The Ledger
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Stebbings: Sequoia and top VCs announce misleading blended valuations
“The amount of Sequoia rounds where it's like, oh, you know, X raises money from square five billion. Trust me, Sequoia got in at one, but they just club it together and then announced the sum and then the latest valuation. And it's just very misleading.”
Grady: 10 years of Sequoia data shows consensus doesn't drive startup outcomes
“So we have actual data on this going back to 20 14 where we started recording the votes numerically on every single investment. So we have about 10 years worth, which believe it or not is not conclusive because there are so few outliers that have emerged even …”
Bouaziz claims Sequoia Capital invested in every competitor of Deel
“Sadly, they invested in every competitor you can think of.”
Jason Lemkin: Benchmark is no longer in top VC conversations on X
“If you look on social media, benchmark isn't listed the way Andreessen and Sequoia was like it was a generation ago. It's just not, does it matter? Harry, Harry's built a big brand. He's concerned. It matters. You could argue both sides, but when the industry …”
O'Driscoll: Sequoia missed Facebook because Zuckerberg feared Mike Moritz replacing him
“Part of the reason that Sequoia aren't in Facebook is residual frustration with Mike Moritz for prior, you know, prior situations where they had in fact made a CEO change”
O'Driscoll: Sequoia abandoned billions in value exiting China
“We saw very intelligent investors, Sequoia, people like that get out of billions of dollars Of value because they just wouldn't want to be there.”
Ehrenberg: Top VC Firms Will Maintain Premium Fees Due to Outperformance
“It's going to be just like hedge funds. You know, look at Sequoia. The best firms charge premium fees and will be able to get it because on an after fee basis, they still outperform.”
Leone: Sequoia portfolio companies have created $6.5 trillion in market value
“We have been responsible somewhere around six and a half trillion of partnering opportunity, meaning the companies with which we partner have generated six and a half trillion of market cap. About a quarter of the NASDAQ, God knows how much of the NYSE in Hong…”
Bahat: Very few multi-stage VCs historically produce top seed-stage winners
“We did an analysis looking at the top company performers. And what you see is that since the era that seed funds have existed and who funded them at the seed. And what you see is that some of them were funded by seed funds, first round true others funded some …”
Consensus VC decisions will decline as conviction investing and LP directs grow
“We're going to see three pretty basic models emerge for how decisions are made, all the way up from LPs down, down to small seed funds. And the three buckets are going to be consensus-based decision-making, and that's every fund that, you know, has pretty much…”
Top VC firms will be forced to adapt to new funding models
“Sequoia, Benchmark, Andreessen Horowitz, they're not going away anytime soon. This isn't like, we're out to beat them and kill them. Not in the same way Airbnb is not going to delete hotels overnight. It's going to change how hotels work. I think that's a bett…”
Stebbings: Etched Raised $700M at a $21B Valuation
“Speaking of high IP businesses, literally, like, three weeks ago, Etched raised at ten billion. Today, they've announced they've raised seven hundred million at twenty-one billion from Jane Street, Kleiner, Sequoia, Andreessen.”
Asparouhov: Tier-one VC firms Benchmark, a16z, and Sequoia ousted founders recently
“There are firms, tier ones that I mentioned, Benchmark, A-sixteen Z, Sequoia, et cetera, all have examples of sort of founder oustings in the past sort of decade.”
Grady: Sequoia made $1B+ more on Palo Alto Networks by holding longer
“Or Palo Alto Networks, where we went into that IPO with the exact same ownership position as one of our co-investors. We ended up generating More than a billion dollars more than them because we were more patient, and so sometimes it really pays off.”
Lixandru: Sequoia operates US and Europe as one unified capital pool
“We changed our name, actually. It's USC, so US Europe, as one team, one pool of capital”
Salur: Mike Moritz personally invested in Getir before Sequoia Capital did
“He was the first to put, and he invested his own money. Sequoia came later”
Sequoia Led DoorDash's Series C as a Flat or Down Round
“The Series C that Sequoia decided to lead was quite hard. I think the company had thought that because it had doubled or tripled GMV, and the unit economics was getting better, that the valuation from the B to the C would be double or triple, and in fact, it e…”
Levine: Sequoia's seed deals in Airbnb and Dropbox are history's best
“Two of the best deals of all time were seeds by Sequoia. I think an initial almost 600,000 dollar investment in Airbnb and a million dollar investment in Dropbox to get very large ownership positions.”
Stebbings: Sequoia leads funding for Valar Atomics at a $6 billion valuation
“Valar Atomics triples to six billion dollar prices Sequoia bets on nuclear for AI. It's a three-year-old small modular reactor company raised at two billion, now Sequoia leading around at six.”
Stebbings: Chai Discovery raised $400M at $3.8B valuation
“Four hundred million at a 3.8 billion dollar valuation led by Index, Kleiner, Sequoia, Dimension.”
Stebbings: Accel and Sequoia raised $4B and $7B AI growth funds
“Excel adds four billion leaders fund to follow into hot AI growth rounds. Sequoia four days ago raises seven billion dollar growth round growth fund.”
Sequoia took a 25% stake in Klarna at a $100M valuation
“They took a 25% stake at a hundred million dollar valuation, right? Yeah, at a hundred million dollar valuation.”
Stebbings: Open Evidence raised at $12B valuation led by Thrive and DST
“Open Evidence raises at twelve billion dollars, labbed by Thriving DST. It's a 12 x valuation step up to where they raised at a billion dollars from Sikora at the start of the year.”
