German VC firm DTCP opens Korea office

It follows the close of the firm's second early to growth-stage fund in June at $350 million with LP support from Deutsche Telekom and SK Telecom, as well as HarbourVest Partners, Neuberger Berman, and electronics manufacturer Zeiss. Investments will focus on enterprise software and digitization.

DTCP described Korea as an ideal hub for accessing the broader region and said the Seoul office was part of a long-term Asia plan. China and Japan were positioned as priority markets. It is DTCP's third overseas base after Silicon Valley and Tel Aviv, both established shortly after the firm's inception in 2015.

Dillon Seo, a serial technology entrepreneur with a strong background in virtual reality start-ups, has been recruited as Korea country manager. "Our global team will work closely with the Seoul team, and we look forward to the first-hand market insight that will be gained through this expansion," Jack Young, DTCP's head of VC in the US, said in a statement.

DTCP claims to have $1.7 billion in assets under management. The firm has invested more than $400 million to date in around 60 portfolio companies across Europe, the US, and Israel, with a focus on technology, media and telecommunications segments such as 5G internet services. Its first fund was set up in 2015 with EUR500 million ($556 million).

Korea's traditionally insulated start-up space is expected to expand in the medium term as commercialization strategies internationalize and business models become more sophisticated. Recent momentum in the ecosystem includes fund launches by 500 Startups and SparkLabs, and BonAngels Venture Partners raising $50 million for its third vehicle.     

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