Sequoia is reportedly raising a new $6 billion fund in response to SoftBank’s $100 billion mega-fund.
Sequoia Capital, one of Silicon Valley’s most famous venture capital firms, is raising a new fund that could be in excess of $6 billion (£4.5 billion), according to a Recode report on Wednesday.
The fund is reportedly being raised to help Sequoia compete with Japanese tech giant SoftBank, which announced a huge new $100 billion (£75 billion) fund last year that is now being used to back promising tech companies worldwide with tens or even hundreds of millions of dollars.
Founded in 1972, Sequoia has become a household name in the Silicon Valley VC community after backing companies like Apple, Google, and Instagram in their early days. But SoftBank’s new fund, which is run out of an office in London’s Mayfair, makes Sequoia and other US tech funds look minuscule.
The Vision Fund is significantly larger than any other tech fund on the planet.
Tech: Silicon Valley VCs are being pressured into raising big new funds by the size of SoftBank
