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Source Code Capital, the venture capital firm that has supported some of China's most prominent technology unicorns and relies on a network of leading investors and founders, announced Monday the closing of a new $ 570 million fund as it continued its activities from beginning to mid-term. companies.
The latest reconciliations catapulted Source Code's capital under management to $ 1.5 billion and 3.5 billion yuan divided among six funds. According to the company, investors in the new fund cover major pension funds, sovereign wealth funds, college endowments, charities, private equity firms, and other institutions.
Source Code was founded in 2014 by Cao Yi, who studied computer science at China's prestigious Tsinghua University, and then became vice president of Sequoia Capital China, relays that could have helped to identify very early startups with high potential. To date, Source Code has supported nearly 150 new companies, including ByteTance, the newest addition to the TikTok group. parent who is now the most valuable startup in the world; Meituan Dianping, a leading food retailer, who was listed in Hong Kong last year; Qudian, microcredit provider, whose IPO in New York was one of the largest among Chinese fintech companies that year; Mogu, a Tencent-backed e-commerce site that floated on the Nasdaq last year; Just to name a few.
With the new money, Source Code will continue to support global market-oriented companies, the "Internet Plus" or "AI Plus" sectors, the latter two being buzzwords in China regarding the upgrading of traditional sectors using Internet and artificial intelligence.
This new capital will also allow Source Code to attract more foreign investors into its peer alliance and mentors, Ma Hui, which translates directly into "Code Club". The spirit of the community resembles that of the network of investors that a16z has nurtured to channel support and resources between investors and portfolio companies. Zhang Yiming, founder of Bytedance, and Wang Xing, founder of Meituan, are among the top 30 sponsor partners.
"The purpose of the source code is to research, invest and serve the best companies in emerging economies. These companies and entrepreneurs are working diligently to allow mbad consumers to eat better, to better carry, to live better, to play better, to have access to more inclusive finance and to better transportation … among other means to live a better life, "said Cao in a statement.
"[Our goal is] to help companies grow, reduce their supply and logistics costs, increase working capital turnover, unleash the potential of talent and increase their global competitiveness … among other things, know-how for manage in a sustainable way, "added the director.
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