13-02-2025
Early ByteDance Backer Halves Funding Goal as Startup Bets Cool
Source Code Capital, among the earliest backers of TikTok owner ByteDance Ltd., is halving its fundraising target to about $150 million due to less-than-expected investor interest, people familiar with the matter said.
The Beijing-based firm plans to scale back an original target of raising $300 million for a new US-dollar fund led by partner Samuel Huang, the people said, requesting not to be named discussing a private deal.
