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DFJ Growth closes $1bn growth fund, hires Justin Kao as partner

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Tech investor DFJ Growth has closed DFJ Growth IV with close to $1bn of investments.

The firm said the venture capital space had become very competitive due to escalated valuations driven by the abundant supply of new capital. The new fund will focus on growth-stage companies and has already invested in nine portfolio companies including Alchemy, Hopin and NotCo.

Randy Glein and Barry Schuler, co-founders and partners at DFJ Growth, said in a blog post, “We apply the same lens on ourselves as the entrepreneurs we back — bold vision, ambitious teams, and unwavering drive to succeed. While we are in the business of delivering outsized returns to our investors, we do so together with the mission of delivering real impact.”

DFJ Growth has also brought in venture capital investor Justin Kao as partner to develop the firm’s LifeTech focus to take advantage of the “tremendous opportunity for broad and sustained societal impact in the coming decade”.

Kao founded DFJ Growth’s portfolio company Helix.

Founded in 2005, DFJ Growth focuses on investing in high-growth tech companies. It has made 75 investments including SpaceX, Tesla, Twitter, Coinbase, Stripe and Unity.

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