DTCP Set to Invest in Web3 with $300 Million Fund Backed by SoftBank

European venture firm Digital Transformation Capital Partners (DTCP) announced the first close of its third fund, having raised $300 million. The fund will invest in Web3, fintech and several other areas, according to a company release on Tuesday. It plans to continue raising capital and close fundraising in 2023. DTCP is continuing to raise for the third fund and is expected to close in March 2023 with a target raise of $500 million and a hard cap of $600 million. Investing juggernaut SoftBank and German telecommunications company Deutsche Telekom are investors in the fund, per the release. DTCP started out as a venture arm for Deutsche Telekom. It’s since been spun out as independent company and invested in the likes of Auth0, Fastly and Guardicore. The venture firm currently has $2.3 billion assets under management and made over 70 investments, according to its website.