Sequoia Capital

Reviewed Updated May 1, 2026

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Location Menlo Park, CA
Founded 1972
Fund Size $56B AUM (January 2025); $19.6B evergreen fund (February 2025); $950M seed/venture funds (October 2025)
Website https://sequoiacap.com
Stage Focus
seed series-a series-b growth
Sector Focus
ai enterprise consumer fintech healthcare infrastructure crypto climate defense

Team

Alfred Lin Partner & Co-Steward
Pat Grady Partner & Co-Steward
Roelof Botha Partner
Jim Goetz Partner
Doug Leone Partner
Andrew Reed Partner
Sonya Huang Partner
Shaun Maguire Partner
Jess Lee Partner
Luciana Lixandru Partner
Bogomil Balkansky Partner
Josephine Chen Partner
Stephanie Zhan Partner
Michael Dixon Partner
Lauren Reeder Partner
Bill Coughran Partner
Bryan Schreier Venture Partner
Carl Eschenbach Venture Partner
Matthew Miller Venture Partner
Ravi Gupta Partner
Michael Moritz Former Partner / Chairman, Sequoia Heritage

About

Sequoia Capital is an American venture capital firm founded by Don Valentine in 1972 in Menlo Park, California 12. Valentine, a former sales executive at Fairchild Semiconductor and National Semiconductor, formed Sequoia’s first venture capital fund in 1974 with $3 million 13. The firm’s earliest investments included Atari (1975) and Apple ($150,000 in 1978), establishing its pattern of identifying transformative technology companies at their earliest stages 14.

Valentine led the firm until recruiting Michael Moritz and Doug Leone, who became co-stewards — a term Sequoia uses instead of “managing partner” to reflect its culture of inherited, not purchased, leadership 56. Moritz and Leone ran the firm for decades before handing stewardship to Roelof Botha, the former PayPal CFO, in 2017 5. In November 2025, Botha stepped aside and Alfred Lin and Pat Grady were named co-stewards, returning the firm to its historical co-leadership model 56.

In October 2021, Sequoia dramatically restructured its U.S. and European operations, abandoning the traditional 10-year closed-end fund model in favor of an evergreen structure 78. The new structure centers on the Sequoia Capital Fund, an open-ended vehicle that holds public company stakes and recycles returns into sub-funds for seed, venture, and growth investments 7. As part of this restructuring, Sequoia registered as a Registered Investment Adviser (RIA) with the SEC 7. By February 2025, the evergreen fund had grown to approximately $19.6 billion 9.

In June 2023, Sequoia announced it would split into three independent entities, a separation completed by March 2024: Sequoia Capital (U.S. and Europe), HongShan (China), and Peak XV Partners (India and Southeast Asia) 1011. The split was driven by rising U.S.–China geopolitical tensions and the increasing complexity of running a decentralized global investment operation 1011.

As of January 2025, Sequoia Capital manages approximately $56 billion in assets 1. The firm has invested in 1,668 companies over 48 years, with 134 unicorns in its portfolio 12. Companies backed by Sequoia have generated over $3.3 trillion in combined market capitalization 4. In October 2025, the firm launched $950 million in new early-stage funds: a $750 million venture fund and a $200 million seed fund (its sixth dedicated seed fund) 1314.

The firm’s most notable failure in recent years was its $214 million investment in FTX, made in July 2021 when the crypto exchange was valued at $18 billion 1516. Sequoia wrote the entire position down to zero in November 2022 following FTX’s collapse. The $150 million from Global Growth Fund III represented less than 3% of committed capital, and the $63.5 million from the SCGE Fund was under 1% of portfolio 1516. Sequoia stated: “We are in the business of taking risk. Some investments will surprise to the upside, and some will surprise to the downside” 15.

Don Valentine passed away on October 25, 2019 3.

Stated Thesis

Sequoia Capital’s stated investment philosophy, established by Don Valentine and carried forward across five decades, centers on market size as the primary filter. Valentine stated: “If you don’t attack a big market, you’re highly unlikely to build a big company” 3. His approach was Socratic and market-first: “We’re never interested in creating markets — it’s too expensive. We’re interested in exploiting markets early” 3.

The firm publicly states its mission is to help “the daring build legendary companies” 17. Sequoia describes its approach as long-term partnership with founders: “It’s not about Sequoia, it’s about the founders. It’s more importantly about the companies” 18.

On founder selection, Valentine looked for “people who have a dream and a way to solve a problem — who are interested in solving technological problems and creating new products” 3. He also emphasized intellectual diversity in decision-making: “I look for people that are as far different as possible than I am because we do things here on the basis of consent among the partners and I don’t like having a homogenized set of opinions” 3.

