Sequoia Capital China, the Chinese affiliate of cryptocurrency-friendly venture capital firm Sequoia Capital, is about to raise $9 billion for its four new funds focused on Chinese startups.
In raising the capital, Sequoia China has already exceeded its initial target of roughly $8 billion, The Information news agency reported on Monday, citing two people familiar with the matter.
The report notes that the final amount of the raise is supposed to be the biggest pool of capital ever raised by a single VC firm focused on Chinese technology startups.
The funding round signals the growing investor appetite for tech investment in China coming despite a major decline in the stock market as well as China’s crackdown on tech companies, which triggered a slowdown in investments by Sequoia’s global competitors.
Sequoia China reportedly plans to close the round sometime this week, with 50% of the raise being oversubscribed.
According to some local investors, major VC firms like Sequoia China...
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