Venture Funding

DCM Promotes Two New Partners

SAN FRANCISCO — Venture capital firm DCM, formerly Doll Capital Management, has promoted Kyle Lui in the U.S. and Ray Zhao in China, to Partner. With these new additions, DCM now has seven partners across its three geographic locations in China, the U.S., and Japan.

Before joining DCM in 2014, Lui was co-founder and CEO of ChoicePass which was acquired by SalesForce. At DCM, Lui has focused on early stage consumer internet, enterprise software and financial technology investments. During 2018, Lui was deeply involved with three exits: BitTorrent, Wrike and Tapingo. During his time at DCM, Lui has also been an early investor in rapidly growing technology companies, including Lime. In 2014, Lui sourced Eaze, where DCM led the seed and Series A rounds, becoming the first Silicon Valley firm to invest in the cannabis technology space. As Partner, Lui will further tap his international experience and pursue investments in next generation financial services, micro-mobility & future of urbanization and vertical SaaS.

“Our newest partners represent the next generation of great investors at DCM,” said David Chao, co-founder of DCM and general partner. “Kyle has a knack for connecting with a wide array of entrepreneurs which has extended DCM’s investment segments over the years.”

Zhao, who joined DCM in 2014, has also been promoted to Partner in China. Zhao has more than 10 years of investing experience; before joining DCM he worked at Tencent Investment, the investment arm of the Internet giant in China, where he worked on a variety of investments from early-stage to late-stage companies, from both strategic and financial perspectives. Before joining Tencent, he worked as a venture capital investor at Ventech Capital and an investment banker at China Renaissance. Most recently, Zhao sourced and was deeply involved with DCM’s early investment in Houchebang (now ManBang), which SoftBank Vision Fund invested at a $6 billion valuation. Other key market leading investments for Zhao include BestSign, TKing, ZhaoYou and YaoShiBang. As Partner, Zhao will continue to focus on B2B software and marketplace investments.

Founded in 1996 by David Chao and Dixon Doll, DCM has offices in Silicon Valley, Beijing and Tokyo with nearly $4 billion under management. The firm has 25 past and present companies valued above $1 billion and an aggregate enterprise value exceeding $100 billion. DCM has invested in more than 300 early stage technology companies across the United States and Asia,