Sequoia Capital Reportedly Downsizes 2 Major Funds – PYMNTS.com
Silicon Valley venture firm Sequoia Capital has reportedly downsized two major funds due to the downturn in the startup market.
In a move reflecting the changes within tech investing, Sequoia cut the size of its cryptocurrency fund to $200 million from its original $585 million, as well as slashed the size of its ecosystem fund to $450 million from a previous $900 million, The Wall Street Journal (WSJ) reported Thursday (July 27), citing unnamed sources.
Reached by PYMNTS, a Sequoia Capital spokesperson declined to comment on the report.
In addition to reducing the size of the crypto fund, Sequoia has changed its focus from larger companies to younger startups, according to the WSJ report.
The firm announced the two funds in February 2022 and, in the time since, the startup industry has seen a slowdown in deal-making and venture firms have struggled to raise cash, the report said. With the reductions of the sizes of the funds, Sequoia Capital requires less committed capital from…
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