Source Code Capital Raises $260 Million for Third Fund

Palo Alto and Shanghai – April 20, 2017 – Cooley advised Source Code Capital on the closing of its third fund, at $260 million.

Established in 2014, Source Code Capital is an emerging VC firm in China with more than $500 million and ¥1.5 billion under management. The firm is known for being the super-hub of industrial capital in China, having formed a strategic alliance called Code Class, which comprises some of the most influential industrial investors in China. The firm’s founding partner, Cao Yi, formerly worked at Sequoia Capital China and has been involved in the VC industry for more than a decade.

Among Source Code’s portfolio are a variety of fintech, e-commerce, artificial intelligence and other tech-related companies including Qudian, Yongqianbao, Yijiupi, Yimidida, Kakao, Meituan, Lianjia (Homelink), Mogujie, Toutiao, Chehejia and Zenjoy.

Cooley’s fund formation group assists a variety of fund managers operating investment funds in the US and globally. In 2016, The Recorder recognized Cooley as a Corporate Department of the Year for Venture Capital and US News - Best Lawyers named Cooley a Law Firm of the Year for Venture Capital law.

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Jingyi Xu  Partner Beijing