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 Restaurants
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
Pivos Burger
Series B in 2024
Pivos Burger has consistently prioritized the e-sports sector and is dedicated to developing an innovative business model that merges fast food, specifically burgers, with e-sports culture. At present, the company has established over 100 locations nationwide, drawing in more than 20 million customers annually.
Tustin
Seed Round in 2023
Tustin focuses on "hand-rolled and grilled" items such as spicy chicken drumsticks and grilled pineapple burgers.
Chen Xianggui
Series B in 2022
Chen Xianggui is a catering brand and servicer that makes Lanzhou ramen and snacks, braised beef skewers, mutton, and other products.
Tustin
Seed Round in 2021
Tustin focuses on "hand-rolled and grilled" items such as spicy chicken drumsticks and grilled pineapple burgers.
Xi Jie Fried String
Series A in 2021
Xi Jie Fried String is a type of catering enterprise integrating catering chain, food research & production, marketing, and brand building.
Meituan
Venture Round in 2016
Meituan is a Beijing-based Chinese technology platform that combines on-demand food delivery, local commerce, and social shopping. It retails and delivers Chinese food from local restaurants online and operates a social commerce website offering online group discounts for food, groceries, tickets, and other services, including entertainment and health/fitness sectors. Meituan is described as the largest food delivery platform in China, with a market share of roughly 60-70% in 2024 according to Morningstar estimates. In the third quarter of 2024, about 74% of revenue came from the core local commerce segment, encompassing on-demand food delivery, retail and in-store services such as visits to beauty and entertainment venues after purchasing deals, and hotel and travel booking, while the remaining 26% came from newer initiatives like Meituan Select and overseas food delivery. The company originated as Meituan Group in 2010, became Meituan-Dianping in 2015, and rebranded to Meituan in 2020.
Jiaoer Waimai
Series A in 2014
Fast Food Chain Focused on Sichuan Cuisine
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