DCVC closes its fifth fund, its largest to date

San Francisco-based DCVC, an investor in deep tech, announced it has raised $725 million for its fifth main fund. The fund is more than three times the $234 million the firm raised for Fund IV in 2016. DCVC V is the firm’s largest vehicle to date and will back early-stage deep tech deals and later-stage opportunities from its portfolio. DCVC earlier this year raised about $208 million for its first biotech fund.

The firm, founded in 2011, also announced it has boosted its team by promoting Kelly Chen from principal to partner; adding Alan Cohen, formerly of Cisco, and Matt Michelsen, formerly of 8VC, as partners; and tapping Kate Reed as VP of marketing and communications.

Source: DCVC blog post