The firm’s stewardship model is a core part of its identity. Botha has described the intergenerational transfer: “He handed the partnership over to a next generation… We didn’t have to pay to get the partnership from the previous generation and nor will we charge the next generation” 6. This creates incentives for multi-decade value creation over short-term optimization.

Under new co-stewards Lin and Grady, Sequoia has stated it will deepen its focus on artificial intelligence, viewing AI as “a foundational platform shift as transformative as the rise of the internet” 1419. In January 2026, Sequoia joined Anthropic’s $25 billion funding round at a $350 billion valuation, despite already holding stakes in both OpenAI and xAI — breaking the traditional VC taboo against backing direct competitors 20.

Pat Grady has described the firm’s competitive philosophy: “Sequoia partners and the founders we back are the same in one important regard: we have a desperate need to win” 21.

Inferred Thesis

The following analysis is based on Tracxn data covering 1,668 investments over 48 years 12, supplemented by Sequoia’s own portfolio page listing 399+ active companies 22, and cross-referenced with publicly reported deals.

Stage Distribution (from Tracxn data on 1,668 investments)

  • Series A: 559 investments (34%) with average round size of $17.6M 12
  • Seed: 380 investments (23%) with average round size of $9.15M 12
  • Series B: 262 investments (16%) with average round size of $68.2M 12
  • Later stages (Series C+, Growth): approximately 467 investments (28%)

Sequoia is primarily a Series A and Seed investor by deal count. However, the firm’s largest capital deployments are at growth stage through its evergreen fund structure, which held $19.6 billion in assets as of February 2025 9. The $950 million in new early-stage funds (October 2025) is small relative to total AUM, suggesting the majority of capital is deployed at later stages 13.

Sector Allocation (from Tracxn categorization of 1,668 investments)

  • Enterprise Applications: 673 investments (40%) 12
  • High Tech / Infrastructure: 271 investments (16%) 12
  • Consumer (B2C): 623+ investments (37%) 12
  • Fintech: significant presence (Stripe, Klarna, Nubank, Block, PayPal)
  • AI/ML: rapidly growing allocation, with investments in OpenAI, Anthropic, xAI, and numerous AI-native startups 1420

Note: Categories overlap as many companies span multiple sectors. Tracxn classifies 1,403 as “Tech,” 993 as “Enterprise (B2B),” 873 as “Software,” and 623+ as “Consumer (B2C)” 12.

Geographic Concentration

Sequoia’s U.S. and European operations (post-2024 split) focus primarily on U.S.-based companies, with growing European presence through partner Luciana Lixandru 14. The firm maintains its headquarters in Menlo Park, with strong representation of Bay Area and broader U.S. companies in its portfolio 22.

Check Size

Based on available data: - Seed: average $9.15M 12 (dedicated $200M seed fund) 13 - Series A: average $17.6M 12 (dedicated $750M venture fund) 13 - Series B: average $68.2M 12 - Growth / Late Stage: $100M–$1B+ (via evergreen fund; e.g., multi-billion-dollar AI rounds in OpenAI, Anthropic) 920

Co-Investor Patterns

Based on the startup profiles in this database, Sequoia frequently co-invests with Andreessen Horowitz (both appear in Airbnb, Stripe, Databricks, OpenAI), Kleiner Perkins (Airbnb, Google, Figma, DoorDash), and SV Angel (Google, Airbnb). At growth stage, Sequoia regularly appears alongside Tiger Global, Coatue, and sovereign wealth funds.

Founder Profile Patterns

Sequoia has historically favored technical founders building in large markets. Notable patterns include: - Deep domain experts (Jensen Huang/Nvidia, Eric Yuan/Zoom, Patrick Collison/Stripe) - Repeat founders and operators with prior scaling experience - Immigrant founders (a longstanding pattern dating to Valentine’s Apple and Nvidia bets) - Founders with obsessive product focus (Brian Chesky/Airbnb, Jan Koum/WhatsApp)

Notable Gaps Between Stated and Actual Thesis

  • AI concentration is accelerating. While Sequoia invests across many sectors, its 2025-2026 activity is dominated by AI: backing all three leading frontier AI labs (OpenAI, Anthropic, xAI) simultaneously 20, and partner commentary in the October 2025 fund announcement focused almost exclusively on AI opportunities 14. This is a departure from the firm’s traditional sector-diversified approach.
  • Growth stage dominates by dollars despite seed/venture branding. The $19.6 billion evergreen fund dwarfs the $950 million in early-stage funds 913. By capital deployed, Sequoia is primarily a growth/crossover investor. By deal count, it is primarily seed/Series A.
  • The stewardship model creates genuine long-termism. Unlike most VC firms where departing partners cash out, Sequoia’s stewardship succession (Valentine to Moritz/Leone to Botha to Lin/Grady) means leadership transitions don’t trigger capital disruption 6. This structural advantage allows truly patient capital.
  • Post-split geographic focus. Since separating from HongShan and Peak XV in 2024, Sequoia’s investable universe is now U.S. and Europe only 1011. This is a meaningful narrowing from the firm’s prior global scope.

