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.
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, established in 2010 and headquartered in Beijing, China, operates a comprehensive online platform offering retail and group buying services. It specializes in delivering Chinese food from local restaurants and provides online group discounts for a wide range of sectors, including movies, groceries, restaurants, entertainment, and health/fitness. As of 2020, Meituan holds a dominant 70.7% share in China's food delivery market. Its revenue streams are primarily derived from on-demand services (58%), hotel booking, coupon sales, and advertising (17%), with new initiatives contributing the remaining 25%. These new initiatives, such as community group buying and non-food delivery, are poised to transform Meituan into a broader grocer and logistics business, potentially surpassing food delivery as its primary focus.
Jiaoer Waimai
Series A in 2014
Fast Food Chain Focused on Sichuan Cuisine
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