DCM Ventures

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

DCM (also known as DCM Ventures) is a venture capital firm located in Silicon Valley, Tokyo and Beijing. DCM was one of the first venture capital firms to invest in the early-stage technology sector in China, beginning in 1999.[1] It has increasingly shifted away from Chinese investments due to US sanctions against China.[2]

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.[10] Kyle Lui is an additional investment partner in the U.S.[10]

Funds

In 2021, Business Insider revealed that DCM's 2014 flagship fund is set to generate $10 billion and a 30x return multiple, making it one of the top performing venture funds in recent history.[11]

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.[12][13] Since its last fund, DCM has had 17 liquidity events, including Careem (acquired by Uber), Pony.ai, Wrike and Musical.ly (now TikTok).[12]

In 2016, DCM raised $770 million for its investment funds.[14] The firm runs a flagship fund for early-stage companies, a growth-stage investment fund (its Turbo Fund),[15] 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.[16]

References

  1. ^ a b c Yilun Chen, Lulu; Wang, Selena (2020-07-08). "VC Fund Backing Firms Worth $206 Billion Eyes China Startups". Bloomberg. Archived from the original on 2020-07-22. Retrieved 2020-07-30.
  2. ^ Griffith, Erin (2024-02-21). "Silicon Valley Venture Capitalists Are Breaking Up With China". The New York Times. ISSN 0362-4331. Archived from the original on 2024-02-22. Retrieved 2024-02-22.
  3. ^ a b c "DCM Ventures raises $770 million for its early-stage, flagship, and growth funds". 14 July 2016. Archived from the original on 17 March 2018. Retrieved 17 March 2018.
  4. ^ "DCM venture capitalist David Chao on unicorn reckoning, why SoFi's different and passing up Alibaba - Silicon Valley Business Journal". Archived from the original on 2017-02-05. Retrieved 2018-03-17.
  5. ^ a b Levy, Ari (21 December 2015). "This tech VC is increasingly bullish on China". CNBC. Archived from the original on 17 March 2018. Retrieved 17 March 2018.
  6. ^ Kazer, William (21 November 2014). "DCM China's Hurst Lin Takes Evangelical Approach to Investment". Wall Street Journal. Archived from the original on 17 March 2018. Retrieved 17 March 2018.
  7. ^ Fannin, Rebecca. "DCM's Deal In Korean Crowdfunding + Platform Showcases Asian Innovation". Forbes. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
  8. ^ Fannin, Rebecca. "Korea's Social Messaging App Kakao Raises Bar for Tech Startups in Asia". Forbes. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
  9. ^ "DCM Ventures to raise $100m Android Fund III – DealStreetAsia". www.dealstreetasia.com. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
  10. ^ a b "DCM Closes Latest Global Funds, at $880M". finSMEs. 2020-07-08. Archived from the original on 2020-07-22. Retrieved 2020-07-30.
  11. ^ Cheng, Candy (July 2, 2021). "VC firm DCM quietly blows out its top tier competitors by generating 30x fund returns. Its secret: Not drinking the Silicon Valley 'Kool-Aid.'". Business Insider. Archived from the original on July 20, 2021. Retrieved July 19, 2021.
  12. ^ a b Chowdhry, Amit (2020-07-14). "DCM Closes $880 Million For New Funds". Pulse 2.0. Archived from the original on 2020-07-22. Retrieved 2020-07-30.
  13. ^ 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.
  14. ^ Geron, Tomio (14 July 2016). "DCM Ventures Raises $770M for Three New Funds". Wall Street Journal. Archived from the original on 17 March 2018. Retrieved 17 March 2018 – via www.wsj.com.
  15. ^ Fannin, Rebecca. "New DCM and IDG Funds Show That China Still Has That Coolness Factor". Forbes. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
  16. ^ "DCM just raised a new $500 million fund — after returning $1.5 billion to its investors – TechCrunch". techcrunch.com. 14 July 2016. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
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