Image of DTCP managing partner Thomas Preuss courtesy of LinkedIn.
DTCP, the German investment manager affiliated with telecommunications firm Deutsche Telekom, has raised $450m for two funds.
The firm reached a $330m final close for its DTCP Growth Equity III Fund (GE III) and an initial closing of a separate B2B-focused early-stage fund, Incharge Capital, sized at $120m.
DTCP was spun out after Deutsche Telekom’s 16-year-old CVC unit, T-Venture, ceased operations in 2014. It backed over 60 digital transformation companies in Europe, Israel and North America. Formerly Deutsche Telekom Capital Partners, the acronym now stands for Digital Transformation Capital Partners to reflect its independent nature.
Incharge Capital is a joint initiative between DTCP and luxury automaker Porsche, which injected €100m ($107m). Founded in March 2024, it targets mobility and connectivity software startups.
GE III, on the other hand, was launched in 2022 with an initial target of $500m. It is anchored by Deutsche Telekom and backed by its Japanese peer, SoftBank, alongside unnamed others. DTCP Growth managing partner Thomas Preuss (pictured) told TechCrunch that the smaller size was due to “a very complicated market environment”.
Similar to GE I and GE II, the new growth fund will provide between $20m and $25m for 15 to 20 companies from series B to late stages. The predecessors invested about $408m in 33 enterprise software companies based in Europe, Israel, the US and Asia, 14 of which were acquired or became public.
AI-based customer experience platform Cognigy.AI and generative AI-equipped business software provider Cohere are among GE III’s four investments made to date. The portfolio is filled out by Quantum Systems, which aggregates aerial data through AI multisensors, and Anecdotes, a company that helps with risk management and compliance.
