DCM Ventures

DCM Ventures

Company type	private company
Industry	Venture Capital
Founded	1996; 29 years ago (1996)
Founders	David Chao and Dixon Doll
Number of locations	Silicon Valley, Tokyo and Beijing
Website	www.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]

History

DCM (formerly Doll Capital Management) was co-founded in 1996 as an investment firm targeting early-stage companies[2] by David Chao and Dixon Doll.[1][3] It now has operations in Silicon Valley, Tokyo and Beijing.[4][5] The company has mostly invested in start-ups in the U.S., China, Japan and South Korea[6][7][2] but does have additional investments in Europe, the Middle East and Latin America.[8]

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.[9] Kyle Lui is an additional investment partner in the U.S.[9]

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.[10]

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 early-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.[2] In total, it has about $3.5 billion under management.[4] Between 2013 and 2016, DCM returned $1.5 billion to its investors in profit upon exits from various investments previously under management.[15]

References

1. 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. "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.
3. "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.
4. 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.
5. 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.
6. 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.
7. 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.
8. "DCM Ventures to raise $100m Android Fund III – DealStreetAsia". www.dealstreetasia.com. Archived from the original on 2018-03-17. Retrieved 2018-03-17.
9. "DCM Closes Latest Global Funds, at $880M". finSMEs. 2020-07-08. Archived from the original on 2020-07-22. Retrieved 2020-07-30.
10. 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.
11. 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.
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". Wall Street Journal. Archived from the original on 17 March 2018. Retrieved 17 March 2018 – via www.wsj.com.
14. 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.
15. "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.