Source Code Capital
源星资本
Source Code Capital is a Chinese venture capital firm founded in spring 2014 by Cao Yi, with roughly $7 billion in assets under management as of late 2025 . The firm has backed more than 300 startups across stages from seed to growth, with a portfolio that spans AI and robotics, intelligent manufacturing, internet and consumer, and life sciences . Its early bets included ByteDance, Meituan, and KE Holdings, while more recent investments have moved toward hard-tech and AI, including Moonshot AI, Unitree, and ESWIN Materials . After years of rapid expansion, the firm has shifted toward what it calls "strategic contraction"—focusing and deepening rather than chasing scale, with Cao Yi anticipating "more and more patient capital" in China's market .
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Coverage
Code Time | "Daily Black" Announces Two Rounds of Funding Exceeding 100 Million Yuan, Source Code Capital Leads A+ Round
Focused on R&D of innovative healthy dark chocolate
5Y News | "Daily Dark Chocolate" Raises Two Consecutive Rounds of Over 100 Million Yuan Each
Bring products that are both delicious and health-innovative to an ever-growing number of consumers.
Daily Black Chocolate Raises Over 100 Million Yuan in Series A+ and B Rounds, Source Code Capital Leads Series A+
China's top-selling dark chocolate category on 2020 Double 11
5Y News | Premium Chocolate Brand "Daily Dark Chocolate" Secures Two Consecutive Funding Rounds Exceeding 100 Million Yuan Each
Shift consumers' traditional perception of chocolate.
