The venture capital arm of Deutsche Telecom, a German telecommunications company, Digital Transformation Capital Partners (DTCP), has reached the first close of its fresh $300 million fund.
- The fund is investing in tech-focused industries including cybersecurity, artificial intelligence, fintech, and web3, the VC claims.
- The fund, Growth Fund Equity III launched in March has raised capital from Deutsche Telecom and Softbank, a Japanese conglomerate, alongside institutional investments from pension funds and family offices.
- The fund will continue to raise capital and it looks to close new rounds of investments in 2023, according to the venture capital firm.
- Digital Transformation Capital Partners deploys cheques of $20 to $25 million for up to 25 equity investments in early to growth-stage startups in the US, Europe, and Israel. It recently invested $15 million in Cognigy.ai, a conversational startup.
- Softbank, an investor in the fund round, has about $419 billion in assets under management and backs sectors including crypto startups. Its portfolio includes Accelbyte, Blinkit, ByteDance, Cameo, Candy, Cars24, Cerebral, CityBlock, Cloudbeds, and Coupang among others.