# DST: portfolio, investments and team

> DST is a growth equity. 16 investments on record, 3 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/dst (Millionrounds; every figure on the page links to its filing or article)

[Investor](https://millionrounds.com/investors)

# DST

Last cheque observed Sep 2026; 16 cheques on record.

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Growth equity Deploying now

Series B Series D Series E

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Deploying now

**75%** of best year **3** **cheques in 12 months**, 16 on record

Since the last cheque **57** days **00** hrs **00** min **00** sec

Median round **$215M** Rounds led **2 of 16** Sole investor **1 rounds** Mostly in **United States, 53%**

Pitch DST

## DST highlights

- 01 3 cheques in the last 12 months
- 02 Mostly Series B and Series D: 56% of its rounds
- 03 Sole investor in 1 rounds, median $110M

## What they do

- **Type:** Growth equity (from a list, unverified)
- **Cheque size:** Not stated
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **16 appearances**

- **2026** 2 rounds
- **Sept** **[Cognition](https://millionrounds.com/company/cognition)** Series E · US · TechCrunch **$2.0B** With 18 others
- **Jan** **[OpenEvidence](https://millionrounds.com/company/openevidence)** Series D · US · Crunchbase News **$250M** *Led*
- **2025** 3 rounds
- **Nov** **[Cursor](https://millionrounds.com/company/cursor)** Growth · US · Crunchbase News **$2.3B** With 6 others
- **Oct** **[Reflection AI](https://millionrounds.com/company/reflection-ai)** Series B · US · Crunchbase News **$2.0B** With 13 others
- **Sept** **[Periodic Labs](https://millionrounds.com/company/periodic-labs)** Seed · TechCrunch **$300M** With 10 others
- **2019** 3 rounds
- **Dec** **[Jow](https://millionrounds.com/company/jow)** FR · TechCrunch **$7.0M** With 5 others
- **Mar** **[Shuidi](https://millionrounds.com/company/shuidi)** Series B · CN · AVCJ **$74M** With 5 others
- **Jan** **[Acorns](https://millionrounds.com/company/acorns)** Series E · US · Businessinsider **$105M** With 6 others
- **2018** 3 rounds
- **Dec** **[Swiggy](https://millionrounds.com/company/swiggy)** IN · TechCrunch **$1.0B** With 5 others
- **Nov** **[Meesho](https://millionrounds.com/company/meesho)** IN · TechCrunch **$50M** With 6 others
- **Mar** **[Chehaoduo](https://millionrounds.com/company/chehaoduo)** CN · China Money Network **$818M** With 8 others
- **2017** 5 rounds
- **Oct** **[Chehaoduo](https://millionrounds.com/company/chehaoduo)** CN · China Money Network **$180M** With 6 others
- **Sept** **[Flexport](https://millionrounds.com/company/flexport)** Series C · US · TechCrunch **$110M** Sole investor
- **Jun** **[ScriptDash](https://millionrounds.com/company/scriptdash)** Series B · US · TechCrunch **$23M** With 4 others
- **Apr** **[MarcoPolo Learning](https://millionrounds.com/company/marcopolo-learning)** US · VentureBeat **$8.5M** With 1 other
- **Mar** **[Ofo](https://millionrounds.com/company/ofo)** Series D · CN · TechCrunch **$450M** *Led*

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The cheque

Series B Series D Series E

Median round joined **$215M** the round, not its cheque Alone, median **$110M**

Led 2 of 16 rounds **13%**

- **Sole investor:** 1 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Series B *3*
- Series D *2*
- Series E *2*
- Seed *1*
- Growth *1*

Cheques by month Led Joined

Dec 2023 Nov 2026

Often in the room with

- [NVIDIA](https://millionrounds.com/fund/nvidia) 5
- [Coatue](https://millionrounds.com/fund/coatue-management) 4
- [Sequoia Capital](https://millionrounds.com/fund/sequoia-capital) 4
- [Accel](https://millionrounds.com/fund/accel) 3
- [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) 3
- [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) 3

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## Who they invest alongside

The investors most often in the same rounds as DST. A count of rooms they were both in, not a relationship either has claimed.

[**NVIDIA** Company **5** rounds together](https://millionrounds.com/fund/nvidia)[**Coatue** VC firm **4** rounds together](https://millionrounds.com/fund/coatue-management)[**Sequoia Capital** VC firm **4** rounds together](https://millionrounds.com/fund/sequoia-capital)[**Accel** VC firm **3** rounds together](https://millionrounds.com/fund/accel)[**Andreessen Horowitz** VC firm **3** rounds together](https://millionrounds.com/fund/andreessen-horowitz)[**Lightspeed Venture Partners** VC firm **3** rounds together](https://millionrounds.com/fund/lightspeed-venture-partners)[**BlueRun Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/bluerun-ventures)[**Eric Schmidt** Company **2** rounds together](https://millionrounds.com/fund/eric-schmidt)[**GIC** Private equity **2** rounds together](https://millionrounds.com/fund/gic)[**Kleiner Perkins** VC firm **2** rounds together](https://millionrounds.com/fund/kleiner-perkins)[**Y Combinator** Accelerator **2** rounds together](https://millionrounds.com/fund/y-combinator)

## Recently backed

The latest companies DST put money into.

[**Cognition** $2.0B · Sept 2026](https://millionrounds.com/company/cognition)[**OpenEvidence** $250M · Jan 2026](https://millionrounds.com/company/openevidence)[**Cursor** $2.3B · Nov 2025](https://millionrounds.com/company/cursor)[**Periodic Labs** $300M · Sept 2025](https://millionrounds.com/company/periodic-labs)[**Jow** $7.0M · Dec 2019](https://millionrounds.com/company/jow)[**Acorns** $105M · Jan 2019](https://millionrounds.com/company/acorns)

## Quick answers about DST

### What does DST invest in?

DST invests most often at Series B and Series D (56% of the rounds on record).

### How active is DST?

16 investments on record, 3 of them in the last 12 months, and it led 2. The most recent was in Sept 2026.

### What has DST invested in recently?

Its most recent investments on record: Cognition (Series E, Sept 2026), OpenEvidence (Series D, Jan 2026) and Cursor (Growth, Nov 2025).

### How big are DST's cheques?

The median round it joins is $215M.

### Does DST lead rounds?

Sometimes: it led 2 of its 16 investments on record (13%).

### Where does DST invest?

Most of the companies it backs are in the United States (53%), China (27%) and India (13%).

### Is DST investing now?

Yes: it is actively investing, with 3 investments in the last 12 months.

### Who does DST invest alongside?

Most often NVIDIA (5 rounds together), Coatue (4 rounds together) and Sequoia Capital (4 rounds together).

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