Portfolio

The following table includes Sequoia Capital investments verified through the firm’s portfolio page, Crunchbase, press coverage, and public records. Sequoia has made 1,668 total investments 12; this table represents approximately 3% of the full portfolio, focused on the most notable investments.

Company Stage Year Sector Status
Atari Seed 1975 Consumer / Gaming Acquired (Warner, 1976) 1
Apple Seed 1978 Hardware / Consumer Public (IPO 1980) 14
Oracle Early 1986 Enterprise / Database Public (IPO 1986) 14
Cisco Seed 1987 Networking / Infrastructure Public (IPO 1990) 14
NVIDIA Seed 1993 Semiconductors / AI Public (IPO 1999) 23
Yahoo Early 1995 Consumer / Internet Public (IPO 1996); Acquired by Apollo (2021) 14
Google Series A 1999 Search / Advertising Public (IPO 2004) 422
PayPal Early ~2000 Fintech / Payments Public (IPO 2002); Acquired by eBay (2002) 22
LinkedIn Series A 2003 Enterprise / Social Acquired by Microsoft (2016, $26.2B) 4
YouTube Series A 2005 Consumer / Video Acquired by Google (2006, $1.65B) 424
Airbnb Seed 2009 Marketplace / Travel Public (IPO 2020) 522
Instagram Seed 2010 Consumer / Social Acquired by Facebook (2012, $1B) 1
Stripe Seed 2011 Fintech / Payments Private 422
WhatsApp Series A 2011 Consumer / Messaging Acquired by Facebook (2014, $19B) 4
Block (Square) Early 2011 Fintech / Payments Public (IPO 2015) 22
Dropbox Series A ~2012 Enterprise / Storage Public (IPO 2018) 4
Snowflake Series E (co-led) 2018 Enterprise / Data Public (IPO 2020) 2131
DoorDash Series A (led) 2014 Marketplace / Delivery Public (IPO 2020) 52232
Zoom Series D (led) 2017 Enterprise / Communications Public (IPO 2019) 2133
Nubank Growth ~2018 Fintech / Banking Public (IPO 2021) 22
Klarna Growth ~2019 Fintech / BNPL Public 22
Reddit Series D 2019-02-11 Consumer / Social Public (IPO 2024) 2235
SpaceX Series J (lead) 2021-02-16 Aerospace Private 2236
Vanta Series A (lead) 2021-05-04 Security / Compliance Private 2237
Retool Series A (lead) 2019-10-26 Developer Tools Private 2238
HubSpot Growth ~2020 GTM / Enterprise Public 22
Unity Growth ~2020 Games / Engine Public (IPO 2020) 1
Instacart Growth ~2020 Marketplace / Delivery Public (IPO 2023) 22
Figma Growth ~2021 Developer Tools / Design Public (IPO 2025) 22
FTX Series B 2021 Crypto / Exchange Bankrupt (2022) 1516
OpenAI Tender (~$300M co-investment) 2023-04-28 AI Private 202239
xAI Series B 2024-05-26 AI Private 2040
Harvey Series A (led) 2023-04-26 AI / Legal Private 214445
Clay Series A (lead) 2023 AI / Sales Private 1341
Sierra Seed (co-led with Benchmark) 2024-02-13 AI / Customer Service Private 1342
Sierra Series E (participated, follow-on) 2026-05-04 AI / Customer Service Private 565758
Anthropic Series G (participated) 2026-02-12; Series H (co-led, $65B at $965B post-money) 2026-05-28 2026-02-12; 2026-05-28 AI / Frontier Models Private 206175
Nominal Series B (led) 2025-06-12 Defense Tech / Hardware Private 25495051
Oasis Security Series A (led) 2024-01-31 Cybersecurity / Identity Private 265253
Grow Therapy Series C (led) 2024-04-08 Healthcare / Mental Health Private 275455
Ayar Labs Series E (participated via Sequoia Global Equities) 2026-03-03 Semiconductors / AI Infrastructure Private 2862
Auctor Series A (led) 2026-04-15 AI / Enterprise Software Private 2963
Enter Series B (participated) 2026-05-05 AI / Legal Tech / LatAm Private 6465
Ineffable Intelligence Seed (co-led with Lightspeed, $1.1B at $5.1B val) 2026-04-27 AI / Foundation Models Private 30
Rogo Series D (participated, $160M; Kleiner Perkins led) 2026-04-29 AI / Fintech Private 34
Parallel Web Systems Series B (led) 2026-04-29 AI / Web Infrastructure Private 43
Standard Intelligence Series A (co-led with Spark) 2026-04-30 AI / Foundation Models Private 464748
Astrocade Series B (led) 2026-05-05 AI / Gaming / Consumer Private 5960
Turnkey Strategic ($12.5M, participated; co-led by Archetype and Circle Ventures) 2026-05-14 Crypto / Wallet Infrastructure Private 6970
Ricursive Intelligence Seed (participated); Series A (participated) 2025-12-02 / 2026-01-26 AI / Semiconductor Design Private 666768
Dust Series B (co-led with Abstract, $40M) 2026-05-18 AI / Enterprise / Agentic Private 7172
Mercury Series C (led, $300M at $3.5B val) → Series D (participated, $200M at $5.2B val; TCV led) 2025-03-26; 2026-05-20 Fintech / Digital Banking Private 73
Decart Growth (participant, $300M at $4B val; Radical Ventures led) 2026-05-18 AI / World Models / Inference Infrastructure Private 74
Cyera Growth (participated, $300M at $12B post-money; Evolution Equity Partners led) 2026-06-02 Cybersecurity / Data Security Posture Management Private 767778

