The firm now appears to be going all in on artificial intelligence, with more than half of its new investments this year focused on the white-hot space.Under Settings > Company Branding, you can make Retail POS reflect your company's branding by setting a background and logo. And it put $800 million into Elon Musk's bid to takeover Twitter, though Fidelity estimated that Twitter is only worth a third of what Musk paid for it. The firm took a $213 million bath on its investment in FTX, the beleaguered crypto exchange. The selloff in the public markets has erased billions of dollars in value from Sequoia's public portfolio, according to an investigation by The Information. Sequoia Capital's ties to China has been one of several headaches for the venture giant in recent months. In the transition, the firm will build out a new back office to handle finance, tech, and compliance.Ī spokesperson for Sequoia Capital declined to comment. The news out of Sequoia China that it will now operate as a separate shop suggests that Shen can have his cake and eat it, too. Sequoia will continue to invest in European startups and just poached Julian Bek, a principal at Accel, to become its sixth London-based partner, Insider reported. Accel also operates separate funds for investing in India and Europe. By contrast, Lightspeed Venture Partners has a separate entity for raising funds and investing in India. Firms such GV and Index Ventures have investors around the world to scour for opportunities beyond Silicon Valley, but they mostly invest out of borderless funds that can invest anywhere, as opposed to geography-focused funds. VC firms structure their investments outside the US through two approaches.
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(Shen told Forbes that the firm's last $9 billion fund includes mostly "foreign money," with no funds coming from China.) And unlike some other global firms that had veto power over investments overseas, according to Bloomberg, Sequoia China had full autonomy to strike its own deals. He led the Sequoia China staff of 300 employees and spearheaded raising funds from investors.
Regulatory actions could make it harder in the future for American businesses to invest in Chinese companies.īut Shen was effectively already running his own shop. The speculation at the time was that tensions between the US and China made the top job out of reach for Shen. Then last summer, Botha got promoted to "senior steward" of the global firm, leaving Shen in charge of his fiefdom in Asia. He sits on the board of TikTok's parent company Bytedance - the world's most valuable startup at a valuation of $220 billion - and has backed Chinese unicorns Meituan and Pinduoduo.
He had a strong competitor in Neil Shen, who built Sequoia Capital China into a venture leviathan in its own right, with about $56 billion in assets, according to Bloomberg. In the US, Roelof Botha seemed a likely pick as the kingmaker behind some of the firm's best deals, Instagram, YouTube, and Block, the fintech formerly known as Square. In the years before Doug Leone retired from his post as global managing partner of Sequoia, people floated two names as his potential successor. The decision puts to bed any question of a power struggle at one of Silicon Valley's most respected firms. The venture capital powerhouse said Tuesday it's splitting the firm into three entities - Sequoia Capital in the US and Europe, HongShan in China, and Peak XV Partners in India and Southeast Asia - so they can each invest in competing startups and get around some of the hassle in operating a global investment business, Forbes' Alex Konrad reported. The mighty Sequoia Capital is dropping branches.
One of those entities, Sequoia China, known locally as HongShan, will operate as a distinct firm.VC powerhouse Sequoia Capital announced Tuesday that it is splitting into three entities.
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