According to The Information, a subsidiary of Sequoia Capital China has raised $9 billion in new funding to support the nation’s innovation startups at all stages.
The fundraising came as international investors were reviewing China’s risks in light of the country’s economy being damaged by COVID and increasing regulatory pressure on the nation’s online start-ups.
According to Bloomberg, the new funding came from family offices, endowment funds, and pensions in the United States, Europe, the Middle East, and Southeast Asia. According to a source with information, the company collected more than $12 billion in a deal that was 50% oversubscribed but decided to proceed with the higher end of its initial aim.
According to SEC filings, the company will keep placing bets on Chinese deep tech, healthcare, and consumer tech businesses with the latest cash infusion. The money will be divided among four distinct funds that target companies at various phases of development, including expansion, which refers to companies that are regarded as market leaders in their respective sectors.
Since its founding in 2005 under Neil Shen’s leadership, the famous financial powerhouse has invested in over 900 Chinese businesses, including well-known brands like Pinduoduo and Meituan.
