About Source Code Capital
Source Code Capital is a venture capital firm founded in 2013. It is primarily based out of Beijing, China. As of Sep 2026, Source Code Capital is an active investor, having invested in 219 companies, with 7 new investments in the last 12 months. It primarily invests in Series A round in China based startups. Its investments are spread across a wide range of sectors from High Tech to Enterprise Applications and Consumer. Most recently it participated in the $***** Series B round of Deep Intelligent Control Overall, Source Code Capital portfolio has seen 12 unicorns, 16 IPOs and 6 acquisitions including key companies like Meituan, Stori and Niu. A lot of funds co-invest with Source Code Capital, with names like Matrix Partners China sharing a substantial percentage of its portfolio. Source Code Capital has team of 60 people including 16 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 7 more
Portfolio Acquisitions
Portfolio Soonicorns
Deals in last 12 months
Source Code Capital's List of Top Investments
Source Code Capital has a portfolio of 219 companies, including 12 unicorns. Their most notable investments are in Sinopont Technology and Faaoyiwei Robot System.Their portfolio spans across China, United States, Canada and 8 more locations. They have invested in High Tech, Enterprise Applications, Consumer and 36 other sectors, across stages such as Series A, Series B and 7 more. Here is the list of top investments by Source Code Capital:
1. Meituan
Online group-buying platform offering coupons for multi-category products and services. It offers coupon codes for food ordering, restaurants, dining booking, tickets, entertainment, corporate travel booking, domestic services, and more.
Key facts about Meituan
- Founded Year: 2010
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $9.86B
- Employee Count: 41,594 as on Aug 31, 2026
- Investors: Brookside Equity Partners, Baillie Gifford and 49 Others
- Latest Funding Round: Series F, Sep 01, 2018, $*****
- Highlight: Public
2. ByteDance
Developer of platforms for content creation, discovery, and mobile entertainment. The company provides tools and services that enable users to connect, create, and consume digital content. It offers a suite of products focused on short-form mobile videos and other forms of digital media. The company’s platforms facilitate content sharing and engagement for a global audience.
Key facts about ByteDance
- Founded Year: 2012
- Location: Beijing (China)
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $6.11B
- Employee Count: 47,593 as on Jul 31, 2026
- Investors: Goldman Sachs, All Blue Capital and 67 Others
- Latest Funding Round: Conventional Debt, Sep 05, 2026, $*****
- Highlight: Editors' Pick
3. Stori
Provider of credit cards and deposit accounts without credit history. It offers various credit card options with benefits like cashback rewards. The company also provides deposit accounts with interest-earning potential and loan services. These financial products aim to help individuals manage their finances.
Key facts about Stori
4. Niu
Manufacturer of electric scooters, mopeds, motorcycles, and related accessories. The company designs, manufactures, and sells electric vehicles. It offers multiple models and specifications for consumer, cargo, and sharing markets. The company provides an application for users.
Key facts about Niu
- Founded Year: 2014
- Location: Beijing (China)
- Stage: Public
- Total Funding till date: $50M
- Employee Count: 124 as on Aug 31, 2026
- Investors: Granite Asia, Source Code Capital and 9 Others
- Latest Funding Round: Angel, Oct 19, 2018, $*****
- Highlight: Public
5. OPay
Provider of financial services including transfers, bill payments, and debit cards. It facilitates account funding and transfers to other bank accounts. The company offers debit cards for payments at ATMs, POS systems, and online platforms. It also provides a service that allows users to earn daily interest.
