Kaisi Chang

Partner, Source Code Capital
Kaisi Chang, a Cambridge‑trained engineer with private equity crossover, leads early- and growth-stage retail/OMO investments, authors research reframing retail via traffic and data systems, backing companies from Bytedance to Narwal.
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About Kaisi Chang

Kaisi Chang is a venture capital investor at Source Code Capital who specializes in new retail and OMO (online-merge-offline) investments, authoring the firm's flagship research reports that frame retail evolution through traffic management and data systems rather than traditional sales metrics. Unlike most investors who focus on either early-stage or growth-stage deals, Chang leads investments across both stages within the same retail verticals, combining his engineering and Cambridge doctorate background with cross-over private equity experience to support companies from platforms like Bytedance and Ke Holdings to consumer brands like usmile and Narwal.

About their Fund

Source Code Capital

Sectors
AI, Robotics, Chips, Energy, Consumer
Rounds
Seed - Series B+
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Source Code Capital is led by founding partner Yi (Charlie) Cao, an early seed investor in ByteDance and former Sequoia Capital China VP, and has built its reputation by backing China's defining super-platforms like ByteDance and Meituan extremely early in their development. The fund operates Code Class, a strategic alliance of 30+ leading Chinese New Economy companies and ~150 portfolio companies that functions as a cross-portfolio mentorship and deal-flow hub, while aggressively building AI-specific and embodied AI portfolios as one of China's go-to AI capital providers.

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