The crypto-friendly giant expects to reach its initial goal by the end of this week.
Sequoia Capital China, a crypto-driven venture capital organization founded in 2005, is reportedly closing in on collecting $9B in fresh capital.
According to the official announcement issued on July 4th, the China-based firm has already raised $8B and is soon expected to reach its initial target. As stated in the report, the funds will be used to back Chinese startups across all stages, including seed stage, mid-stage, and late-stage.
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The news actually comes amid dark times when global investors are retreating due to China’s zero-Covid policy. On top of that, the regulatory pressure in the country also remains at large. However, one of Beijing’s investors actually noted that several organizations, including Sequoia Capital and Hillhouse, still have the luxury of raising capital due to the fact that “they see it as lower risk, like making an index fund investment.”
More notably, the funds were raised mostly from international investors, as well as endowment funds, pensions, and family offices across Europe, the Middle East, and Southeast Asia, as well as the United States.
Sequoia Capital China noted that the fund is expected to close by the end of this week, becoming the largest pool of capital ever raised by a single company supporting Chinese initiatives.
The crypto-oriented powerhouse has already established offices in Hong Kong, Beijing, Shanghai, Guangzhou, Hangzhou, Suzhou, and Shenzhen, funded more than 900 various organizations in China, and fired up 35 funds, raising a total of $13.5B.
Earlier in January, Sequoia Capital was one of the leading investors in a massive fund in which global market maker Citadel Securities cashed in $1.15 billion to expand its exposure to the crypto industry.