Crypto investor Sequoia Capital China reportedly raises $9 billion #TOGRP7
Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups.In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion.
The report notes that the final amount of the raise is supposed to be the biggest pool of capital ever raised by a single VC firm focused on Chinese technology startups.The funding round signals the growing investor appetite for tech investment in China coming despite a major decline in the stock market as well as China’s crackdown on tech companies, which triggered a slowdown in investments by Sequoia’s global competitors. Sequoia China reportedly plans to close the round sometime this week, with 50% of the raise being oversubscribed. #togrp7