Note: This table includes 40 companies out of 1,668 total investments (~2%). Investment years marked with “~” are approximate based on company founding dates and publicly reported rounds. Many investments span multiple rounds; the stage listed reflects Sequoia’s initial or most prominent investment.

In Their Own Words

Don Valentine on market size:

“If you don’t attack a big market, you’re highly unlikely to build a big company.” 3

Don Valentine on market exploitation:

“We’re never interested in creating markets — it’s too expensive. We’re interested in exploiting markets early.” 3

Don Valentine on intellectual diversity:

“I look for people that are as far different as possible than I am because we do things here on the basis of consent among the partners and I don’t like having a homogenized set of opinions… I want as much confrontation and different thinking as possible.” 3

Don Valentine on founder qualities:

“The art of storytelling is incredibly important. Learning to tell a story is critically important because that’s how the money works.” 3

Roelof Botha on the stewardship model:

“He handed the partnership over to a next generation… We didn’t have to pay to get the partnership from the previous generation and nor will we charge the next generation.” 6

Roelof Botha on venture capital discipline:

“There’s too much money and too many people who want to be investors… You need 40 Figmas a year for the industry to make the returns work, which means that they don’t.” 6

Roelof Botha on long-term thinking:

“There is no summit… There’s only the climb.” 6

Roelof Botha on the FTX loss:

“We are in the business of taking risk. Some investments will surprise to the upside, and some will surprise to the downside.” 15

Pat Grady on competitive drive:

“Sequoia partners and the founders we back are the same in one important regard: we have a desperate need to win.” 21

Pat Grady on founder qualities:

“Culture and vision are the two essential roles of a founder. You can hire for any other aspect of a business, but those can’t come from outside.” 21

Pat Grady on trust:

“The simpler you can keep things, the more straightforward you can be, the more transparent you can be, the more people are going to trust you, and the more people trust you, the easier life becomes.” 21

Alfred Lin on working with founders:

“I try to parse their ideas and figure out how to make them better. I try to be a partner and a coach.” 5

Alfred Lin on founder temperament:

“Founders start companies by ignoring everybody’s advice. If they listened carefully to all feedback, they wouldn’t start.” 5

Sequoia on AI (October 2025 fund announcement):

“AI is poised to reimagine every industry… a foundational platform shift as transformative as the rise of the internet.” 14

What Founders Say

Brian Chesky, Co-Founder and CEO of Airbnb:

“I was a designer and art student; I was not very operational. What I loved about Alfred was he was my opposite: incredibly analytical, but also someone who appreciated culture and would be willing to work with founders who had really strong visions.” (Source: Fortune, May 2021) 5

“Alfred was everything I hoped he would be. He was optimistic and steady. He stood by us; he actually leaned in.” (Source: Fortune, May 2021) 5

“He has a poker-faced countenance… But he’s extremely passionate, and he’s actually emotional.” (Source: Fortune, May 2021) 5

Tony Xu, Co-Founder and CEO of DoorDash:

“Behind the scenes, Alfred is a person who I think first and foremost genuinely cares about the entrepreneur.” (Source: Fortune, May 2021) 5

“Alfred is someone who works a lot, and he gets into the numbers and the details and he asks tough questions.” (Source: Fortune, May 2021) 5

Adi Tatarko, Co-Founder of Houzz:

“From the outside he’s a tough person, very analytical and supersmart. But I believe inside he’s a soft person.” (Source: Fortune, May 2021) 5

Jensen Huang, Founder and CEO of NVIDIA, on his pitch to Don Valentine:

“I did a horrible job with the pitch.” (Valentine invested $1 million in 1993 based on trust from LSI Logic’s CEO Wilfred Corrigan.) (Source: Twitter/X, Ravishankar Iyer) 23

Note: These are independently sourced founder quotes from Fortune’s reporting and public statements. No critical or negative founder testimonials about Sequoia were found in this research pass. Sequoia’s own website features a “Founders” page as a directory but does not include testimonial quotes.

