The Chinese subsidiary of Sequoia Capital is reportedly raising $9B for new funds

The Chinese subsidiary of venture capital company Sequoia Capital has reportedly planned to secure $9 billion for four new funds. As per the report by The Information, the company will use these funds to distribute among the development of fintech and crypto startups in China.

The report reveals that the fundraiser by Sequoia Capital will cross the initial target of $8 billion. If successful, it will represent the largest amount of money ever raised by a single venture capital company for investments in Chinese businesses.

The four funds are made up of two funds devoted to mature private companies, one venture fund for mid-to-late-stage companies, and one seed fund for early-stage investments.

Despite a sharp collapse in the crypto market and a complete ban on all operations involving digital assets in China, the multi-billion dollar project shows a rising demand from consumers for tech investments in the nation. Notably, the Chinese government imposed an outright ban on crypto mining and trading in the nation last year.

The massive expansion of Sequoia Capital

Sequoia Capital is famous for providing financial support to numerous crypto and Blockchain-related businesses. It oversaw a $450 million investment round earlier this year for Polygon, an Ethereum layer 2 scaling solution. Shortly after, it announced the floating of another sub-fund of $500-$600 million to focus on investing in digital assets, as TheCoinRise reported in February 2022. At the time, the company stated that it remains “committed to working collaboratively with the crypto community, including providing ongoing support for open-source research.”

Sequoia Capital unveiled two new funds last month, one for $2 billion and the other for $850 million. The Web3 ecosystem and a strengthened commitment to the Indian and Southeast Asian markets are the initiatives’ key areas of concentration. Sequoia Capital India also led a $37 million fundraising round for the gaming protocol Bud in May of this year.