DCM Newsletter — Q2 2021
DCM’s Global Approach with Business Insider
In the past 2 years, DCM has had 12 portfolio companies go public across the US, China and Japan. In particular, the Kuaishou IPO drove our 2014 Flagship Fund to become one of the top performing venture funds in recent times. David Chao and Kyle Lui recently spoke on behalf of DCM to Candy Cheng at Business Insider about our recent performance and global strategy.
SoFi goes public on Nasdaq
Congratulations to SoFi (Nasdaq: SOFI) on successfully going public! The company went public by merging with Chamath Palihapitiya’s SPAC (IPOE). Over the course of 9 years, DCM has witnessed SoFi expand from student loan refinance and become a one-stop shop for financial services. DCM co-led the Series B in 2012, and David Chao was an early board member.
Art19 acquired by Amazon
Art19, a leading provider of podcast hosting, distribution and ad serving technology, was acquired by Amazon and will be housed under Amazon Music. The acquisition will help Amazon Music expand its offerings and better serve podcasters. DCM co-led the Series A in 2017 with Jason Krikorian representing DCM on the board.
Figure reaches $3.2B valuation
Figure, the fintech company powered by blockchain to provide home equity release solutions, is now valued at $3.2B following the close of a $200M Series D round. Earlier this year, the company formed a SPAC that raised almost $290M in its public debut. DCM invested in Figure’s 2018 Series A and followed on in subsequent rounds with David Chao representing DCM on the board.
Amber Group achieves unicorn status
Global crypto finance service provider Amber Group raised $100M in Series B funding at a $1B valuation. With the funding, the company will continue to expand global operations and develop market solutions for crypto investors and companies. Amber Group manages about $1.5B of trading capital and expects revenue to hit $500M this year.
Tempo announces record $220M Series C round
Tempo, the AI-powered home gym, raised $220M in Series C funding. In the past year, sales have grown 10x, and the company has seen nearly 100% membership retention. DCM led the Series A in 2019 with Kyle Lui representing DCM on the board.
Mendel announces $18M Series A round
Clinical AI technology leader Mendel raised $18M in Series A funding. Since its platform became commercially available last year, the company’s revenue has increased 15x. To meet demand, Mendel plans to expand its headcount 4x by Q1 2022. DCM led the oversubscribed round with Kyle Lui representing DCM on the board. For an inside look into the investment, check out Kyle’s blog post.
Pawp announces $13M Series A round
The first digital veterinary clinic Pawp raised $13M in Series A funding. Pawp’s subscription app includes access to a 24/7 vet service, a $3,000 emergency fund and coverage of up to 6 pets in a single household. In the last year, the company saw an increased demand for its telehealth platform. DCM, led by Osuke Honda, invested in the 2019 seed round.
Metafy announces an additional $5.5M for its seed round
Metafy, the platform helping the world’s best gamers monetize their talent, raised an additional $5.5M to extend its seed round. Since its founding in May 2020, the company has grown consistently MoM and expects to hit $1M ARR this year. DCM, led by Osuke Honda, invested in the latest round.
Kuaishou hits 1B global MAUs
Short video social platform Kuaishou (HKEX: 1024) reached 1B global monthly active users (MAU). After going public earlier this year, the company continues to cement its place amongst China’s Internet Giants and other social media platforms. DCM is the largest international VC investor in the company and led the Series B in 2014 with Hurst Lin serving as an early board member.
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