Key facts about OPay
- Founded Year: 2018
- Location: Lagos (Nigeria)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $570M
- Employee Count: 4,790 as on Jul 31, 2026
- Investors: Redpoint Ventures, SoftBank Vision Fund and 16 Others
- Latest Funding Round: Series C, Aug 23, 2021, $*****
- Highlight: Editors' Pick
Source Code Capital's Year-on-Year Investment Trends
Source Code Capital has invested in 219 companies over the last 13 years, with an average of 15 new investments annually in the last 10 years. In 2025, it made 11 investments, while as of Sep 2026, it has made 12 investments in this year. Its most recent first time investment was in Meshy and most recent follow-on round was in Deep Intelligent Control.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 7 | 5 | 12 |
2025 | 5 | 6 | 11 |
2024 | 8 | 1 | 9 |
2023 | 11 | 3 | 14 |
2022 | 26 | 11 | 37 |
2021 | 24 | 20 | 44 |
2020 | 27 | 11 | 38 |
2019 | 11 | 5 | 16 |
2018 | 17 | 15 | 32 |
2017 | 8 | 11 | 19 |
Source Code Capital's Investments by Stage
Source Code Capital has made 78 investments in Series A stage with an average round size of $37.4M, 42 investments in Series B stage with an average round size of $95.1M and 40 investments in Seed stage with an average round size of $7.79M.Stage of entry | No. of Investments |
|---|---|
Series A | 78 |
Series B | 42 |
Seed | 40 |
Series C | 12 |
Angel | 7 |
Others | 7 |
Note: We have considered here, only first round of investments
Source Code Capital's Investments by Sector
Source Code Capital has a diverse portfolio, with companies operating in the Consumer, Enterprise Applications, High Tech, Retail and FinTech. Notably, it has invested in 159 Tech companies, 107 Enterprise (B2B) companies, 77 Consumer (B2C) companies and at least 68 companies focusing on Software.Sector | No. of Investments |
|---|---|
Consumer | 50 |
Enterprise Applications | 48 |
High Tech | 40 |
Retail | 22 |
FinTech | 17 |
Others | 208 |
Note: We have considered here, only first round of investments
Source Code Capital's Investments by Geography
Source Code Capital has made most investments in China (164), followed by United States where it has made 11 investments.Country | No. of Investments |
|---|---|
China | 164 |
United States | 11 |
Cyprus | 1 |
Indonesia | 1 |
Mexico | 1 |
Others | 4 |
Note: We have considered here, only first round of investments
Source Code Capital's recent investments
Source Code Capital has made 12 investments in 2026 so far. Deep Intelligent Control and Meshy are the latest among them.Here are the most recent investments by Source Code Capital:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Sep 08, 2026 | China | Series B | 1971 | ||
Jul 20, 2026 | United States | Series B | 6730 | [+5] | |
Jul 09, 2026 | China | Series B | 9820 | [+5] | |
Jul 06, 2026 | China | Angel | 4488 | [+9] | |
Jun 23, 2026 | China | Seed | 8856 | [+11] |
Unicorns in Source Code Capital's Portfolio
Source Code Capital has 12 unicorns in its portfolio - Meshy, Stori, Hai Robotics and others. The most recent unicorn in their portfolio is Meshy. It became a unicorn in 2026.Here is a list of unicorns in Source Code Capital's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
60 | Developer of software tools generating three dimensional models from inputs | 2021 | Sunnyvale | Series B | emzabdc | ||
75 | Provider of credit cards and deposit accounts without credit history | 2018 | Miguel Hidalgo | Series C | lqkafco | ||
63 | Developer of warehouse automation robotics technology | 2016 | Shenzhen | Series D | ckxtppw | ||
73 | Provider of financial services including transfers, bill payments, and debit cards | 2018 | Lagos | Series C | mgisszk | ||
47 | Tech-enabled company offering digital freight forwarding services | 2015 | Shanghai | Series D | qwubpio |
IPOs and Publicly Listed companies in Source Code Capital's Portfolio
16 of Source Code Capital's portfolio companies have become public. Mech-Mind got listed on the Hong Kong Exchanges (HKG), in Sep 2026 at marketcap of $1.62B and Unitree got listed on the Shanghai Stock Exchange (SSE).Here are Source Code Capital's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 01, 2026 | Dec 08, 2020 | Series B | 4012 | |
Aug 19, 2026 | Feb 22, 2024 | Series B | 3251 | |
Jan 02, 2026 | Mar 30, 2021 | Series B | 3616 | |
