The Chinese arm of venture capital firm Sequoia Capital plans to raise $9 billion in four new funds, The Information has reported citing its own sources.
According to them, the amount will exceed the original goal of $8 billion. The final amount of capital could be a record among ever raised by a single venture capital company to invest in Chinese technology startups.
The fundraising shows that Sequoia Capital China, like US institutional investors, continues to “make aggressive moves” despite the downturn in the market.
The China branch of Sequoia Capital has funded crypto projects such as Babel Finance, Orderly Network, Multichain, DeBank, and Amber Group.
The portfolio of the US-based venture capital company includes the FTX as well as Stripe and Block (formerly Square).