Source Code reels in $260m for the final closing of China VC fund


Beijing-based venture capital firm Source Code Capital has closed its third US dollar fund on its $260m hard cap.

Along with the US fund, the early-stage firm also announced the first close of its third RMB fund at RMB1.5bn ($225m).

A number of investors backed the US dollar fund, including American charities, pension funds, fund of funds and family foundations, while Chinese national guidance funds, top fund of funds and large state-owned enterprises backed the RMB fund.

Founding partner Yi Cao said, “The successful fundraising of Source Code’s third fund will support our company’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 $100m.”

The funds come two years after Source Code closed its second US dollar fund at $15m, and raised RMB200m ($29m) for its second RMB vehicle.
Investors who have backed previous funds 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 BAT executives.
Sovereign wealth funds and state investment funds such as GIC and Temasek Holdings have also backed previous Source Code funds.

Prior to founding the firm in 2014, Yi Cao was a partner at Sequoia Capital China.
According to its website, the firm focuses on investments in the Internet finance, online to offline (O2O), and industrial Internet domains.

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