China-based travel agency Phoenix Travel Worldwide has raised RMB700m ($105m) in a series C round co-led by consumer electronics producer Lenovo, China Money Network reported today.
The round was co-led by Haier Capital, the corporate venturing arm of consumer electronics manufacturer Haier; Legend Capital, the VC firm formed by conglomerate Legend Holdings; and investment firm Citic Capital. It included Juyuan Investment, Yonghua Capital and Silk Road Huachuang.
Founded in 1997, Phoenix Travel operates a travel agency that enables consumers to book holidays in more than 100 countries worldwide. It currently operates eight branches across Chinese cities such as Shanghai and Chengdu.
Phoenix Travel intends to now join forces with its investors to establish a $140m fund aimed at the tourism sector, though additional details of the vehicle have not been revealed.
Legend Capital, Co-Stone Capital and Zhengyuan Strategy previously supplied an undisclosed amount in series B capital for Phoenix in 2015, following an investment worth hundreds of millions of renminbi from Legend Capital in 2012.