The European company Digital Transformation Capital Partners announced the closing of its third investment fund, which raised $300 million.
The fund will invest in Web3, fintech and a number of other technology industries. DTCP plans to continue raising capital and close the fundraiser in 2023 with a $500 million target and a cap of $600 million. Banking giant SoftBank and German telecommunications company Deutsche Telekom are key investors in the fund.
The venture firm now manages $2.3 billion in assets and has made more than 70 investments. The new fund aims to raise about 25 investments ranging from $20 million to $25 million for startups in growth stages, typically in series B to D. The fund is set to double its investments in tech companies in Europe, Israel and the US.
The news comes after SoftBank announced that it is exploring the possibility of launching a third venture capital fund. The Japanese bank has made a name for itself with significant investments in high-tech startups such as Slack, WeWork, Uber, and the launch of giant investment funds. SoftBank first launched the fund in 2017 (for $100 billion). In 2019, SoftBank launched a second fund (for $40 billion). However, SoftBank recently posted a $23.4 billion loss due to negative valuations for technology companies and foreign currency losses.
Recall that in March, Tokyo Softbank announced that it plans to open a trading platform through the Z Holdings group for the purchase and sale of non-fungible tokens (NFTs). In 2019, the SoftBank conglomerate, together with the American project Dynamics, introduced a new debit card with a built-in SBC Wallet Cards cryptocurrency wallet.
Source: Bits
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