Source Code Capital

Source Code Capital
Native name
源码资本
Company type
Private
IndustryVenture Capital
Founded2014; 12 years ago (2014)
Founders
  • Yi Cao
HeadquartersBeijing, China
ProductsInvestments
AUMUS$5.2 billion (2022)
Websitesourcecodecap.com
Footnotes / references
[1][2]

Source Code Capital (Chinese: 源码资本; pinyin: Yuánmǎ Zīběn) is a Beijing-based venture capital firm founded in 2014. The firm invests in companies from various fields such as information technology, biotechnology, retail and manufacturing.[3]

Background

Source Code Capital was founded in 2014 by Yi Cao, a computer science graduate from Tsinghua University and a vice president at Sequoia Capital China.[2][3][4][5]

Investors of the firm include pension funds, sovereign wealth funds, college endowments, charities and private equity firms.[2]

The firm runs a peer and mentor alliance called "Code Class" each year, which consists of over 300 entrepreneurs and investors.[2][5][6] Within the community, members can exchange experiences, resources and feedback to one another.[2][5][6] Notable members of Code Class include Zhang Yiming of ByteDance and Wang Xing of Meituan.[2][6]

The firm is noted to have invested in some of China's largest startups such as ByteDance, Meituan, Li Auto and Niu Technologies.[3]

In July 2023, Source Code Capital shut down Source Code Yisu, a seed funding programme. It was speculated this was due to factors such as regulatory scrutiny, declining China–United States relations and slowing economic growth.[7]

Funds

Fund[8] Vintage Year Committed Capital ($m) TVPI by 2022[9] DPI by 2022
Source Code Fund I 2014 USD 100 8.4 1.17
Source Code Fund II 2015 USD 150 3.3 0.5
Source Code Fund III 2017 USD 260 1.5 0.05
Source Code Venture Fund IV &

Source Code Growth Fund I[2]

2019 USD 570 2.1 0
Source Code Venture Fund V &

Source Code Growth Fund II[3]

2021 USD 1,000 1.2 0

Notable investments

References

  1. ^ WANG, EUDORA. "China's top venture capital companies flock to Singapore". archive.ph. Retrieved 25 December 2022.{{cite web}}: CS1 maint: deprecated archival service (link)
  2. ^ a b c d e f g Liao, Rita (8 April 2019). "China's Source Code Capital raises $570M as it builds a powerful investor network". TechCrunch. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
  3. ^ a b c d e f g h "ByteDance-backer Source Code Capital raises $1b for latest venture funds". Deal Street Asia. 6 April 2021. Archived from the original on 6 April 2021. Retrieved 25 December 2022.
  4. ^ "Yi Cao". Forbes. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
  5. ^ a b c Cheng, Kelsey (13 April 2021). "Chinese VC firm Source Code Capital Raises $1 Billion". Pandaily. Archived from the original on 13 April 2021. Retrieved 25 December 2022.
  6. ^ a b c Lee, Georgina (6 February 2018). "China's Source Code builds mentoring network for start-ups". South China Morning Post. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
  7. ^ Jiang, Ben (20 July 2023). "As tech outlook dims, China's venture capital star holds off on bets". South China Morning Post. Retrieved 3 December 2024.
  8. ^ "Source Code Capital | Palico". www.palico.com. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
  9. ^ Osawa, Juro (13 July 2023). "For Early ByteDance Investor and China Venture Star, the Returns Are a Paper Tiger". The Information. Archived from the original on 13 July 2023. Retrieved 13 July 2023.

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