VC firm behind ByteDance and Meituan raises new funds

The firm’s portfolio already includes powerhouse tech companies from China.

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VC firm behind ByteDance and Meituan raises new funds

Source Code Capital, the venture capital firm behind several Chinese tech unicorns, has announced the completion of a new fundraising round that yielded USD 570 million.

With the newly raised cash — including USD 290 million for Source Code Venture Fund IV and USD 260 million for Source Code Growth Fund I according to SEC documents — the VC firm now manages a combined USD 1.5 billion and RMB 3.5 billion spread across eight funds. Source Code Capital hasn’t said why the SEC figures add up to USD 550 million, while it announced a USD 570 million round.

“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,” said Source Code Capital founding partner Cao Yi.

Source Code Capital, which was established in 2014, has an impressive investment portfolio of Chinese tech start-ups, including the world’s most valuable tech startup ByteDance and Hong Kong-listed food delivery giant Meituan.

The VC fund has invested in sectors such as media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare.

According to its website, Source Code Capital has partnerships with about 150 Chinese entrepreneurs who founded technology companies.

 

Write to Luna Lin at [email protected]