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Source Code Capital

Investor type Venture Capital
Founders Cao Yi Charlie Cao


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This summary is composed by our algorithm based on the analysis of the deals. If you think that some of this information is not accurate, please let us know about it and provide any supporting evidences if possible. Such cases will be analyzed by our ML-algorithm and implemented in our database, which will improve this summary.

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Total investments 276
Average round size
The average size of a deal this fund participated in
Portfolio companies 176
Rounds per year 34.50
Lead investments 47
Follow on index
How often the fund supports its portfolio startups at next rounds
Exits 10
Key employees 2
Stages of investment
Early Stage Venture
Late Stage Venture

Areas of investment

  • E-Commerce
  • Software
  • Financial Services
  • Artificial Intelligence
  • Internet

In 2014 was created Source Code Capital, which is appeared as VC. The company was established in Asia in China. The leading representative office of defined VC is situated in the Changyang.

The typical case for the fund is to invest in rounds with 2-3 participants. Despite the Source Code Capital, startups are often financed by Shunwei Capital, Matrix Partners China, ZhenFund. The meaningful sponsors for the fund in investment in the same round are Shunwei Capital, Chengwei Capital, Yunqi Partners. In the next rounds fund is usually obtained by Chengwei Capital, Sequoia Capital China, Yunqi Partners.

Among the various public portfolio startups of the fund, we may underline Toutiao, Meituan-Dianping, Qudian For fund there is a match between the country of its foundation and the country of its the most frequent investments - China. We can highlight the next thriving fund investment areas, such as Finance, Internet. The fund has exact preference in a number of founders of portfolio startups. When startup sums 4 of the founder, the probability for it to get the investment is little. Besides, a startup needs to be aged 2-3 years to get the investment from the fund.

The important activity for fund was in 2018. Despite it in 2019 the fund had an activity. Speaking about the real fund results, this VC is 1 percentage points more often commits exit comparing to other organizations. The fund is constantly included in 13-24 investment rounds annually. Opposing the other organizations, this Source Code Capital works on 25 percentage points less the average amount of lead investments. The typical startup value when the investment from Source Code Capital is more than 1 billion dollars. The usual things for fund are deals in the range of 50 - 100 millions dollars. The higher amount of exits for fund were in 2018.

The current fund was established by Cao Yi, Charlie (Yi) Cao. We also calculated 2 valuable employees in our database.

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Related Funds

Funds investing in previous rounds
These funds often invest in the rounds preceeding the rounds of Source Code Capital:
Typical Co-investors
Source Code Capital is more likely to invest in rounds together with the following funds:
Funds investing in following rounds
These funds have a tendency to invest in the following rounds after Source Code Capital:

Notable deals

CompanyIndustryRound SizeDateInvestorsLocation


Communication Hardware
$618M09 Dec 2022 Dongcheng District, Beijing, China

Zhengyan Software

Advanced Materials
Artificial Intelligence
17 Nov 2022 Changyang, Beijing, China


Packaging Services
16 Nov 2022 Hangzhou, Zhejiang, China


Mechanical Engineering
$78M14 Nov 2022 Huzhou, Zhejiang, China

Ketai Bio

Health Care
$15M06 Nov 2022 Shanghai, Shanghai, China

ZD Power

Power Grid
$15M27 Oct 2022 -


Consumer Applications
$15M15 Sep 2022 Walnut Creek, California, United States

ILLA Cloud

06 Sep 2022 Beijing, Beijing, China

Sunwoda Electric Vehicle Battery

$927M17 Aug 2022 Shanghai, Shanghai, China
African fintech OPay valued at $2B in SoftBank Vision Fund 2-led $400M funding

– Chinese-backed and Africa-focused fintech company OPay raised $400m funding.
– The round was led by SoftBank Vision Fund 2 and joined by existing investors Sequoia Capital China, Redpoint China, Source Code Capital and SoftBank Ventures Asia.
– Other investors, including DragonBall Capital and 3W Capital, also took part in the new financing round.

Bota Bio Raises $100 Million Series B Financing to Advance Sustainable Biomanufacturing

– Bota Bio has raised more than $100m in an oversubscribed Series B funding round.
– The financing was led by Sequoia Capital China.
– Other investors included previous backers Matrix Partners China, Source Code Capital, Sherpa Healthcare Partners, and 5Y Capital, among others.
– The new funds will be used to expand the company’s global operations and build out Bota Bio’s lab-to-pilot scale platform to facilitate the rapid scale-up and deployment of the company’s product pipeline in consumer goods, food, nutrition, and pharmaceutical products.


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