DCM closes second Android fund at $100m

The vehicle, A-Fund II, received commitments from existing LPs including Tencent Holdings, Gree and Naver, as well as new investors such as Baidu, Softbank Group, and Qualcomm.

The first $100 million A-Fund was raised in 2011 when the battle between Apple's iOS and Google's Android was just getting started. Portfolio companies include Augmedix, Freee, KakaoTalk, Kuaishou, Life360, Playstudios, Eaze and Yi Yak.

"When we raised the first A-fund in early 2011, Android was still a risky minor platform, but today it is the most dominant in terms of openness, innovation and units sold," said David Chao, co-founder and general partner at DCM, in a statement. "Our mission is to continue to find unique mobile-first startups in this ecosystem and explore next generation platforms in new services, virtual reality (VR), and wearables."

Like its predecessor, the geographic focus of the second fund will be in the US and Asia, with innovative early-stage mobile companies in other countries considered on an opportunistic basis. It will target areas such as social platforms, mobile server message block (SMB) and enterprise software-as-a-service (SaaS), and the internet-of-things ecosystem.

As of May, Android phones accounted for 79.4% of global shipment volumes, compared to iOS with 16.4%, according to consultancy IDC.

Operating in Silicon Valley, Beijing and Tokyo, DCM has more than $2.8 billion under management. It raised $330 million for its seventh fund in March last year. The VC firm then raised $170 million for the DCM Ventures China Turbo Fund, which makes follow-on investments in later-stage portfolio companies.

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