China's Phoenix Travel gets $105m Series C
Phoenix Travel Group, a China-based travel services provider, has raised a RMB700 million ($105 million) Series C round led by CITIC Capital, Haier Capital, Legend Holdings and Legend Capital.
Several domestic investors, including Juyuan Investment, Yonghua Capital, Silk Road Hua Chuang, also took part. This is said to the largest funding round raised by a Chinese travel company so far this year.
Beijing-headquartered Phoenix has been in operation for 22 years under eight brands. It provides one-stop travel services such as domestic and overseas tours, visa applications, and flight and hotel bookings.
The company previously raised a Series A round of undisclosed size from Legend in 2012. This was followed by a Series B round from Hong Kong's New Century Group, with Legend re-upping.
Phoenix has launched a $1 billion travel-focused fund together with investors in this round. The aim is to consolidate the full travel industry value chain through buyout and minority stake investments, it told a local press conference.
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