Sources

  1. “Sequoia Capital.” Wikipedia. https://en.wikipedia.org/wiki/Sequoia_Capital. Accessed March 2026. ↩↩↩↩↩↩↩↩↩↩↩

  2. “Our History.” Sequoia Capital. https://sequoiacap.com/our-history/. Accessed March 2026. ↩

  3. “Sequoia’s Don Valentine: What Problem are you Solving?” Stanford Graduate School of Business. https://www.gsb.stanford.edu/insights/sequoias-don-valentine-what-problem-are-you-solving. Accessed March 2026. ↩↩↩↩↩↩↩↩↩↩

  4. “How Sequoia Capital Built the Greatest Portfolio in Tech History.” Alore. https://www.alore.io/blog/sequoia-capital. Accessed March 2026. ↩↩↩↩↩↩↩↩↩↩↩↩

  5. “How Sequoia’s Alfred Lin scored one of the biggest IPO years in history.” Fortune, May 18, 2021. https://fortune.com/2021/05/18/alfred-lin-sequoia-partner-ipo-airbnb-doordash/↩↩↩↩↩↩↩↩↩↩↩↩↩

  6. “Roelof Botha steps aside as Sequoia’s steward, passing the role to Alfred Lin and Pat Grady.” Fortune, November 4, 2025. https://fortune.com/2025/11/04/roelof-botha-steps-aside-as-sequoias-steward-passing-the-role-to-alfred-lin-and-pat-grady/↩↩↩↩↩↩↩

  7. “Sequoia dramatically revamps its fund structure as it looks to rethink venture capital model.” TechCrunch, October 26, 2021. https://techcrunch.com/2021/10/26/sequoia-dramatically-revamps-its-fund-structure-as-it-looks-to-rethink-venture-capital-model/↩↩↩

  8. “The Sequoia Capital Fund: Patient Capital for Building Enduring Companies.” Sequoia Capital. https://sequoiacap.com/article/the-sequoia-fund-patient-capital-for-building-enduring-companies/. Accessed March 2026. ↩

  9. “Sequoia Capital’s evergreen fund grows to almost $20 billion.” Bloomberg Law/Pensions & Investments, February 2025. https://www.pionline.com/alternatives/sequoia-capitals-evergreen-fund-grows-almost-20-billion/↩↩↩↩

  10. “Sequoia Capital to split into three parts, separating its China and India businesses.” CNBC, June 6, 2023. https://www.cnbc.com/2023/06/06/sequoia-capital-to-split-apart-us-china-india-businesses.html↩↩↩

  11. “Sequoia splits China and India arms from US mothership to avoid ‘portfolio conflict’ and ‘market confusion.’” TechCrunch, June 6, 2023. https://techcrunch.com/2023/06/06/sequoia-rebrands-china-india-and-southeast-asia-units/↩↩↩

  12. “Sequoia Capital — 2026 Investor Profile, Portfolio, Team & Investment Trends.” Tracxn. https://tracxn.com/d/venture-capital/sequoiacapital/__C16oDw9zCP_DohQqpFHBpyGTKnJWP9YQZ60yJxhPs3U. Accessed March 2026. ↩↩↩↩↩↩↩↩↩↩↩↩↩

  13. “Sequoia unveils $950M in new early-stage funds as it strives to be ‘only as good as our next investment.’” TechCrunch, October 27, 2025. https://techcrunch.com/2025/10/27/sequoia-unveils-950m-in-new-early-stage-funds-as-it-strives-to-be-only-as-good-as-our-next-investment/↩↩↩↩↩↩↩

  14. “Building Tomorrow’s Transformational Companies.” Sequoia Capital, October 2025. https://sequoiacap.com/article/seed-venture-funds-2025/↩↩↩↩↩↩

  15. “VC firm Sequoia Capital writes down $214 million investment in FTX to zero.” Fortune, November 10, 2022. https://fortune.com/2022/11/10/ftx-sam-bankman-fried-sequoia-writes-down-214-million-investment-to-zero-venture-capital-crypto/↩↩↩↩↩

