Investor profile

Source Code Capital

Venture Capital · Founded 2014 · Yichang, China

Emerging vc firm in china with over 750m usd and 3b rmb under management

Website ↗LinkedIn ↗

191 portfolio companies Venture Capital · $17B invested · 268 investments · Investor rank #147 · Last investment 7/2026

Portfolio companies 191 ↑ 52% 5y

Decacorns 6 ↑ 25% 5y

Thoroughbreds 14 ↑ 33% 5y

Power Law #403Investor Ranking · Global · 2026 · Top 3%

01 · Biggest holdings

Source Code Capital’s biggest current holdings.

The most valuable companies Source Code Capital still holds — unicorns and thoroughbreds it has backed, ordered by Dealroom’s latest valuation. Companies that have been acquired or gone public are in Exits instead. Where a cap table names Source Code Capital directly, the stake and its estimated value are shown too.

#CompanyEst. stakeValuationEst. value

1 ByteDanceCenticorn · Media · China — $550B —
2 Moonshot AI | KimiDecacorn · Enterprise Software · China — $35.0B —
3 LianjiaUnicorn · Real Estate · China 2% $6.0B $120M
4 GalbotUnicorn · Robotics · China — $2.9B —
5 X SquareUnicorn · Robotics · China — $2.8B —
6 ZiroomUnicorn · Real Estate · China — $2.0B —
7 OPayUnicorn · Fintech · Nigeria — $2.0B —
8 LibLibUnicorn · Media · China — $2.0B —
9 Narwal RoboticsUnicorn · Home Living · China — $1.6B —
10 Galaxy SpaceUnicorn · Telecom · China 3.5% $1.5B $53M
11 BaibuUnicorn · Fashion · China 10.5% $1.5B $158M
12 METiS TherapeuticsUnicorn · Health · USA — $1.5B —

Estimated value = Source Code Capital’s disclosed ownership % × Dealroom’s latest company valuation; direct named stakes only, exited positions excluded. Figures are indicative, not reported marks. Source Code Capital also appears inside investor groups in Galbot, METiS Therapeutics, where a standalone stake isn’t disclosed. See the underlying cap tables on Dealroom →

02 · Exits

Source Code Capital’s biggest exits.

Portfolio companies that IPO’d or were acquired at $1B+, with the valuation recorded at exit and — for those still public — their value today. Exit events come from each company’s funding-round history; entry stage from Source Code Capital’s transaction record.

Meituan

$53B IPO · 2018

Entered Series B+Now $59BTelecom

Moore Threads

$40B IPO · 2025

Entered Series ANow $38BSemiconductors

Ke.com

$2.1B IPO · 2020

Entered Series B+Now $14BReal Estate

Biren Technology

$6.0B IPO · 2025

Now $12BSemiconductors

Li Auto

$10B IPO · 2020

Entered Series B+Now $1.3BTransportation

Qudian (old Qufenqi)

$7.9B IPO · 2017

Entered Series B+Now Fintech

LDRobot

$2.4B IPO · 2026

Now $1.6BRobotics

SwitchBot

$2.0B IPO · 2025

Now $2.0BHome Living

ESWIN

$2.0B IPO · 2025

Entered Series B+Now $2.0BSemiconductors

Mogujie

$1.4B IPO · 2018

Now Fashion

Pagoda

IPO · 2023

Entered Series B+Now $1.2BFood

Xinchao Media

$1.2B acquisition · 2025

Media

03 · Portfolio analysis

Where Source Code Capital’s portfolio is concentrated.

Distribution of portfolio companies by headquarters country, sector, entry stage and current growth stage. Across all 191 portfolio companies. "Stage entered" is the first priced round the investor joined, derived from the investor’s transaction history.

By countryCount

China201
USA7
Singapore3
Canada1
Hong Kong1
India1
Indonesia1
Japan1
Mexico1
Nigeria1
Spain1

By sectorCount

Fintech28
Robotics20
Enterprise Software18
Health18
Transportation18
Food15
Energy11
Marketing9
Media9
Semiconductors8
Real Estate7
Home Living6

By stage enteredCount

Series A86
Series B+66
Seed39

By growth stageCount

Early Growth78
Breakout Stage77
Late Growth71

04 · Portfolio market map

Inside Source Code Capital’s portfolio.

The 60 highest-funded portfolio companies, of 191 tracked.

Enterprise Software · Decacorn

Real Estate · Decacorn

$14B

Lianjia

Real Estate · Unicorn

$6.0B

Sunwoda Power Technology

Energy

$443M

Li Auto

Transportation · Unicorn

$1.3B

Ziroom

Real Estate · Unicorn

ESWIN Computing

Semiconductors · Unicorn

$1.6B

Semiconductors · Unicorn

Semiconductors · Decacorn

Semiconductors · Decacorn

$38B

Yimidida

Transportation · Unicorn

LibLib

Media · Unicorn

$2.0B

Ruigu

Marketing · Unicorn

$1.3B

Mogujie

Fashion

METiS Therapeutics

Health · Unicorn

$1.5B

Meshy

Gaming · Unicorn

$1.5B

X Square

Robotics · Unicorn

$2.8B

Stori

Fintech · Unicorn

$1.2B

Hai Robotics

Robotics

$850M

Carl Power Technology

Transportation

$400M

ETCP

Transportation · Unicorn

$1.0B

Mech-Mind Robotics

Robotics

$850M

Hetao101

Education

$800M

DP Technology

Energy

$456M

Weimai

Health

$888M

CassTime

Transportation

$250M

Cyclone

Enterprise Software

$750M

Beijing Light Year Beyond Technology

Enterprise Software · Unicorn

$1.2B

Keenon Robotics

Robotics · Unicorn

$1.0B

SIBIONICS

Health

$717M

Edianzu

Enterprise Software

$308M

Zhejiang Konghui Automobile Technology

Transportation

$784M

YunQuNa

Transportation · Unicorn

$1.0B

Booster Robotics

Robotics

$550M

Yuanbao Insurance

Fintech

$35M

Moqi Intelligent Technology

Robotics · Unicorn

$1.0B

Shanghai Bloks Technology

Gaming

$215M

Xi'an Qingdian Energy

Energy

$481M

Stairmed Technology

Health

$275M

Niu

Energy

$131M

Hypershell

Sports

$400M

Star Car Life

Transportation

$200M

Bota Biosciences

Health

$400M

Hangzhou Jianhai Technology

Health

$275M

Zhongneng United

Engineering and Manufacturing Equipment · Unicorn

$1.1B

Beijing Lingkong Tianxing Technology

Transportation

$717M

Yihang.ai

Transportation

$553M

XYZ Robotics

Robotics

$160M

Wanwu Dezhi

Home Living

$320M

Sand.ai

Media

$400M

05 · Portfolio founders

Where Source Code Capital’s portfolio founders come from.

102 founders across the 100 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount