ByteDance-backer Source Code Capital raises $1b for latest venture funds

ByteDance-backer Source Code Capital raises $1b for latest venture funds

Beijing, China. Source: Li Yang/Unsplash

Venture capital firm Source Code Capital, which has backed Chinese tech upstarts such as TikTok owner ByteDance, on Tuesday announced that it has raised $1 billion for its latest USD-denominated funds.

All of the firm’s existing limited partners (LPs) invested in the new vehicle, Source Code said in its statement. The fundraise brings its assets under management to $2.5 billion and 8.8 billion yuan ($1.3 billion) across multiple dual-currency funds.

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