Dec 05, 2025 | Nov 25, 2021 | Series A | 4181 | |
Oct 28, 2025 | Dec 09, 2022 | Series C | 9150 |
Acquired companies in Source Code Capital's Portfolio
6 companies from Source Code Capital's portfolio have been acquired. The most recent acquisition was Xinchao Media in Apr 2025 by Focus Media for $*****.Here are Source Code Capital's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 13, 2025 | - | - | 8368 | |
Jun 30, 2023 | Jun 05, 2023 | Series D | 5040 | |
Oct 12, 2021 | Nov 21, 2018 | Seed | 6622 | |
Jul 12, 2021 | Mar 19, 2018 | Series A | 7582 | |
Feb 11, 2020 | 2017 | Seed | 6888 |
Team profile of Source Code Capital
Source Code Capital has a team of 60 members including 16 Partners and 21 Principals located in China. Source Code Capital's team does not sit on the board of any company as of now.Here is a list of top team members in Source Code Capital:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | - | - | ||
Partner | Beijing | - | ||
Partner | Beijing | - | ||
Partner | Haidian | - | ||
Partner | - | |||
Partner | Beijing | - | ||
Partner | - | - | ||
Partner | - | - | ||
Partner | Beijing | - | ||
Partner | - | - | ||
Partner | China | - |
Co-investors of Source Code Capital
Over the past 13 years, 748 investors have co-invested in Source Code Capital's portfolio companies. This includes funds and angels.
- Invested before Source Code Capital: Sequoia Capital, Shenzhen Capital Group and 164 others have invested in rounds before Source Code Capital. There are 7 companies where Sequoia Capital has invested before Source Code Capital and 4 companies where Shenzhen Capital Group has invested before Source Code Capital.
- Top Co-investors of Source Code Capital: 266 investors entered a company along with Source Code Capital. These include investors like Matrix Partners China (12 companies).
- Invested after Source Code Capital: A total of 316 investors have invested in Source Code Capital's portfolio after their investments. Top Investors include Tencent (8 companies), HSG (6 companies) and Sequoia Capital China (4 companies).
Recent News related to Source Code Capital
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SuanMiao 3D TokenPU is officially tape-out, leading the upgrade of domestic AI cloud computing power chipsReadhub•Jun 18, 2026•Source Code Capital, CDBC, Lenovo Capital and Incubator Group, Sunmmio
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Czech Grid.online raises €4M after 10× delivery growth in its first yearIfanr.com•Jun 18, 2026•Source Code Capital, Shunwei Capital, Gaorong Capital, Times Capital and 6 others
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Simple AI Completes Hundreds of Millions in Pre-A Round Financing, Source Code Capital Continues to InvestSina•Jun 16, 2026•Source Code Capital, DiDi, MSA Capital, Sinovation Ventures and 10 others
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Accelerate Evolution Completes C Round Financing of RMB 1 BillionSina•Apr 17, 2026•Booster, Beijing, Legend Star, Guohai Innovation Capital Investment Management and 9 others
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StairMed Raises RMB 500M in FundingFinSMEs•Apr 02, 2026•LAV, StairMed Technology, FountainBridge Capital, Oriza Holdings and 5 others
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Malaysian insurtech firm PolicyStreet raises $21m series CTech in Asia•Apr 01, 2026•Gobi Partners, Altara Ventures, Cool Japan Fund, Policy Street and 2 others
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Suanmiao Technology Completes Pre-A and Pre-A1 Rounds of FinancingJinglingshuju•Feb 13, 2026•Stony Creek Capital, CDB, Xiang He Capital, Lenovo and 2 others
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Hypershell Raises $70M in Pre-B & B Rounds, Valuation Nears $400MPandaily•Nov 27, 2025•Hypershell, PhotonVentures, Source Code Capital
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Dexmal Secures $140M in Two Rounds Led by Alibaba and NIO CapitalPandaily•Nov 14, 2025•NIO Capital, Alibaba, Dexmal, Source Code Capital
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Focusing on RNA drug development, Xingrui Pharmaceuticals completed over 300 million yuan in Series B financingPEdaily•Oct 24, 2025•LAV, Starna Therapeutics, Hillhouse, LYFE Capital and 3 others
