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Miguel Cordon · · 1 min readChinese VC firm Source Code Capital raises $1b for growth-stage investments
“Chinese VC firm Source Code Capital, which has backed some of the country’s biggest tech firms and unicorns, announced on Tuesday it has raised a total of US$1 billion in fresh funds,” Pandaily reported.
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.
Currency converted from Chinese yuan to US dollar: US$1 = 6.55 yuan.
Editing by Collin Furtado and Jaclyn Tiu
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