Source Code Capital, a Chinese venture capital firm, announced on Monday that it had completed its fifth RMB-denominated fund at over 7 billion yuan (almost $1.1 billion), taking just over three months.
National-level government-guided funds, such as China SME Development Fund, have become new shareholders of Source Code Capital in addition to nearly 10 insurance institutions. Existing limited partners like Oriza FOFs, a four-year partner, have committed to the new round. “RMB Fund V” also attracts many outstanding industrial investors.
Up to now, the scale of Source Code Capital’s total assets under management (AUM) is around 35 billion yuan. The entrusted funds mainly come from national-level government-guided funds, regional tech innovation funds, financial institutions (insurance, banks and others), market-oriented parent funds, industrial investors, the world’s top sovereign wealth funds, university endowments, charitable funds, pension funds and more.
Since its establishment in 2014, Source Code Capital has invested in more than 300 startups in the field of scientific and technological innovation, small- and medium-sized enterprises and green development, covering industries including industrial digitalization, artificial intelligence, robotics, advanced manufacturing, green development, enterprise software, life sciences, new consumption and new brands, and overseas businesses, 80% of which are early-stage startups.
Among the numerous investments of Source Code Capital, the institution has invested in Li Auto and NIU Technologies in the new energy automobile industry chain, and invested in “carbon neutral” related enterprises such as Unisun Energy, GDSolar and Yungu. A number of innovative products and service enterprises, including ByteDance, Meituan, KE Holdings, Ziroom, Pagoda, Good Spot, BLOKS Group, PMPM, Moody, WonderLab, Sexy Tea and others have also invested.