{"id":544848,"date":"2023-07-28T14:00:39","date_gmt":"2023-07-28T14:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=544848"},"modified":"2024-06-11T08:08:08","modified_gmt":"2024-06-11T08:08:08","slug":"sequoia-capital-slashes-crypto-fund","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/sequoia-capital-slashes-crypto-fund\/","title":{"rendered":"VC Firm Sequoia Capital Slashes Crypto Fund By 65% Amid Bear Market"},"content":{"rendered":"

Just over a year after launching its crypto fund, venture capital firm <\/span>Sequoia<\/span><\/a> is now rolling back its investments and taking more of a more careful approach. The firm was making some serious waves when it launched its crypto fund last year in February, signaling that crypto was ready for mainstream VC backing. But now the company has reportedly downsized its cryptocurrency fund by 65% as the crypto winter rages on.\u00a0<\/span><\/p>\n

Sequoia Pulls Back On Its Crypto Funding<\/h2>\n

Sequoia Capital, one of Silicon Valley’s most prestigious VC firms, is <\/span>scaling<\/span><\/a> back its ambitions in the crypto space. After launching a dedicated $585 million crypto fund last year, Sequoia recently announced they\u2019re slashing it by 65% to $200 million.\u00a0<\/span><\/p>\n

Related Reading: European Central Bank Follows US Fed\u2019s Footsteps With 25 BPS Hike<\/a><\/div>\n

The firm has also reduced its ecosystem fund by 50%. The fund, which invests in other smaller venture funds and solo investors, is now at $450 million, down from $900 million.<\/span><\/p>\n

Insiders close to the situation said this is a result of the bear market, which has affected projects across the industry and pulled down prices significantly over the last year.<\/span><\/p>\n

Why Is Sequoia Taking This Step Now?<\/h2>\n

Sequoia is known for making investments in crypto companies and had initially announced its funds as part of a larger restructuring effort to increase its investments in the crypto space. The crypto market, however, has seen most projects take a big hit over the last few months and Sequoia wasn’t left out, as it has seen a major part of its investment take drastic losses.\u00a0<\/span><\/p>\n

