DCM closes China VC Fund at $330m

The fund, which was launched in July, will invest in the technology, media and telecom (TMT) industry, including internet, mobile, cloud computing, and consumer-related start-ups. The US dollar-denominated fund will also support high-technology firms in the US and Japan.

"We not only specialize in finding good investment opportunities and outstanding entrepreneurs, but also help our portfolio companies raise funds from other investors," said Hurst Lin, a general partner at DCM. "Our US- and Japan-based teams lended a lot of support in the latest $120 million financing round for Wandoujia."

The Series B round for mobile app platform Wandoujia took place in January and was led by Softbank Corp. Existing investors Innovation Works Development Fund (IWDF) also participated in the round alongside DCM.

Lin added that DCM's other portfolio investments - including 58.com, Tuniu.com and renren.com - had also been successful in raising follow-up rounds amid a competitive fundraising environment.

Tuniu.com, a Chinese online travel tour provider, received a $60 million Series D round of funding from Temasek Holdings and existing backer DCM in September. Online marketplace 58.com , meanwhile raised $187 million in an US IPO in October.

DCM raised $400 million for its previous vehicle, which also invests in China, the US and Japan.

Founded in 1996 by David Chao and Dixon Doll, DCM operates offices in Sillicon Valley, Beijing and Tokyo with more than $2 billion assets under management. It has currently invested in over 40 companies in China, and exited 11 investments through IPO and trade sales.

Those companies include Vipshop.com, 58.com, renren.com, Yiche.com, Dangdang.com, 51job.com and Shanghai Luxin Packing Materials Science & Technology.

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• Topics
• Greater China
• Fundraising
• Venture
• China
• Fundraising
• TMT
• DCM-Doll Capital Management
• Venture