Slashdot: Sequoia Capital Slashes Crypto Fund as It Downsizes Amid Startup Crunch

Sequoia Capital Slashes Crypto Fund as It Downsizes Amid Startup Crunch
Published on July 29, 2023 at 12:10AM
Sequoia Capital pared back the size of two major venture funds, including its cryptocurrency fund, as part of a dramatic downsizing the storied venture firm is undertaking amid a broad startup downturn. From a report: Sequoia cut the size of its cryptocurrency fund to $200 million from $585 million, according to people familiar with the matter. It also slashed the size of its so-called ecosystem fund, which invests in other venture funds, to $450 million from $900 million, the people said. Sequoia told fund investors in March it made the decision to reduce the funds to better reflect the changed market. The cryptocurrency fund, for example, will focus more on backing young startups after an industry crash wiped out opportunities to back larger companies. By paring back the fund sizes, Sequoia is lowering the amount of committed capital required from investors, known as limited partners, who are already seeing lower returns from venture funds and are bracing for further markdowns. The changes show the difficult cuts venture firms are making during one of the roughest years in recent memory for the startup industry. They are trying to undo the breakneck expansion and liberal spending that characterized a historic startup boom, which no longer makes sense as deal-making slows and funds struggle to raise more cash.

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