The company was particularly affected by the <\/span>crash of FTX<\/span><\/a>, as it had a $214 million investment in the failed crypto exchange. Rather than spray and pray with a large fund, Sequoia is now tightening its focus.\u00a0<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap at $1.14 trillion as VC investments slow down | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
According to the report, the company’s new investment plan is to pivot toward smaller crypto players. The smaller cryptocurrency fund will now focus more on a select group of startup companies.\u00a0<\/span><\/p>\n
With the crypto market taking a major downturn since the announcement of its funds, it’s no surprise that Sequoia has decided to scale back. Crypto projects, in particular, haven’t done well in recent times.<\/span><\/p>\n
Related Reading: DeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication<\/a><\/div>\n
According to a recent report by <\/span>Lattice<\/span><\/a>, a crypto venture fund, only 5% of projects created during the 2021 crypto boom have been able to create Product-to-Market Fit (PMF). More <\/span>data <\/span><\/a>published by Cointelegraph also shows that the amount of money invested in cryptocurrency startups through venture capital fell by 29.73% in the month of June.<\/span><\/p>\n
While it shows a lack of faith and reflects the growing trend among venture capital firms, the pullback doesn’t mean Sequoia is abandoning the space altogether. The venture capital firm began its crypto journey in 2014 and has a history of backing innovative technologies early on.<\/span><\/p>\n
Featured image from CryptoPotato, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Just over a year after launching its crypto fund, venture capital firm Sequoia is now rolling back its investments and taking more of a more careful approach. The firm was making some serious waves when it launched its crypto fund last year in February, signaling that crypto was ready for mainstream VC backing. But now the company has reportedly downsized its cryptocurrency fund by 65% as the crypto winter rages on.\u00a0 Sequoia Pulls Back On Its Crypto Funding Sequoia Capital, one of Silicon Valley’s most prestigious VC firms, is scaling back its ambitions in the crypto space. After launching a dedicated $585 million crypto fund last year, Sequoia recently announced they\u2019re slashing it by 65% to $200 million.\u00a0 Related Reading: European Central Bank Follows US Fed\u2019s Footsteps With 25 BPS Hike The firm has also reduced its ecosystem fund by 50%. The fund, which invests in other smaller venture funds and solo investors, is now at $450 million, down from $900 million. Insiders close to the situation said this is a result of the bear market, which has affected projects across the industry and pulled down prices significantly over the last year. Why Is Sequoia Taking This Step Now? Sequoia is known for making investments in crypto companies and had initially announced its funds as part of a larger restructuring effort to increase its investments in the crypto space. The crypto market, however, has seen most projects take a big hit over the last few months and Sequoia wasn’t left out, as it has seen a major part of its investment take drastic losses.\u00a0 The company was particularly affected by the crash of FTX, as it had a $214 million investment in the failed crypto exchange. Rather than spray and pray with a large fund, Sequoia is now tightening its focus.\u00a0 Total market cap at $1.14 trillion as VC investments slow down | Source: Crypto Total Market Cap on Tradingview.com According to the report, the company’s new investment plan is to pivot toward smaller crypto players. The smaller cryptocurrency fund will now focus more on a select group of startup companies.\u00a0 With the crypto market taking a major downturn since the announcement of its funds, it’s no surprise that Sequoia has decided to scale back. Crypto projects, in particular, haven’t done well in recent times. Related Reading: DeFi Protocol Sparks Speculation Of $16 Million Rug Pull After Severing Lines of Communication According to a recent report by Lattice, a crypto venture fund, only 5% of projects created during the 2021 crypto boom have been able to create Product-to-Market Fit (PMF). More data published by Cointelegraph also shows that the amount of money invested in cryptocurrency startups through venture capital fell by 29.73% in the month of June. While it shows a lack of faith and reflects the growing trend among venture capital firms, the pullback doesn’t mean Sequoia is abandoning the space altogether. The venture capital firm began its crypto journey in 2014 and has a history of backing innovative technologies early on. Featured image from CryptoPotato, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":544857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6664,16460,88727,15778,4356],"class_list":["post-544848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto","tag-crypto-fund","tag-crypto-vc","tag-sequoia","tag-vc-funding"],"acf":[],"yoast_head":"\nVC Firm Sequoia Capital Slashes Crypto Fund By 65% Amid Bear Market<\/title>\n<meta name=\"description\" content=\"Just over a year after launching its crypto fund, venture capital firm Sequoia is now rolling back its investments and taking more of a more careful\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"VC Firm Sequoia Capital Slashes Crypto Fund By 65% Amid Bear Market","url":"http:\/\/wncen.com\/news\/sequoia-capital-slashes-crypto-fund\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/sequoia-capital-slashes-crypto-fund\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Sequoia-crypto.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Sequoia-crypto.jpeg?fit=1201%2C720"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","crypto fund","crypto vc","sequoia","vc funding"],"dateCreated":"2023-07-28T14:00:39Z","datePublished":"2023-07-28T14:00:39Z","dateModified":"2024-06-11T08:08:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"VC Firm Sequoia Capital Slashes Crypto Fund By 65% Amid Bear Market\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/sequoia-capital-slashes-crypto-fund\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/sequoia-capital-slashes-crypto-fund\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Sequoia-crypto.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Sequoia-crypto.jpeg?fit=1201%2C720\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"crypto fund\",\"crypto vc\",\"sequoia\",\"vc funding\"],\"dateCreated\":\"2023-07-28T14:00:39Z\",\"datePublished\":\"2023-07-28T14:00:39Z\",\"dateModified\":\"2024-06-11T08:08:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/07\/Sequoia-crypto.jpeg?fit=1201%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544848"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=544848"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/544848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/544857"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=544848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=544848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=544848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}