Source Code Capital

Source Code Capital
Native name	源码资本
Company type	Private
Industry	Venture Capital
Founded	2014; 11 years ago
Founders	Yi Cao;
Headquarters	Beijing, China
Products	Investments
AUM	US$5.2 billion (2022)
Website	sourcecodecap.com
	Footnotes / references;

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

^ WANG, EUDORA. "China's top venture capital companies flock to Singapore". archive.ph. Archived from the original on 22 August 2022. Retrieved 25 December 2022.{{cite web}}: CS1 maint: bot: original URL status unknown (link)
^ ^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.
^ ^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.
^ "Yi Cao". Forbes. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
^ ^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.
^ ^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.
^ 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.
^ "Source Code Capital | Palico". www.palico.com. Archived from the original on 25 December 2022. Retrieved 25 December 2022.
^ 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.

External links

Official website

[Nikkei-1] WANG, EUDORA. "China's top venture capital companies flock to Singapore". archive.ph. Archived from the original on 22 August 2022. Retrieved 25 December 2022.{{cite web}}: CS1 maint: bot: original URL status unknown (link)

[Techcrunch-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.

[:1-3] ^ ^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.

[:0-5] 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.

[:2-6] 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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