Chinese VC firm Source Code Capital raises $570m for two funds

A clerk counts Chinese yuan and U.S. dollar banknotes at a branch of Bank of China in Taiyuan

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.

Also Read:

Source Code Capital leads $320m Series C in IT product rental startup Edianzu

China’s Source Code leads $50m Series B in equipment rental firm Zhongneng United

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.