Venture capital firm Sequoia announced an impending split that will see the company break into three distinct partnerships serving the United States, China, and Asian markets separately.
The move, announced on June 6, is intended to decentralize back office functions for the company. Citing increased global financial complexity and a growing brand confusion, per a post on Twitter, Sequoia said it intends to embrace its “local-first approach.”
Here is the global business update we shared with our LPs. pic.twitter.com/lGHIw1tVE5
— Sequoia Capital (@sequoia) June 6, 2023
The change will see the U.S. branch remain focused on North America-based endeavors, while a second branch will serve China and the third will handle India and other Asian markets.
Sequoia, one of the world’s largest venture capital firms by assets under management and total capitalization, came to prominence in the 1970s. Its first major investment after formation was given to Atari in 1975, just a few years before it became one of Apple’s initial investors in 1978.
Over the years, Sequoia’s had an apparent neck for finding tech darlings to invest in. Its portfolio includes early investments in Google, Cisco, Nvidia, YouTube, AirBnB, WhatsApp, Stripe, and BitClout.
The firm also invested $213.5 million in FTX 2021, a year in which FTX posted $1 billion in revenue….