  16. “Sequoia Capital marks its FTX investment down to zero dollars.” TechCrunch, November 9, 2022. https://techcrunch.com/2022/11/09/sequoia-capital-marks-its-ftx-investment-down-to-zero-dollars/↩↩↩

  17. “Sequoia Capital — Partners.” The Org. https://theorg.com/org/sequoiacap/teams/partners-521287ba. Accessed March 2026. ↩

  18. “SEQUOIA’s Investment Thesis, DECODED.” Medium (Mohammed Shoaib Choudry). https://medium.com/@mohammedshoaibchy78/sequoias-investment-thesis-decoded-499fdcc30f8d. Accessed March 2026. ↩

  19. “Sequoia Plans for More AI, Less Partisanship Under Grady and Lin.” Bloomberg, November 6, 2025. https://www.bloomberg.com/news/articles/2025-11-06/sequoia-plans-for-more-ai-less-partisanship-under-grady-and-lin↩

  20. “Sequoia to invest in Anthropic, breaking VC taboo on backing rivals.” TechCrunch, January 18, 2026. https://techcrunch.com/2026/01/18/sequoia-to-invest-in-anthropic-breaking-vc-taboo-on-backing-rivals-ft/↩↩↩↩↩↩↩

  21. “Lessons from Pat Grady — Sequoia’s Newest Partnership Steward.” Scaling Knowledge (Substack). https://scalingknowledge.substack.com/p/lessons-from-pat-grady-sequoias-newest. Accessed March 2026. ↩↩↩↩↩↩↩

  22. “Our Companies.” Sequoia Capital. https://sequoiacap.com/our-companies/. Accessed March 2026. ↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩

  23. Ravishankar Iyer on X (Twitter), citing Jensen Huang’s account of his pitch to Don Valentine. https://x.com/storyrulesindia/status/2023642864673276338. Accessed March 2026. ↩↩

  24. “The confidential YouTube Investment Memo by Sequoia.” Alexander Jarvis. https://www.alexanderjarvis.com/the-confidential-youtube-investment-memo-by-sequoia-you-were-never-meant-to-see/. Accessed March 2026. ↩

  25. “Hardware testing startup Nominal hits $1B valuation, raises $155M in 10 months.” TechCrunch, March 5, 2026. https://techcrunch.com/2026/03/05/hardware-testing-startup-nominal-hits-1b-valuation-raises-155m-in-10-months/↩

  26. “Partnering with Oasis Security: The Stars Align.” Sequoia Capital, accessed March 2026. https://sequoiacap.com/article/partnering-with-oasis-security-the-stars-align/↩

  27. “Grow Therapy launches measurement-informed care, raises Series C.” Grow Therapy blog, accessed March 2026. https://growtherapy.com/blog/grow-raises-series-c/↩

  28. “Ayar Labs lands $500M at $3.75B valuation for co-packaged optics,” SiliconANGLE, March 3, 2026. https://siliconangle.com/2026/03/03/ayar-labs-series-e/↩

  29. GlobeNewsWire, “Auctor Raises $20M Led by Sequoia Capital to Build the AI System of Action for the Enterprise Software Implementation Market,” April 15, 2026. https://www.globenewswire.com/news-release/2026/04/15/3274475/0/en/Auctor-Raises-20M-Led-by-Sequoia-Capital-to-Build-the-AI-System-of-Action-for-the-Enterprise-Software-Implementation-Market.html↩

  30. TechCrunch, “DeepMind’s David Silver just raised $1.1B to build an AI that learns without human data,” April 27, 2026. https://techcrunch.com/2026/04/27/deepminds-david-silver-just-raised-1-1b-to-build-an-ai-that-learns-without-human-data/ — $1.1B Seed at $5.1B valuation co-led by Sequoia Capital and Lightspeed Venture Partners. ↩

  31. Snowflake press release, “Snowflake Closes $263M Series E,” January 25, 2018; subsequent $450M Series F led by Sequoia, October 11, 2018. https://www.snowflake.com/news/snowflake-closes-450m-growth-funding/ — Sequoia first invested at the January 2018 $263M Series E (co-led with Altimeter Capital and ICONIQ Growth) and then led the $450M Series F at $3.5B valuation in October 2018. ↩

  32. TechCrunch, “DoorDash Raises $17.3 Million From Sequoia To Expand Its On-Demand Delivery Service,” May 22, 2014. https://techcrunch.com/2014/05/22/doordash-17-3m-sequoia/ — Series A led by Sequoia at $73.5M valuation; Alfred Lin joined the board. ↩

  33. TechCrunch, “Zoom video conferencing service raises $100 million from Sequoia on billion-dollar valuation,” January 17, 2017. https://techcrunch.com/2017/01/17/sequoia-invests-100-million-in-zoom-video-conferencing-service/ — Series D led by Sequoia at $1B valuation; Carl Eschenbach joined the board. ↩

