DCM Ventures

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]

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

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]