<article><a style="color: #000080;" href="http://www.dealstreetasia.com/tag/source-code-capital/" target="_blank" rel="noopener noreferrer">Source Code Capital</a>, an early-stage venture capital (VC) firm, has announced the final close of its third US dollar fund at a $260 million hard cap. 
Additionally, it has reached the first close of its third RMB fund at RMB1.5 billion ($225 million).</article>

<a style="color: #000080;" href="http://www.dealstreetasia.com/tag/source-code-capital/" target="_blank" rel="noopener noreferrer">Source Code Capital</a>, an early-stage venture capital (VC) firm, has announced the final close of its third US dollar fund at a $260 million hard cap. 
Additionally, it has reached the first close of its third RMB fund at RMB1.5 billion ($225 million).
According to the company, the investors in the USD fund include American charities, pension funds, fund of funds and family foundations as limited partners (LPs). The LPs for the RMB fund include Chinese national guidance funds, leading fund of funds and large state-owned enterprises (SOEs).
Cao Yi, the founding partner at Source Code, said, &#8220;The successful fundraising of Source Code&#8217;s third fund will support our company&#8217;s future development. After three years since the firm established, we have investment in over 80 company, and among them, there are 25 companies valued over US$100 million. At the same time, we also built a professional investment team with more than 30 people, which will help technology start-ups develop.&#8221;
Source Code Capital, which was established in 2014, had raised its second US dollar fund at $150 million, and the second RMB fund at RMB200 million ($29 million) in 2015.  
Prior to this, it completed raising funds for its first US dollar fund at $120 million. This specific vehicle has invested in more than 40 startups in the fields of Internet finance, online to offline (O2O) and business to business (B2B) e-commerce. The first fund was focused on the telecom, media &amp; technology (TMT) space. 
According to Source Code&#8217;s website, the firm focuses on investments in the Internet finance, online to offline (O2O), and industrial Internet domains. It has invested in a number of companies, including unicorn Toutiao, a Chinese personalised news app and e-commerce platform operator Qufenqi.
Investors who have backed the fund in the past include the CEOs of nearly 20 public technology enterprises such as Wang Xing from Meituan Web, Zhang Yi Ming from Headlines Today, as well as executives from the BAT (Baidu, Alibaba &amp; Tencent) group. Sovereign wealth funds and state investment funds such as <a style="color: #000080;" href="http://dealstreetasia.com/tag/gic" target="_blank" rel="noopener noreferrer">GIC</a> and <a style="color: #000080;" href="http://dealstreetasia.com/tag/temasek-holdings" target="_blank" rel="noopener noreferrer">Temasek Holdings</a> were the LPs in its funds.
<h3 class="p1" style="text-align: justify;">Source Code adds partner</h3>
Additionally, Source Code Capital has added a new partner to its team with the hiring of Zhang Hongjiang, formerly CEO of Chinese software company Kingsoft and chief technology officer at Microsoft Asia-Pacific Research and Development Group, as its venture partner.
Zhang has been the CEO at Kingsoft since joining in 2011. Prior to his, he served as the CTO of Microsoft Asia-Pacific Research and Development Group and founded Microsoft Advanced Technology Center in 2003. 
Prior to founding the technology centre, he e worked as the assistant managing director at Microsoft Research As. In this role, he oversaw research for  data mining and search, media computing, natural language process and distributed systems research areas. He also dealt with patent portfolio and technology transfer.
&#8220;Zhang Hongjiang is among the top computer science scientists, and also a great business leader. He has strong understanding of information industry, as well as solid experience and big business network, which will provide Source Code Capital with source and help in the information technology industry especially in the artificial intelligence area,&#8221; said Cao . 
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Source Code closes third US fund at $260m, hits first close of RMB fund at $225m

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Source Code closes third US fund at $260m, hits first close of RMB fund at $225m

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