DCM (also known as DCM Ventures) is a venture capital firm located in

Silicon Valley Silicon Valley is a region in Northern California that serves as a global center for high technology and innovation. Located in the southern part of the San Francisco Bay Area, it corresponds roughly to the geographical areas San Mateo County ...

Tokyo Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, with an estimated 37.468 ...

and

Beijing } Beijing ( ; ; ), alternatively romanized as Peking ( ), is the capital of the People's Republic of China. It is the center of power and development of the country. Beijing is the world's most populous national capital city, with over 21 ...

. 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 China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

, beginning in 1999. Since 2019, DCM has had seven initial public offerings, which include Bill.com (NYSE: BILL), BlueCity (NASDAQ: BLCT), Freee (TYO: 4478),

Life360 Life360 Inc. is a San Francisco, California–based American information technology company that provides location-based services, including sharing and notifications, to consumers globally. Its main service is called Life360, a family social n ...

(ASX: 360), Sansan (TYO: 4443), UCloud (SHA: 688158), and VisasQ (TYO: 4490). DCM has over $200 billion in enterprise value.

History

DCM (formerly Doll Capital Management) 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. Kyle Lui is an additional investment partner in the U.S.

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. 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 (acquired by Uber), Pony.ai, Wrike and Musical.ly (now TikTok). 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 (its Turbo 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

* 51Job * 58.com * Bill.com * BlueCity (also known as Blued) * BitAuto * Brigit *

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(acquired by Uber) *

Dangdang E-commerce China Dangdang Inc. (), known as Dangdang, is a Chinese electronic commerce company, founded by Peggy Yu and Li Guoqing in 1999. It is headquartered in Beijing and its main competitors are Amazon.cn (or Amazon China, formerly Joyo. ...

* DocSend (acquired by

Dropbox Dropbox is a file hosting service operated by the American company Dropbox, Inc., headquartered in San Francisco, California, U.S. that offers cloud storage, file synchronization, personal cloud, and Client (computing), client software. Dropb ...

) * DXY *

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* Figure * Folio *

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* Freee * Happy Elements * hims & hers * Houchebang (formerly ManBang) * Kakao Talk *

Kuaishou Kuaishou ( zh, c=快手, l=quick hand) is a users short video-sharing mobile app, a social network, and video special effects editor, based in Haidian District (Beijing), developed in 2011 by Beijing Kuaishou Technology, by engineers Hua Su (宿� ...

Lime Lime commonly refers to: * Lime (fruit), a green citrus fruit * Lime (material), inorganic materials containing calcium, usually calcium oxide or calcium hydroxide * Lime (color), a color between yellow and green Lime may also refer to: Botany ...

* Maimai * Matterport * Musical.ly (now

TikTok TikTok, known in China as Douyin (), is a short-form video hosting service owned by the Chinese company ByteDance. It hosts user-submitted videos, which can range in duration from 15 seconds to 10 minutes. TikTok is an international version ...

) * Origin * Peco * Plenty *

Pony.ai Pony.ai is an autonomous vehicle technology company co-located in Silicon Valley, Beijing, and Guangzhou. History The company was founded in December 2016 by James Peng and Tiancheng Lou who were formerly developers for Baidu in Silicon Valle ...

* Sansan * Shift * SigFig *

Sling Media Sling Media Inc. is an American technology company that develops placeshifting and Smart TV solutions for consumers, multiple-system operators and set top box manufacturers. The company is based in Foster City, California, and was a subsidiary of ...

SoFi Sofi may refer to: *Sofi (mascot), the Mascot for 2010 ISF Women's World Championship *Sofi Marinova (born 1975), Bulgarian singer SOFI may refer to: *Swedish Institute for Language and Folklore * Spray-On Foam Insulation, used on the Space Shutt ...

* TanTan * Tempo (formerly Pivot) *

Tuniu Tuniu Corporation () is a Chinese online travel agency. Products and services include packaged tours, accommodation reservation, airline and railway ticketing, car rentals, and corporate travel. The company listed on the Nasdaq Stock Exchange on M ...

* UCloud * UJET * Uxin *

Vipshop Vipshop () is a Chinese company that operates the e-commerce website VIP.com (formerly Vipshop.com) specializing in online discount sales. Vipshop is based out of Guangzhou, Guangdong, China, and was listed on New York Stock Exchange (NYSE) on Marc ...

Wrike Wrike, Inc. is an American project management application service provider based in San Jose, California. Wrike also has offices in Dallas, Tallinn, Nicosia, Dublin, Tokyo, Melbourne and Prague. History Wrike was founded in 2006 by Andrew File ...

References

{{reflist Venture capital firms of China 1996 establishments in California 1996 establishments in Japan 1996 establishments in China