Source Code Capital
Source Code Capital, established in 2014, is a prominent venture capital firm based in China, specializing in the Technology, Media, and Telecommunications (TMT) sectors. With approximately $1.5 billion USD and RMB 3.5 billion under management, the company invests in both early-stage startups and growth-stage companies, focusing on three key areas: Internet+, AI+, and Global+. Their portfolio spans across various sectors, including media and entertainment, consumer services, enterprise, finance, retail, transportation, housing, education, and healthcare. Since its inception, Source Code Capital has successfully partnered with nearly 150 leading Chinese technology founders, such as Bytedance and Meituan. The firm offers a comprehensive range of post-investment services, mentorship, resources, and global perspectives to support its portfolio companies and their founders.
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Past deals in HoReCa
Guduwai Chinese Hamburger
Series A in 2025
Guduwai Chinese Hamburger is a brand of Hunan Guduwai Catering Management. It combines traditional pastry craftsmanship with modern hamburger forms.
Xiweiying Dumplings and Claypots
Series A in 2025
Xiweiying Dumplings and Claypots is a Chinese fast food brand which provides customers with a healthy and delicious dining experience
Volcan Craft
Series B in 2020
Volcan Craft, also known as Shanghai Kaishan Wine Co., Ltd., is a liquor brand established in 2017 and headquartered in Shanghai, China. The company focuses on producing and selling a variety of alcoholic beverages, catering primarily to the tastes of young consumers. Volcan Craft employs a hybrid business model that combines both online and offline sales channels to enhance accessibility and engagement with its target market. Through its innovative approach, the brand aims to establish a strong presence in the competitive liquor industry.
Keenon Robotics
Series B in 2019
Keenon Robotics develops and innovates commercial service robots for hospitality and other industries, including restaurants and catering. The company's robots automate routine tasks by deploying artificial intelligence, machine vision and machine learning to streamline workflows, reduce operating costs and improve efficiency.
Volcan Craft
Series A in 2019
Volcan Craft, also known as Shanghai Kaishan Wine Co., Ltd., is a liquor brand established in 2017 and headquartered in Shanghai, China. The company focuses on producing and selling a variety of alcoholic beverages, catering primarily to the tastes of young consumers. Volcan Craft employs a hybrid business model that combines both online and offline sales channels to enhance accessibility and engagement with its target market. Through its innovative approach, the brand aims to establish a strong presence in the competitive liquor industry.
Canyin Laoban Neican
Series A in 2016
Canyin Laoban Neican is a platform for the operation and management of catering enterprises. They provide systematic knowledge services for catering experts. They offer course modules such as store operation courses and product practical courses that endow catering operators with multi-dimensional capabilities such as data capabilities, product capabilities, operation management capabilities, brand capabilities, supply chain capabilities, and chain operation capabilities, and provide community connections, in-depth consultation, and innovative services.
Jiaoer Waimai
Series A in 2014
Fast Food Chain Focused on Sichuan Cuisine
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