Source Code Capital raises $1bn

The Beijing-based venture capital firm has closed two funds.

Fund name: Source Code Venture Fund V, Source Code Growth Fund II
Fund size: $1 billion in total
Stage of fundraising: Final close

Source Code Capital announced its final close on Source Code Venture Fund V and Source Code Growth Fund II on $420 million and $580 million, respectively. Both funds will invest in TMT sector in China.