Stripe CFO Will Gaybrick initiated acquisition talks with Airwallex in 2018
“Will Gabrick, the CFO at the time I think now he's CPO, he reached out through Sequoia and he said, just want another, have a conversation to see what you guys are up to.”
Stebbings: Clay Completed $1.5B Employee Secondary Transaction Led by Sequoia
“Clay obviously did this kind of billion and a half dollar priced transaction. I think it was employees secondaries with Sequoia.”
Odoo completed a €500M secondary deal at a €5B valuation
“So it was five hundred millions of euros at a five billion valuation. It was Summit Partners, one of our earlier investors who sold to Sequoia Capital, BlackRock, Mubadala, and Capital G.”
Maples: VarageSale failed despite aggressive follow-on funding from Sequoia
“Verage sale. Sequoia aggressively followed and it didn't do well.”
Maguire: Moritz and Leone had opposite political views but co-led Sequoia for 30 years
“Mike Moritz and Doug Leone could not have more opposite political perspectives or more opposite personalities. They worked together for almost 30 years”
Grady: Figma had $4.6M ARR at Sequoia's Series C
“So the series C and Figma, when Figma had, I think, 4.6 million of ARR, that was not at all obvious, but Andrew had spent three years Studying the design market and had a real point of view.”
Corcos: Sequoia's Vernal and Andreessen's Jordan Read Every Pre-Meeting Document
“The people who were most engaged was Mike Vernal at Sequoia and Jeff Jordan and Andreessen. They read every document. Jeff actually even fixed some typos like deep in like a 50 page document.”
Figma was at $4M ARR when Sequoia invested at $400M valuation
“I remember when they, it's public, but they were at four million in ARR when Andrew did them at 400.”
Drew Houston: Sequoia's Mike Moritz closed Dropbox investment in one business day
“We met on a Friday. Pejman actually came with us to our pitch, which was apparently, which I learned later is extremely unorthodox. And then Mike Moritz, kind of the godfather of Sequoia came to our apartment on Saturday morning. We had a handshake deal on Mon…”
Rabois: Sequoia Capital is opening a New York office
“No, Sequoia now is opening a New York office.”
Leone: Sequoia US calls associates 'partners' and avoids junior titles
“We don't use the word junior. We even call, in the U.S., associates. We even call them partners.”
Zapier reached $140M ARR and $5B valuation on $1.4M primary funding
“Post-YC in 2012, Wade raised 1.4 million dollars for the company from Bessemer and Threshold, but since that round, he's scaled the company to a hundred and forty million in ARR and a five billion dollar valuation without any traditional style venture rounds h…”
Sequoia Capital spent two years evaluating Brazil before deciding against a fund
“After two years before Sequoia, where we all kind of came to a set conclusion that we didn't want to really start a business in Brazil, which meant I was, Doug wanted me to go back to California and helping them think, invest globally”
Sequoia Led Unity's Series A and Persuaded Them to Adopt Freemium
“One of the first decisions was to go change the business model of the company because the company had bootstrapped until that we were the Series A investor in the company in They never had outside capital, they didn't have a board, and so they always charged f…”
Sequoia Pioneered the VC Scout Program Over a Decade Ago
“And so more than a decade ago, we came up with this idea of scouts as a way of getting raw startups to Connected with contemporary founders who could help them get off the ground in a way that no venture capitalist could.”
Union Square Ventures has one of the best performance track records
“Their funds are a little smaller than some of the other bigger firms like Sequoia, but they have one of the best performance track records of any VC.”
Bek: Sequoia has roughly 12 early-stage and 12 growth partners
“It sounds crazy, but I told you we're now 12 people in the early team. About the same number in the growth team.”
Tencent and Sequoia led Airwallex's $80M Series B at $400M pre-money valuation
“Tencent and Sequoia said, we want to lead another round. So they basically lead a 400 dollar at a four hundred million dollar pre they invest eighty million dollars, so a 404 hundred eighty million dollar post. So they basically, but at that time the business …”
Tencent's investment in Airwallex brought in Sequoia and Mastercard
“So we got the investment the day after that. And then obviously you know, Sequoia and then Mastercard also came in with the, with Tencent.”
Hulme: Sequoia Capital Names Its Meeting Rooms After Its LP Institutions
“One of the things I admire about Sequoia is that their meeting rooms, I think, are named after their LPs.”
Grady: Sequoia grew its investment team from 14 to 27 over 17 years
“When I joined 17 years ago, we had 14 investors, today we have 27, and so that's less than a two x over, you know, 17 years.”
Grady: Sequoia expanded platform operators from 2 to nearly 60
“When I joined, we had two people that I would call kind of front office operators. So not compliance, finance, all that good stuff, but Two people, one in marketing and one in talent who were there to amplify the efforts of investors and serve the portfolio. T…”
Stebbings: Sequoia-backed companies account for over 20% of NASDAQ value
“Sequoia-backed companies, accounting for more than 20% of NASDAQ's total value.”
Lixandru: Video editor Veed was completely bootstrapped prior to Sequoia's investment
“They didn't raise for a long time. They were bootstrapped until we invested, and they got to quite a meaningful scale without fundraising.”
Robinhood raised $5.6 billion total, including a $2.4 billion emergency round
“To date, Vlad has raised over 5.6 billion dollars with Robin Hood, including a 2.4 billion dollar raise just this month, and some of their investors include the likes of Ribbit, Sequoia, Green Oaks, Index, IVP, Thrive, GV, and more incredible names.”