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DCM Ventures
DCM Ventures (commonly DCM, formerly Doll Capital Management) is an American venture capital firm headquartered in Menlo Park, California specializing in early-stage investments in private technology companies. The firm is regarded as one of the first American venture capital firms to invest in early-stage technology companies in Japan, China, South Korea, Southeast Asia, and other emerging markets, starting in 1999. As of 2025, the firm has approximately US$4.5 billion in assets under management.
Notable successful investments made by the firm include SoFi, Bill.com, Matterport, Kuaishou, Hims & Hers Health, Careem, TikTok (by way of Musical.ly), and Vipshop.
DCM was founded in 1996 by former Accel partner Dixon Doll, who launched the venture industry’s first telecom-focused fund while at Accel, and Japanese entrepreneur and executive David Chao, with an initial focus on early-stage investments in semiconductors and communications technology.
As internet penetration accelerated across emerging markets, DCM expanded its global operations and broadened its investment focus. The firm's expansion into Asia was led by Taiwanese-American Hurst Lin, co-founder and COO of Sina Corporation, one of China’s leading internet companies. Over time, the firm’s investment scope grew to include consumer internet and mobile platforms, e-commerce, enterprise software, financial technology, and AI-native applications.
DCM is known for its highly concentrated investment strategy, making only a select number of new investments each year.
The firm primarily invests in companies based in the United States, with additional activity in Japan, China, and South Korea, as well as selective investments in Latin America, the Middle East, and Europe.
Over its 30-year history, DCM has invested in 400+ technology companies, backing 35+ unicorns and generating over $200 billion in enterprise value. Notable outcomes include turning a $26.4M investment in Bill.com into nearly $1B, with a 33% stake at IPO, and a $50M investment in Kuaishou that grew to $12.5B at IPO, representing a return of over 2,000x.
DCM's portfolio includes a diverse range of companies across geographies and sectors. Some include:
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DCM Ventures
DCM Ventures (commonly DCM, formerly Doll Capital Management) is an American venture capital firm headquartered in Menlo Park, California specializing in early-stage investments in private technology companies. The firm is regarded as one of the first American venture capital firms to invest in early-stage technology companies in Japan, China, South Korea, Southeast Asia, and other emerging markets, starting in 1999. As of 2025, the firm has approximately US$4.5 billion in assets under management.
Notable successful investments made by the firm include SoFi, Bill.com, Matterport, Kuaishou, Hims & Hers Health, Careem, TikTok (by way of Musical.ly), and Vipshop.
DCM was founded in 1996 by former Accel partner Dixon Doll, who launched the venture industry’s first telecom-focused fund while at Accel, and Japanese entrepreneur and executive David Chao, with an initial focus on early-stage investments in semiconductors and communications technology.
As internet penetration accelerated across emerging markets, DCM expanded its global operations and broadened its investment focus. The firm's expansion into Asia was led by Taiwanese-American Hurst Lin, co-founder and COO of Sina Corporation, one of China’s leading internet companies. Over time, the firm’s investment scope grew to include consumer internet and mobile platforms, e-commerce, enterprise software, financial technology, and AI-native applications.
DCM is known for its highly concentrated investment strategy, making only a select number of new investments each year.
The firm primarily invests in companies based in the United States, with additional activity in Japan, China, and South Korea, as well as selective investments in Latin America, the Middle East, and Europe.
Over its 30-year history, DCM has invested in 400+ technology companies, backing 35+ unicorns and generating over $200 billion in enterprise value. Notable outcomes include turning a $26.4M investment in Bill.com into nearly $1B, with a 33% stake at IPO, and a $50M investment in Kuaishou that grew to $12.5B at IPO, representing a return of over 2,000x.
DCM's portfolio includes a diverse range of companies across geographies and sectors. Some include: