu Picchu from Peru in Boca Raton, Florida and Pharaoh Ramses II from Egypt in Houston, Texas.

Cityneon said it will use the proceeds of the latest fundraising round for capital expenditure, including the building of more IP exhibition sets, totalling 24 travelling and four semi-permanent sets, among others.

“The S$235 million funding round sets a solid foundation for us to invest in developing more of our entertainment experiences, to stage even more exhibitions of the five box office hits and two artefact IPs that we hold the rights to all over the world,” said group CEO Tan.

By the end of this year, Cityneon said it will become the largest provider of exhibition entertainment experiences internationally with a presence in more than 50 cities and welcoming 10 million unique visitors across the world by 2022.

In May 2019, Cityneon welcomed CITIC Capital as a new shareholder with an approximately 10% stake. CITIC Capital is part of CITIC Group, one of China’s largest conglomerates, and has over $25 billion of assets under its management across 100 funds and investment products globally.

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.