Name

Source Code Capital

Legal name

北京源码资本投资有限公司 (Beijing Source Code Capital Investment Co., Ltd.)

Website

https://sourcecodecap.com/en/

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Source Code Capital is a Beijing-based venture capital firm founded in 2014 that invests across seed, early, and growth stages in AI & Robotics, Intelligent Manufacturing, Internet & Consumption, and Healthcare & Biotech, with approximately USD 7 billion AUM across 300-plus portfolio companies.

Ownership category

akta.pro rank

Product category

Venture Capital / Private Equity Investment Management

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239)

SIC

Finance Services (6199)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industries

Early-Stage Venture Capital (Series A/B) (FSANAAAB), Technology & Software Growth Equity (FSANACAA)

Keywords

• Venture capital investment
• Early-stage equity funding
• Growth-stage investing
• Post-investment services
• Founder community network

Headquarters

HQ city

Chaoyang

HQ country

China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Gains from Portfolio Companies: As a venture capital firm, Source Code Capital's primary revenue stream is capital appreciation from equity investments in over 300 portfolio companies across seed, early, and growth stages. Notable exits and IPO-backed holdings include ByteDance, Meituan (3690.HK), KE Holdings (NYSE: BEKE), Li Auto (NASDAQ: LI / 2015.HK), ESWIN Material (688783.SH), Blokees (00325.HK), RELX (NYSE: RLX), Yuanbao (NASDAQ: YB).
2. Dual-Currency Fund Management (AUM ~USD 7 billion / RMB 35 billion): Source Code Capital generates recurring management fees and carried interest across RMB and USD fund vehicles (e.g., USD Fund closing of USD 1 billion in 2021 bringing total AUM to USD 2.5 billion and RMB 8.8 billion at that time; RMB Fund V closed at ~RMB 7 billion in 2021; latest dual-currency fund series closed at USD 600 million in November 2025). Entrusted capital primarily comes from PRC central government guidance funds, financial institutions and insurance, leading local and global fund of funds, industrial enterprises, sovereign wealth funds, endowments, foundations, and pensions.
3. Carry / Performance Fees on Capital Gains: Carried interest earned on exits from investments such as the HKEX listing of Woan Robotics (HK$700 million IPO, HK$16 billion market cap), StairMed (multi-round BCI investor), HAI Robotics (post-Series E valuation of RMB 10.9 billion), and many other portfolio companies pursuing IPOs.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels6 records

Core offering

Source Code Capital is a venture capital firm that invests seed, early, and growth-stage equity capital in technology-driven startups across AI & Robotics, Intelligent Manufacturing, Internet & Consumption, and Healthcare & Biotech, deploying approximately USD 7 billion (RMB 35 billion) of AUM into more than 300 portfolio companies. Beyond capital, it delivers a productized post-investment operating system (Code Class network, Code Brain courses, Code Power services across 10 modules and 28 products) and proprietary sector research (Source Code Insight) to support portfolio founders from investment through exit.

Product overview

Source Code Capital is a venture capital / private equity firm (an "investment firm with entrepreneurial mindset," founded spring 2014, ~USD 7 billion AUM, 300+ portfolio companies) rather than a software vendor; consequently its "product" suite is a platform-plus-modules architecture of investor services. The core platform is its Venture Investment Services (seed, early, and growth stage investments across AI & Robotics, Intelligent Manufacturing, Internet & Consumption, and Healthcare & Biotech+). Layered on top are three named modules: Code Class (码荟) — an industry "super hub" of 300+ portfolio CEOs and LPs providing network and resource collaboration; Code Brain (码脑) — recurring courses that upgrade founder "personal computing power"; and Code Power Professional Service (码力服务) — a productized post-investment service system spanning 10 functional modules and 28 products (PR, HR, capital markets, public affairs, etc.), upgraded in late 2021 into a "Six Completeness" (六全) framework. Research Reports (源码内参) form the firm's insight-publication offering, distributed across the Code Brain / Code Class View content streams.

Differentiator

Problem solved

Functional benefit

Brands

• Code Class (码荟): Source Code Capital's proprietary industry "super hub" composed of its LPs and over 300 portfolio companies, providing differentiated networks, value-adding connections, resource collaboration, and experience sharing.
• Code Brain (码脑)
• Code Power (码力服务)

