VC Fund Backing Firms Worth $206 Billion Eyes China Startups

DCM’s Chao leverages Chinese, Japanese roots for investments
New $880 million fund attracts U.S. investors and SoftBank

Watch: David Chao, co-founder and general partner of DCM Ventures, discusses the opportunities he sees in U.S. and Asia.(Source: Bloomberg)

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By Lulu Yilun Chen and Selina Wang

July 7, 2020 at 10:00 PM UTC

Updated on

July 8, 2020 at 11:30 AM UTC

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David Chao, a venture capitalist who has been on the ground floor of Asian companies worth a combined $206 billion, has raised money for a new fund with a China focus, a sign that rising U.S.-China tensions aren’t turning off foreign investors.

DCM Ventures, which has the backing of SoftBank Group Corp. and Japanese e-commerce giant Rakuten Inc., attracted $880 million from investors including U.S. endowments and pension plans, along with European firms.