Sequoia Capital's new $9 billion fund surpassed the original target of $8 billion.
Sequoia Capital’s Chinese subsidiary will reportedly secure $9 billion for four new funds. Those will be distributed towards supporting fintech and cryptocurrency startups in China.
According to a coverage by The Information, the venture capital firm’s fundraiser will surpass the company’s initial target of $8 billion. If accomplished, the amount will become the largest capital ever raised by a single VC firm to invest in Chinese enterprises.
The four funds include a seed one for early-stage investments, a venture fund for mid to late-stage entities, and two funds focused on mature private companies.
The multi-billion initiative displays an increasing consumers demand for tech investments in China, despite the significant decline of the cryptocurrency market and the total ban of all digital asset operations in the country.
Sequoia Capital is known for financially backing multiple cryptocurrency organizations in the recent past. Earlier this year, the VC firm led a $450 million financing round for the Ethereum layer 2 scaling solution Polygon.
Shortly after, it announced a new sub-fund of $500-$600 million that will focus on investing in digital assets.
Last month, Sequoia Capital launched two additional funds – one for $2 billion and another for $850 million. The main focus of the initiatives is the Web3 ecosystem, as well as a further commitment to the Indian and Southeast Asian markets.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.