DTCP Announces Closing of its Venture and Growth Fund II
DTCP today announced the final closing of its second venture and growth fund, securing additional capital commitments from strategic partners SK Telecom and Zeiss as well as other institutional investors.
- Corporate sponsors SK Telecom and ZEISS have committed capital to DTCP’s second Venture and Growth Fund joining Deutsche Telekom, HarbourVest Partners, Neuberger Berman and other investors.
- The fund focuses on Enterprise Software-as-a-Service (SaaS) companies enabling digital transformation in: Cloud and Network Infrastructure, 5G/IoT, Digital Enterprise, Cybersecurity, Artificial Intelligence and Marketing Technology.
Hamburg, Germany / Menlo Park, United States / Herzliya, Israel – June 25, 2019 – DTCP announced today that it has secured additional capital commitments from two corporate sponsors for its second Venture and Growth Fund: SK Telecom, the largest mobile operator in Korea and front runner in the fields of mobile network, AI, IoT, media and platform services, and ZEISS, an internationally leading technology enterprise operating in the fields of optics and optoelectronics, headquartered in Germany. The new investors join Deutsche Telekom, HarbourVest Partners, Neuberger Berman private equity funds and others as Limited Partners (LPs) in the fund which boasts total commitments of USD 350 million and is now closed for further investors.
The fund looks to deploy tickets between USD 5 and 50 million into Enterprise SaaS companies that: (i) operate in the sectors Cloud and Network Infrastructure, 5G/IoT, Digital Enterprise, Cybersecurity, Artificial Intelligence, and Marketing Technology; (ii) typically feature annualized recurring revenues of USD 5 million or more and (iii) base their business model on strong underlying technology.
“In addition to Deutsche Telekom’s continued support and trust, we are delighted that two additional corporate sponsors have joined our existing investor base, contributing a substantial amount of capital. This is an important milestone in DTCP’s development from a single LP into a multi LP technology investment platform. Our first venture and growth fund’s track record since inception in 2015 has helped us attract top-tier corporate and financial investors, and we are delighted to welcome our new partners,” said Vicente Vento, cofounder and CEO of DTCP. “The larger-sized fund will enable us to increase our involvement with top-tier deep-tech software companies in our investment scope, and the new collaboration with SK Telecom will allow us to expand our geographic reach into Asia.”
DTCP has already deployed capital in five companies from its second-generation fund. It led the Series F financing in cloud platform company Fastly, which recently went public on the NYSE (FSLY), and joined financing rounds in employee communication and engagement platform Dynamic Signal, light-touch sales platform Pipedrive, cloud and data center security innovator Guardicore, as well as a US Web and mobile analytics company.
“Over the last few years digital transformation has massively accelerated in the enterprise segment around the world. We already had four successful exits from our first venture and growth fund portfolio,” said Jack Young, Head of Venture/Growth and Managing Partner at DTCP. “DTCP wants to continue to capitalize on this strong trend.”
DTCP invests across the capital structure through different funds and offers companies financial and advisory solutions tailored to their needs. It combines the best of two worlds: the agility, flexibility and entrepreneurial mindset of an autonomous investment vehicle with the strength, resources, and reach of powerful corporate sponsors.
DTCP believes in the disruptive power of technology and invests in the technology leaders of the connected world. DTCP operates as a bridge between Europe, Silicon Valley, and Israel, and is planning to open an office in Seoul (South Korea) during the course of 2019.
About SK Telecom
SK Telecom is the largest mobile operator in Korea with nearly 50 percent of the market share. As the pioneer of all generations of mobile networks, the company has launched the fifth generation (5G) network on December 1, 2018. The company is not only leading innovations in the field of mobile network but is also creating unprecedented value in areas such as media, security and commerce. In the Fourth Industrial Revolution, SK Telecom will inspire the world, building a future beyond expectations.
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ZEISS is an internationally leading technology enterprise operating in the fields of optics and optoelectronics. In the previous fiscal year, the ZEISS Group generated annual revenue totaling more than €5.8 billion in its four segments Industrial Quality & Research, Medical Technology, Consumer Markets and Semiconductor Manufacturing Technology (status: 30 September 2018). For its customers, ZEISS develops, produces and distributes highly innovative solutions for industrial metrology and quality assurance, microscopy solutions for the life sciences and materials research, and medical technology solutions for diagnostics and treatment in ophthalmology and microsurgery. The name ZEISS is also synonymous with the world's leading lithography optics, which are used by the chip industry to manufacture semiconductor components. There is global demand for trendsetting ZEISS brand products such as eyeglass lenses, camera lenses and binoculars. With a portfolio aligned with future growth areas like digitalization, healthcare and Smart Production and a strong brand, ZEISS is shaping the future far beyond the optics and optoelectronics industries. The company's significant, sustainable investments in research and development lay the foundation for the success and continued expansion of ZEISS' technology and market leadership. With approximately 30,000 employees, ZEISS is active globally in almost 50 countries with around 60 of its own sales and service companies, more than 30 production sites and around 25 development sites. Founded in 1846 in Jena, the company is headquartered in Oberkochen, Germany. The Carl Zeiss Foundation, one of the largest foundations in Germany committed to the promotion of science, is the sole owner of the holding company, Carl Zeiss AG.
DTCP is an investment management group with c. USD 1.7 billion assets under management and advisory from Deutsche Telekom and other corporate and institutional investors, and a portfolio of over 60 companies. The group is dedicated to providing venture and growth capital, private equity investments, and advisory services to the technology, media and telecommunication sectors. To learn more about DTCP, visit www.telekom-capital.com or @TelekomCapital on Twitter.