Products and services

• Code Class (码荟) Industry Super-Hub An industry super-connector network composed of Source Code Capital's LPs and more than 300 portfolio-company entrepreneurs, providing differentiated networks, value-adding connections, resource collaboration, and in-depth experience sharing; members can openly exchange experiences and provide feedback to one another.
• Code Brain (码脑) Founder Cognitive Upgrade Curriculum Monthly recurring course/lecture product designed to upgrade the "personal computing power" of portfolio CEOs through data, algorithms, and computing power content.
• Code Power (码力) Professional Service Systematic, productized post-investment service framework spanning 10 functional modules and 28 products, covering Code Brain courses, public affairs, PR, HR and organizational development, capital markets, business laws and taxation, and strategic and business development growth advisory; includes weekly talent recruiting updates, organization consultation, industrial policy research, capital market consulting, and public relations support.
• Source Code Capital Venture Investment Services Investment management services covering seed, early, and growth stages across industries including Artificial Intelligence & Robotics, Intelligent Manufacturing, Internet & Consumption, and Healthcare & Biotech+. As of the latest disclosed data, the firm manages approximately USD 7 billion (~RMB 50 billion) in AUM and has invested in over 300 startups (e.g., ByteDance, Meituan, KE Holdings, Li Auto, Unitree Robotics, Moonshot AI, LiblibAI, Sibionics, StairMed, ESWIN, Blokees, RELX, Yuanbao, Tastien, SEVB, OPay, Stori).
• Source Code Research Reports (源码内参) Recurring in-depth research publication series ("Source Code Insider," 源码内参) covering topics such as industrial Internet, leasing economy, apparel supply chain, real-estate aftermarket, semiconductor/Moore's law, rocket launch, and D2C consumer brands. Published under the Code Brain / Code Class View categories.

Quantifiable outcome

• USD 7 billion (RMB 35 billion) total AUM across RMB and USD vehicles
• +7 more outcomes

Named customers13 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered minor, flagship and core.

• Zhejiang University (浙江大学)minorOthers · 27 March 2026Alma mater of Source Code Capital partner Huang Yungang, who has been described as 'the investor who has backed the most Zhejiang University entrepreneurs' and 'the investor who most understands entrepreneurs', returning to deliver talks to students.
• Douyin E-commerce (抖音电商)flagshipGTM or Marketing Partner · 22 November 2021Joint research partner co-publishing the 'New Brand Growth Trends White Paper' (新品牌成长趋势白皮书) in November 2021 to support new consumer-brand portfolio companies and the broader D2C ecosystem.
• Kuaishou E-commerce (快手电商)coreGTM or Marketing Partner · 6 August 2021Hosted private-share session (私享会) with Source Code Capital consumer portfolio companies to discuss how brands can engage with Kuaishou's 300 million '老铁' (loyal users) community in August 2021.
• Tsinghua University Computer Science Department (清华大学计算机系)minorOthersAlma mater of Founding Partner Cao Yi, who was interviewed in the Tsinghua Computer Science Department's 60th-anniversary alumni publication for his insights on computer science and decision-making. Tsinghua alumni network is a key talent and deal sourcing pipeline.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• IDG Capital: One of the earliest foreign-affiliated VCs in China with multi-stage TMT coverage; comparable in stage diversification and exposure to Chinese consumer/internet themes. Pioneer of enterprise software and TMT investing in Greater China.
• Hillhouse Capital: Asia-focused multi-stage investment firm with over USD 100B AUM spanning venture, growth, and public equities. Co-cornerstone with Source Code in Gpixel Changchun Microelectronics HKEX IPO; comparable TMT/consumer mandate and Chinese LP base.
• HongShan (formerly Sequoia Capital China): Spin-out of Sequoia Capital's China operations; one of the largest and most established China VC platforms investing across seed, early, and growth stages in TMT and consumer. Direct co-investor with Source Code in deals like LiblibAI; comparable in stage breadth, AUM scale, and founder-LP relationships.
• Boyu Capital: Asia-focused alternative asset manager with significant PE/growth equity exposure; co-cornerstone with Source Code in Gpixel HKEX IPO. Comparable in growth-stage mandate and Chinese LP relationships.
• Legend Capital: Chinese PE/VC firm with strong TMT and enterprise focus, affiliated with Legend Holdings; comparable in stage diversification and Beijing-headquartered operations.
• GGV Capital: Global venture firm with deep China and US operations; comparable TMT early-stage focus and now-split US/Asia vehicles. Comparable in stage breadth and cross-border deal sourcing.

Direct peers

• Sinovation Ventures: AI and enterprise technology-focused VC founded by former Google China head Kai-Fu Lee; co-invested with Source Code in Mootion's RMB ~100M round. Comparable early-stage TMT/AI focus and China-headquartered operations.
• Lilly Asia Ventures: Clinical-driven life-sciences and biotech VC; co-invested with Source Code in StairMed's RMB 500M BCI round. Comparable on healthcare/biotech deal flow and China operations.
• Qiming Venture Partners: Shanghai-headquartered China VC firm with strong TMT and healthcare focus; co-invested with Source Code in StairMed's RMB 500M BCI round. Direct comparable on stage, sector focus, and China-centric deal flow.
• Shunwei Capital: Beijing-based early-stage VC founded by Xiaomi founder Lei Jun; recurring co-investor with Source Code (FARAO, Xiaohongdao). Highly comparable early-stage TMT focus and Beijing-headquartered operations.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/source-code-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments384 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Source Code Capital