• Facebook
    Twitter
    LInkedIn
    YouTube
    Weibo
Fundraising, Venture Capital

Source Code Closes Third U.S. Dollar Fund At $260M Hard Cap

Follow Us:
LinkedIn
Twitter
YouTube
Facebook
Weibo

Chinese early stage venture capital firm Source Code Capital has announced the final close of its third U.S. dollar fund at a US$260 million hard cap.

In addition, its third RMB fund also completed its first close at RMB1.5 billion (US$225 million), bringing the total-asset-under-management of the firm to nearly US$800 million.

A number of investors have participated in the U.S. dollar fund, including well-known American charities, pension funds, fund of funds and family foundations, while Chines national guidance funds, top fund of funds and large state-owned enterprises are some of the RMB fund’s investors.

“The successful fundraising of Source Code’s third fund will support our company’s future development,” said Cao Yi, founding partner at Source Code. “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.”

The firm previously raised a second U.S. dollar fund at US$150 million, and a second RMB fund at RMB200 million (US$29 million) in 2015.

One year earlier, it completed the fundraising of its first U.S. dollar fund at US$120 million, which has invested in more than 40 start-ups in the fields of Internet finance, online to offline and business to business e-commerce.

Founded in 2014, Source Code focuses on the Internet finance, online to offline, and industrial Internet. It has invested in a number of companies including unicorn Toutiao, a Chinese personalized news app, e-commerce platform operator Qufenqi, online real estate agency Lianjia, and electric vehicle start-up Chehejia.

CMN Bespoke Reports White 728×90
 






Leave a Reply

Your email address will not be published. Required fields are marked *