  34. PR Newswire, “Rogo Raises $160M Series D to Scale the Agentic Platform for Finance,” April 29, 2026. https://www.prnewswire.com/news-releases/rogo-raises-160m-series-d-to-scale-the-agentic-platform-for-finance-302756546.html↩

  35. Tracxn, “Reddit — 2026 Funding Rounds & List of Investors,” accessed April 2026. https://tracxn.com/d/companies/reddit/__WeE1RjZf7k4y39amTMHLaFH0XVTboUapxnKYYoxqcCw/funding-and-investors — Sequoia Capital first invested in Reddit on February 11, 2019, in the Series D round. ↩

  36. Bloomberg, “SpaceX Funding Round at $74 Billion Valuation Was Led by Sequoia,” February 18, 2021. https://www.bloomberg.com/news/articles/2021-02-18/spacex-funding-round-at-74-billion-valuation-was-led-by-sequoia — Sequoia led the Series J that closed February 16, 2021. ↩

  37. Vanta resources page, “Announcing Vanta’s $50 Million Series A from Sequoia Capital,” May 4, 2021. https://www.vanta.com/resources/vanta-announces-series-a — Series A led by Andrew Reed at Sequoia. ↩

  38. Bloomberg, “Retool Nears $1 Billion Valuation With Funding From Sequoia,” October 20, 2020. https://www.bloomberg.com/news/articles/2020-10-20/retool-nears-1-billion-valuation-with-funding-from-sequoia — Sequoia first invested in Retool’s Series A on October 26, 2019. ↩

  39. TechCrunch, “OpenAI closes $300M share sale at $27B-29B valuation,” April 28, 2023. https://techcrunch.com/2023/04/28/openai-funding-valuation-chatgpt/ — Sequoia participated in the April 2023 tender offer alongside Andreessen Horowitz, Thrive Capital, K2 Global, and Founders Fund. ↩

  40. TechCrunch, “Elon Musk’s xAI raises $6B from Valor, a16z and Sequoia,” May 26, 2024. https://techcrunch.com/2024/05/26/elon-musks-xai-raises-6b-from-valor-a16z-and-sequoia/ — Series B at $24B post-money valuation. ↩

  41. Clay company blog, “Clay announces $1.5B valuation employee tender offer led by Sequoia Capital,” accessed April 2026. https://www.clay.com/blog/tender-offer — Sequoia first invested in Clay in 2023 in its Series A round. ↩

  42. Fortune, “Exclusive: Ex-Salesforce Co-CEO Bret Taylor launches AI startup Sierra,” February 13, 2024. https://fortune.com/2024/02/13/bret-taylor-clay-bavor-ai-startup-sierra-110-million-funding-sequoia-benchmark/ — Sierra emerged from stealth February 13, 2024 with $110M from Sequoia, Benchmark and others. ↩

  43. PR Newswire, “Parallel Raises at $2 Billion Valuation to Scale Web Infrastructure for Agents,” April 29, 2026. https://www.prnewswire.com/news-releases/parallel-raises-at-2-billion-valuation-to-scale-web-infrastructure-for-agents-302756350.html — $100M Series B led by Sequoia Capital at $2B valuation; Andrew Reed joined the board. Existing investors Kleiner Perkins, Index Ventures, Khosla Ventures, First Round Capital, Spark Capital, Terrain Capital, and Abstract Ventures participated. Cross-referenced with TechCrunch, “Parallel Web Systems hits $2B valuation five months after its last big raise,” April 29, 2026. https://techcrunch.com/2026/04/29/parallel-web-systems-hits-2b-valuation-five-months-after-its-last-big-raise/↩

  44. Sequoia Capital, “Partnering with Harvey: Putting LLMs to Work,” April 26, 2023. https://sequoiacap.com/article/partnering-with-harvey-putting-llms-to-work/ — Sequoia confirms it led Harvey’s Series A on April 26, 2023. ↩

  45. Harvey blog, “Sequoia and OpenAI Back Harvey to Redefine Professional Services, Starting with Legal,” April 26, 2023. https://www.harvey.ai/blog/sequoia-and-openai-back-harvey-to-redefine-professional-services-starting-with-le — $21M Series A led by Sequoia; OpenAI Startup Fund, Conviction, SV Angel, Elad Gil participated. ↩

  46. SiliconANGLE, “Standard Intelligence raises $75M to develop efficient computer use models,” April 30, 2026. https://siliconangle.com/2026/04/30/standard-intelligence-raises-75m-develop-efficient-computer-use-models/ — $75M Series A co-led by Sequoia Capital and Spark Capital. ↩

