Venture capital firm DCM has raised $330m for its seventh fund, which has now held a final close above its $250m target.
Together with DCM Fund VII, the firm now has more than $2.5bn of capital under management.
DCM, which has offices in Menlo Park, Beijing and Tokyo, invests in the mobile, digital media, e-commerce, and consumer and enterprise services sectors in the US, China and Japan.
In July last year AltAssets reported that DCM had launched a new fund with a $250m target, three years after closing the previous vehicle on $400m.
DCM co-founder and general partner David Chao said, “DCM continues to gain momentum because of our differentiated global investment strategy, and we believe that the next 18 months will feature a continued string of successful exits for our portfolio companies.
“We’re positioned extremely well for the next technology cycle as transformative forces like the Internet of things and global mobile adoption accelerate opportunities on both sides of the Pacific Rim.”
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