Chinese VC firm Source Code Capital raises $1b for growth-stage investments

Details:

• The amount would increase the firm’s capital under management to US$2.5 billion of US dollar-denominated funds and 8.8 billion yuan (US$1.34 billion) across its yuan-denominated investment vehicles, the company said.
• Source Code will continue making early- and growth-stage investments into B2B and B2C industries.

Context:

• According to a filing with the US Securities and Exchange Commission earlier this year, Source Code planned to raise the US$1 billion amount through Source Code Venture Fund V and Source Code Growth Fund II.
• The announcement also comes after the company raised 3.8 billion yuan (US$580 million) in October last year from financial institutions, listed industry groups, and government-led funds.