The Chinese subsidiary of Sequoia Capital will reportedly secure $9 billion for four new funds. They will be distributed to support fintech and cryptocurrency startups in China.
- The venture capital firm’s fundraiser will surpass the company’s initial target of $8 billion, according to a coverage by The Information. If completed, the amount would become the largest ever raised by a single VC firm to invest in Chinese ventures.
- The four funds include a seed for early stage investments, a venture fund for mid to late stage entities and two funds focused on mature private companies.
- Despite a significant drop in the cryptocurrency market and a complete ban on all digital asset operations in the country, the multi-billion initiative reflects the growing consumer demand for tech investments in China.
- Sequoia Capital is known for financially backing several cryptocurrency organizations in recent times. Earlier this year, the VC firm led a $450 million funding round for Ethereum Layer 2 scaling solution Polygon.
- Soon after, it announced a new $500-$600 million sub-fund 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, with a further commitment to the Indian and Southeast Asian markets.
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