Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly enterprise capital agency Sequoia Capital, is about to lift $9 billion for its 4 new funds centered on Chinese startups.In elevating the capital, Sequoia China has already exceeded its preliminary goal of roughly $8 billion, The Information information company reported on July 4, citing two folks conversant in the matter.The report notes that the ultimate quantity of the increase is meant to be the largest pool of capital ever raised by a single VC agency centered on Chinese expertise startups.The funding spherical indicators the rising investor urge for food for tech funding in China coming regardless of a serious decline within the inventory market in addition to China’s crackdown on tech corporations, which triggered a slowdown in investments by Sequoia’s international opponents.Sequoia China reportedly plans to shut the spherical someday this week, with 50% of the increase being oversubscribed.According to some native traders, main VC corporations like Sequoia China and Hillhouse had been nonetheless elevating cash regardless of many American wealth and pension funds halting China investments in 2022.“Only Sequoia and Hillhouse can raise money from international investors right now, they see it as lower risk, like making an index fund investment,” one Beijing-based investor reportedly mentioned.Founded in 2005, Sequoia China is among the world’s largest tech VC corporations, identified for investing in TikTok operator ByteDance.Related: Crypto lending platform Babel Finance reaches counterparty debt settlementSequoia China has additionally backed quite a lot of crypto and blockchain-related corporations, together with the troubled Asian crypto lender Babel Finance, which halted withdrawals in mid-June amid the continued crypto lending disaster. As beforehand reported, Sequoia Capital China was amongst lead traders in a $40 million Series A funding spherical in Babel Finance in May 2022.Sequoia China additionally beforehand led funding rounds for different business platforms just like the cryptocurrency pockets DeBank in 2021.

Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly enterprise capital agency Sequoia Capital, is about to lift $9 billion for its 4 new funds centered on Chinese startups.

In elevating the capital, Sequoia China has already exceeded its preliminary goal of roughly $8 billion, The Information information company reported on July 4, citing two folks conversant in the matter.

The report notes that the ultimate quantity of the increase is meant to be the largest pool of capital ever raised by a single VC agency centered on Chinese expertise startups.

The funding spherical indicators the rising investor urge for food for tech funding in China coming regardless of a serious decline within the inventory market in addition to China’s crackdown on tech corporations, which triggered a slowdown in investments by Sequoia’s international opponents.

Sequoia China reportedly plans to shut the spherical someday this week, with 50% of the increase being oversubscribed.

According to some native traders, main VC corporations like Sequoia China and Hillhouse had been nonetheless elevating cash regardless of many American wealth and pension funds halting China investments in 2022.

“Only Sequoia and Hillhouse can raise money from international investors right now, they see it as lower risk, like making an index fund investment,” one Beijing-based investor reportedly mentioned.

Founded in 2005, Sequoia China is among the world’s largest tech VC corporations, identified for investing in TikTok operator ByteDance.

Related: Crypto lending platform Babel Finance reaches counterparty debt settlement

Sequoia China has additionally backed quite a lot of crypto and blockchain-related corporations, together with the troubled Asian crypto lender Babel Finance, which halted withdrawals in mid-June amid the continued crypto lending disaster. As beforehand reported, Sequoia Capital China was amongst lead traders in a $40 million Series A funding spherical in Babel Finance in May 2022.

Sequoia China additionally beforehand led funding rounds for different business platforms just like the cryptocurrency pockets DeBank in 2021.