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Sequoia Capital Slashes Crypto Fund From $585M to $200M : WSJ
The vaunted VC firm told investors earlier in the year it would shrink the fund to reflect a changed market.
By Nelson Wang
Updated Jul 27, 2023, 9:51 p.m. Published Jul 27, 2023, 9:29 p.m.
Venture capital giant Sequoia Capital has cut the size of its cryptocurrency fund by more than 65% to $200 million from $585 million, according to the Wall Street Journal, citing people familiar with the matter.
Sequoia told investors earlier in the year that it would shrink the fund to reflect a changed market, with the crypto fund focusing more on backing newer startups following the crypto downturn that has reduced chances to invest in larger companies, according to the Journal.
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The VC firm also cut the size of its ecosystem fund, which invests in other venture funds, by half from $900 million to $450 million, according to the Journal’s sources.
Sequoia had previously made a high-profile $150 million investment in FTX, which collapsed in November.
Sequoia did not immediately respond to a request for comment for this story.
UPDATE (July 27, 21:51 UTC): Added that Sequoia had not responded to a request for comment.
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