DCM Ventures

DCM (also known as DCM Ventures) is a venture capital firm located in Silicon Valley, Tokyo and Beijing. It has approximately $4.2 billion under management.[1] DCM was the first Silicon Valley firm to invest in the early-stage technology sector in China, beginning in 1999.[1] Since 2019, DCM has had seven initial public offerings, which include Bill.com (NYSE: BILL), BlueCity (NASDAQ: BLCT), Freee (TYO: 4478), Life360 (ASX: 360), Sansan (TYO: 4443), UCloud (SHA: 688158), and VisasQ (TYO: 4490).[2] DCM has over $200 billion in enterprise value. [1]

DCM Ventures
private
Founded1996
FoundersDavid Chao and Dixon Doll
HeadquartersSilicon Valley, Tokyo and Beijing
Websitewww.dcm.com

History

DCM (formerly Doll Capital Management) was co-founded in 1996 as an investment firm targeting early-stage companies[3] by David Chao and Dixon Doll.[1][4] It now has operations in Silicon Valley, Tokyo and Beijing.[5][6] The company has mostly invested in start-ups in the U.S., China, Japan and South Korea[7][8][3] but does have additional investments in Europe, the Middle East and Latin America.[9]

DCM general partners include David Chao and Jason Krikorian in the U.S.; Hurst Lin and Ramon Zeng in China; and Osuke Honda in Japan.[2][10] Additional investment partners include Kyle Lui in the U.S. and Ray Zhao in China. [2]

Funds

In 2020, DCM raised $880 million for its global family of investment funds. [1] The committed capital includes $780 million for DCM IX, its largest global fund to date, and $100 million for its third A-fund dedicated to global seed-stage investments.[11][12] Since its last fund, DCM has had 17 liquidity events, including Careem (acquired by Uber), Pony.ai, Wrike and Musical.ly (now TikTok).[11]

In 2016, DCM raised $770 million for its investment funds.[13] The firm runs a flagship fund for early-stage companies, a growth-stage investment fund (its Turbo Fund),[14] and the A-Fund, an Android-focused VC fund that targets mobile and emerging platforms from early stage companies.[3] In total, it has about $3.5 billion under management.[5] Between 2013 and 2016, DCM returned $1.5 billion to its investors in profit upon exits from various investments previously under management.[15]

Investments
  • 51Job
  • 58.com
  • Bill.com
  • BlueCity (also known as Blued)
  • BitAuto
  • Brigit
  • Careem (acquired by Uber)
  • Dangdang
  • DocSend
  • DXY
  • Eaze
  • Figure
  • Folio
  • Fortinet
  • Freee
  • Happy Elements
  • hims & hers
  • Houchebang (formerly ManBang)
  • Kakao Talk
  • Kuaishou
  • Lime
  • Maimai
  • Matterport
  • Musical.ly (now TikTok)
  • Origin
  • Peco
  • Plenty
  • Pony.ai
  • Sansan
  • Shift
  • SigFig
  • Sling Media
  • SoFi
  • TanTan
  • Tempo (formerly Pivot)
  • Tuniu
  • UCloud
  • UJET
  • Uxin
  • Vipshop
  • Wrike
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References
  1. Yilun Chen, Lulu; Wang, Selena (2020-07-08). "VC Fund Backing Firms Worth $206 Billion Eyes China Startups". Bloomberg. Retrieved 2020-07-30.
  2. "DCM Closes Latest Global Funds, at $880M". finSMEs. 2020-07-08. Retrieved 2020-07-30.
  3. "DCM Ventures raises $770 million for its early-stage, flagship, and growth funds". 14 July 2016.
  4. https://www.bizjournals.com/sanjose/blog/techflash/2015/10/vc-david-chao-on-unicorn-reckoning-why-sofis.html
  5. Levy, Ari (21 December 2015). "This tech VC is increasingly bullish on China".
  6. Kazer, William (21 November 2014). "DCM China's Hurst Lin Takes Evangelical Approach to Investment".
  7. Fannin, Rebecca. "DCM's Deal In Korean Crowdfunding + Platform Showcases Asian Innovation".
  8. Fannin, Rebecca. "Korea's Social Messaging App Kakao Raises Bar for Tech Startups in Asia".
  9. "DCM Ventures to raise $100m Android Fund III - DealStreetAsia". www.dealstreetasia.com.
  10. "DCM Ventures: Current Team". Crunchbase. Retrieved 2020-07-30.
  11. Chowdhry, Amit (2020-07-14). "DCM Closes $880 Million For New Funds". Pulse 2.0. Retrieved 2020-07-30.
  12. Geron, Tomio (2020-07-14). "WSJ PRO VENTURE CAPITAL NEWSLETTER: DCM Gathers $880 Million for Funds; How Silicon Valley Leaned on PPP; Foghorn Therapeutics Forms $425 Million Pact With Merck". The Wall Street Journal.
  13. Geron, Tomio (14 July 2016). "DCM Ventures Raises $770M for Three New Funds" – via www.wsj.com.
  14. Fannin, Rebecca. "New DCM and IDG Funds Show That China Still Has That Coolness Factor".
  15. "DCM just raised a new $500 million fund — after returning $1.5 billion to its investors – TechCrunch". techcrunch.com.
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