Sequoia Capital China, china affiliate of cryptocurrency-friendly investment capital firm Sequoia Capital, is going to raise $9 billion because of its four new funds centered on Chinese startups.
In raising the main city, Sequoia China has exceeded its initial target of roughly $8 billion, The Data news agency reported on This summer 4, citing a couple acquainted with the problem.
The report notes the final number from the raise should be the greatest pool of capital ever elevated with a single VC firm centered on Chinese technology startups.
The funding round signals the growing investor appetite for tech purchase of China coming despite a significant loss of the stock exchange in addition to China’s attack on tech companies, which triggered a slowdown in investments by Sequoia’s global competitors.
Sequoia China apparently plans to shut the round sometime now, with 50% from the raise being oversubscribed.
Based on some local investors, major VC firms like Sequoia China and Hillhouse remained as raising money despite many American wealth and pension funds halting China investments in 2022.
“Only Sequoia and Hillhouse can raise money from worldwide investors at this time, they view it as lower risk, like making a catalog fund investment,” one Beijing-based investor apparently stated.
Founded in 2005, Sequoia China is among the world’s greatest tech VC firms, noted for purchasing TikTok operator ByteDance.
Related: Crypto lending platform Babel Finance reaches counterparty debt agreement
Sequoia China has additionally backed numerous crypto and blockchain-related firms, such as the troubled Asian crypto loan provider Babel Finance, which stopped withdrawals in mid-June among the continuing crypto lending crisis. As formerly reported, Sequoia Capital China was among lead investors inside a $40 million Series A funding round in Babel Finance in May 2022.
Sequoia China also formerly brought funding models for other industry platforms such as the cryptocurrency wallet DeBank in 2021.
