Global venture capital and growth investor Sequoia Capital announced the launch of two new funds — a $2 billion early-stage venture capital and growth product for India, and an $850 million dedicated fund for Southeast Asia. The focus will also be on the Web3 ecosystem.
- Sequoia has ambitious plans for the region and aims to “double down the stakes”. Several programs are currently running, including Surge and Spark. While the former supports firms at a very early stage, the latter offers scholarships to female founders, in addition to venture and growth investments.
- Official Blog Post wrote,
“This fundraising, which comes at a time when markets are starting to cool off after a very long bull run, is a testament to our deep commitment to the region and our limited partners’ faith in India and Southeast Asia’s long-term growth story.”
- Sequoia India and Southeast Asia were the most prolific investors in the region, but the launch of the two funds was a welcome development amid rising financial market pessimism.
- With a thriving Web3 ecosystem and new waves of innovation in markets such as Vietnam, the Philippines, Thailand, and Malaysia, Sequoia Southeast Asia is committed to continuing to actively invest in companies around the world. regions with a new fund.
- The firm is also expanding its focus to new venues, including Web3, despite lack of legal clarity. It is important to understand that most Indian VCs are reluctant to support crypto startups due to the ruling party’s regressive stance in the industry and the inability to achieve a significant breakthrough in the tax rule that came into effect in April this year.
- In contrast, Sequoia India and Southeast Asia have invested in many web3 startups in the country such as CoinSwitch Kuber and the Ethereum Layer 2 protocol, Polygon.
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Credit : cryptopotato.com