Sequoia Capital raises €8.9 billion in new funds, closes London office
Sequoia Capital has closed its London office in a broader restructuring and confirmed new funds worth €8.89 billion ($10 billion), while most local partners stay in Europe.
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giftdetect· the right gift in minutesSequoia Capital, one of Silicon Valley's oldest and best-known venture capital firms, has closed its London office as part of a wider restructuring. The firm also confirmed that it has raised €8.89 billion ($10 billion) in new funds.
The changes were laid out in an announcement titled "The Sequoia of Tomorrow", in which the firm described several sweeping changes to how it operates. The London closure is the most prominent of them.
Local partners stay in Europe
Despite the office closing, most of the firm's London-based partners have opted to remain in Europe, according to the announcement. Details on where they will work or under which structure were not provided in the material available.
Why it matters
Sequoia is among the most closely watched names in venture capital, so any shift in its geographic footprint is read as a signal by founders and investors. The closure of a European base raises questions about how the firm will back startups on the continent going forward, even as the new capital gives it substantial firepower.
For European founders, the fact that most local partners are staying on the continent suggests that relationships and expertise built in the region may not disappear with the office. How deals will be sourced and supported without a London hub remains to be seen.
The firm has not been described here as scaling back its fundraising ambitions: the €8.89 billion in new funds underlines continued appetite from its investors. Further details on the restructuring and how the new capital will be deployed are expected to emerge as the changes take effect.
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