Yi Cao
曹毅
Yi Cao is the founder and leader of Source Code Capital (源码资本), one of China's prominent VC firms launched in the "VC 2.0" wave of 2013 . He established the firm with Wang Huai and Liu Wei, and by 2022 had moved beyond his earlier reputation as "that impressive former Sequoia VP" to be recognized for the fund he himself built . Source Code Capital completed a notable RMB 7 billion-plus fundraising in 2021 , and as the firm marked its tenth anniversary in 2024, Cao published a letter framing venture capital as "the art of balancing reality and optimism" and pledged to "keep running the long race" . In late 2025, he was cited describing AI and globalization as transformative forces for business, with Source Code responding through extended fund horizons to match longer exit timelines . The bundle does not contain biographical details such as his education or specific career history prior to founding Source Code.
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Coverage
Source Code Rhythm has raised over $150 million for its first fund and has launched RMB fund fundraising.
Another oversubscribed early-stage USD fund.
暗涌Waves·The First USD VC Fund to Close in 2026
What comes after Aksu. *(Note: "阿克苏之后的故事" literally means "the story after Aksu." If this refers to a specific title or context I'm missing — such as a book, film, or article — please provide more details and I can refine the translation.)*
elsewhere别处发生·Vol.003 | In Conversation with Huang Yungang: From Moving Bricks in Xinjiang to VC — My Folded Life
elsewhere别处发生·Four years after its last close, Source Code Capital has raised another fund.
Dual-currency, $600 million.
暗涌Waves·The VC 2.0 generation celebrated its tenth birthday in early autumn.
What about the next decade?
暗涌Waves·Exclusive | Yungang Huang and Source Code's New VC: Back to Classic Playbook
Back to the classic VC playbook of "a pizza is all it takes."
暗涌Waves·The Day Munger Died: 18 WeChat Moments About Him
Mourning the Passing of a Wise Mind
暗涌Waves·"You're only 36. You can be anyone you want to be."
Never stop moving forward.
暗涌Waves·Exclusive | Source Code Capital, ZhenFund Confirmed to Join In — Wang Huiwen's "Chinese OpenAI" Is Being Scrambled For
China's investment world seems to have gone back to 2016 overnight.
暗涌Waves·From the Big League to the Niche: The Glory Days of a Generation of Chinese VCs
How they will rethink fame, cycles, and investment.
暗涌Waves·Two Decades of RMB Funds: Between Life and Death
Are USD Funds in Trouble? Is It the RMB Funds' Turn to Make a Move?
暗涌Waves·Gaorong Ventures' Chang Chen: Consumer Markets in Third-, Fourth-, and Fifth-Tier Cities Are Full of Opportunity
Third- and fourth-tier cities account for over 63% of total social retail consumption, far surpassing the combined share of first- and second-tier cities.
高榕创投·
