Beijing-based venture capital firm Source Code Capital has closed two new funds – Source Code Venture IV and Source Code Growth Fund I – after securing $570 million in total commitments, it said in a statement.
Founded by former Sequoia Capital China partner Yi Cao, Source Code Capital did not disclose the number of investors backing its two funds.
The closing of the two funds brings Source Code Capital’s total capital under management to $1.8 billion. The firm, which invests in China-based early- and growth-stage internet companies first raised $100 million in 2014 for Source Code Fund I. Source Code Fund II and III had raised a combined $410 million.
“The new funds will give us the opportunity to provide longer and stronger support for new economy companies in more development stages, helping them become the leaders in China or around the world while contributing long-term returns to investors,” Yi said in a statement.
Founded in 2014, Source Code Capital’s investors include the founders of BAT, Meituan, Toutiao, 58, Qunar, Kunlun Tech, and Autohome, among others. It is also backed by institutions such as Sequoia, GIC, and Temasek.
The firm said it focuses on the Big 3 fundamental drivers, which are Internet+, AI+, and Global+. It invests in sectors such as finance, media and entertainment, consumer services, enterprise, retail, transportation, housing, education and healthcare.
So far, the Source Code Capital team has led investments in close to 100 companies. Last week, the firm led a $50-million Series B investment in Chinese equipment rental firm Zhongneng United Digital Technology Co Ltd.