Sequoia Capital to Raise $600M for New Crypto Fund

Sequoia Capital, a venture capital firm that backed Apple, Google, Instagram and other companies, has announced it plans to raise $500-$600 million for a new fund “focused primarily on liquid tokens and digital assets.” The firm said in a blog post the fund will participate more actively in protocols and support token-only projects.

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“We remain committed to working collaboratively with the crypto community, including providing ongoing support for open-source research. We will also continue to partner with crypto teams across every stage of their journey out of our seed, venture, growth and expansion funds,” the announcement says.

The reports say the firm particularly aims to invest in layer 1 and 2 protocols, decentralized finance (DeFi), gaming, Web3, and non-fungible tokens (NFT). However, no other details were given.

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Earlier in February, Sequoia Capital India led a $450 million investment round for Polygon, an eponymous firm behind a scaling solution for the Ethereum network. The latest funding round also brought the firm’s valuation at $13 billion. The firm said in a blog post, other investors, including SoftBank Vision Fund 2, Galaxy Digital, Bitfinex, Celsius, Animoca Brands, Alan Howard and Kevin O’Leary, also participated.

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