DCM Newsletter — Q1 2021
DCM is proud to stand up and speak out to #StopAsianHate. Together with other Silicon Valley leaders, we raised $5M for organizations like StopAAPIHate.org. To learn more about what fighting racial injustice means to DCM, read more here.
Inside DCM’s Record IPO Streak
In the past two years, DCM has had 14 combined IPOs and SPAC deals come out of its portfolio, including Kuaishou, Bill.com and Freee (JP). Kyle Lui spoke with Crunchbase News about our recent record IPO success.
Kuaishou goes public, results in $12B return for DCM
Congratulations to Kuaishou (HKEX:1024) on completing one of the largest IPOs in recent history, closing up 161% and a US$180B market cap. DCM led the Series B in 2014 and is the largest international VC investor in the company, with Hurst Lin continuing to serve as a board member.
Matterport announces plans to go public in $2.9B deal
Matterport, the leading digital transformation company for the built world, announced plans to go public through a merger with Gores Holdings VI in a $2.9B transaction. Matterport achieved a $100M revenue run rate in 2020 and grew its subscriber base 18x in the past two years. DCM led the Series B in 2014, with Jason Krikorian as a board member and Kyle Lui as a board observer.
Wrike acquired by publicly-traded, multinational software company
SaaS work management platform Wrike completed an acquisition by Citrix for $2.25B in an all-cash transaction. Jason Krikorian and Kyle Lui led DCM’s investment in Wrike’s Series B in 2015, and DCM continued to be a shareholder after the majority investment by Vista Equity Partners in 2019.
PlayStudios announces plans to go public
PlayStudios announced plans to go public through a merger with Acies Acquisition Corp in a $1.1B transaction. PlayStudios will be the first publicly listed mobile games company offering players real-world rewards. Jason Krikorian led DCM’s investment in the Series B in 2012.
Enovix announces plans to go public
Silicon lithium-ion battery maker Enovix announced plans to go public through a merger with RSVA Corp. The transaction is expected to raise $385M in cash and values Enovix at $1.1B. This will accelerate commercialization of Enovix’s advanced Li-ion battery technology, expected to be widely available by 2023. DCM led Enovix’s Series A in 2007 with Peter Moran as the initial board member.
DocSend acquired by DropBox
DocSend, the well-known secure document management platform, announced an acquisition by DropBox for $165M. DocSend experienced record growth last year as startup funding activity remained robust. DCM led the Series A-1 in 2018 with Kyle Lui as the board member.
Brigit announces $35M Series A round
Brigit, a holistic financial health app, raised $35M in Series A funding to expand its operations and business reach. To date, Brigit has helped over a million Americans save more than $250M in overdraft fees. DCM led Brigit’s seed round in 2018. The deal was sourced by David Cheng, with Jason Krikorian serving as a board observer.
