DCM Ventures


DCM is a venture capital firm located in Silicon Valley, Tokyo and Beijing. It has approximately $4.2 billion under management. DCM was the first Silicon Valley firm to invest in the early-stage technology sector in China, beginning in 1999. Since 2019, DCM has had seven initial public offerings, which include Bill.com, BlueCity, Freee, Life360, Sansan, UCloud, and VisasQ. DCM has over $200 billion in enterprise value.

History

DCM was co-founded in 1996 as an investment firm targeting early-stage companies by David Chao and Dixon Doll. It now has operations in Silicon Valley, Tokyo and Beijing. The company has mostly invested in start-ups in the U.S., China, Japan and South Korea but does have additional investments in Europe, the Middle East and Latin America.
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. Additional investment partners include Kyle Lui in the U.S. and Ray Zhao in China.

Funds

In 2020, DCM raised $880 million for its global family of investment funds. 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. Since its last fund, DCM has had 17 liquidity events, including Careem, Pony.ai, Wrike and Musical.ly.
In 2016, DCM raised $770 million for its investment funds. The firm runs a flagship fund for early-stage companies, a growth-stage investment fund, and the A-Fund, an Android-focused VC fund that targets mobile and emerging platforms from early stage companies. In total, it has about $3.5 billion under management. Between 2013 and 2016, DCM returned $1.5 billion to its investors in profit upon exits from various investments previously under management.

Investments