  47. Sequoia Capital, “Standard Intelligence: Training General Intelligence in Pixel Space,” by Sonya Huang, April 30, 2026. https://sequoiacap.com/article/standard-intelligence-training-general-intelligence-in-pixel-space/ — Sonya Huang led the investment for Sequoia, partnering with Miko Ashwill and Yasmin Razavi at Spark. ↩

  48. Pulse 2.0, “Standard Intelligence Raises $75 Million From Sequoia And Spark Capital To Scale AGI Research,” April 30, 2026. https://pulse2.com/standard-intelligence-raises-75-million-from-sequoia-and-spark-capital-to-scale-agi-research/ — Confirms Andrej Karpathy, Stanley Druckenmiller, and Milan Kovac participated as angel investors. ↩

  49. PR Newswire, “Nominal Raises $75 Million, led by Sequoia Capital, to Modernize Hardware Testing,” June 12, 2025. https://www.prnewswire.com/news-releases/nominal-raises-75-million-led-by-sequoia-capital-to-modernize-hardware-testing-302479991.html — accessed May 2026. ↩

  50. Bloomberg, “Sequoia Leads $75 Million Deal for Defense, Industrial Startup Nominal,” June 12, 2025. https://www.bloomberg.com/news/articles/2025-06-12/sequoia-leads-75-million-deal-for-defense-industrial-startup-nominal — accessed May 2026. ↩

  51. Sequoia Capital, “Partnering with Nominal: Powering the Next Era of Hardware Engineering.” https://sequoiacap.com/article/partnering-with-nominal-powering-the-next-era-of-hardware-engineering/ — accessed May 2026. ↩

  52. TechCrunch, “Oasis Security leaves stealth with $40M to lock down the wild west of non-human identity management,” January 31, 2024. https://techcrunch.com/2024/01/31/oasis-security-leaves-stealth-with-40m-to-lock-down-the-wild-west-of-non-human-identity-management/ — accessed May 2026. ↩

  53. CTech, “Oasis Security raises $35 million Series A to resolve non-human identity security challenge,” January 2024. https://www.calcalistech.com/ctechnews/article/sy11imiv9 — accessed May 2026. ↩

  54. PR Newswire, “Grow Therapy Raises $88M Sequoia Capital-Led Series C to Advance Effective Mental Healthcare,” April 8, 2024. https://www.prnewswire.com/news-releases/grow-therapy-raises-88m-sequoia-capital-led-series-c-to-advance-effective-mental-healthcare-302110579.html — accessed May 2026. ↩

  55. Behavioral Health Business, “Grow Therapy Raises $88M in Series C, Secures Unicorn Status,” April 8, 2024. https://bhbusiness.com/2024/04/08/grow-therapy-raises-88m-in-series-c-secures-unicorn-status/ — accessed May 2026. ↩

  56. TechCrunch, “Sierra raises $950M as the race to own enterprise AI gets serious,” May 4, 2026. https://techcrunch.com/2026/05/04/sierra-raises-950m-as-the-race-to-own-enterprise-ai-gets-serious/ — $950M Series E at $15.8B post-money valuation, co-led by Tiger Global and GV. Existing investors Benchmark, Sequoia Capital, and Greenoaks Capital participated. This is a follow-on to Sequoia’s prior co-led Seed (Feb 2024). ↩

  57. Yahoo Finance, “Sierra raises $950M at $15.8B valuation, led by Tiger and GV,” May 4, 2026. https://finance.yahoo.com/markets/stocks/articles/sierra-raises-950m-15-8b-154125641.html↩

  58. CNBC via Techmeme, “Bret Taylor’s Sierra raises nearly $1 billion months after last capital push,” May 4, 2026. https://www.cnbc.com/2026/05/04/bret-taylor-sierra-fundraise-openai.html↩

  59. Fortune, “Sequoia-backed Astrocade raises $56 million to let everyone build games,” May 5, 2026. https://fortune.com/2026/05/05/astrocade-raises-56-million-series-b-sequoia-video-games-platform-ali-amir-sadeghian/ — Astrocade announced $56M total funding on May 5, 2026, comprising a Series A led by Sea Capital and a Series B led by Sequoia Capital (David Cahn, Partner). Additional investors include Google’s AI Futures Fund, NVIDIA, LG Technology Ventures, Dentsu Ventures, Conviction Embed, Chaac Ventures, and Rogue VC. ↩

  60. Astrocade blog, “Astrocade Raises $56M in New Funding to Build a New Era of Interactive Entertainment,” May 5, 2026. https://www.astrocade.com/blog/astrocade-raises-56m-funding↩

  61. Anthropic press release, “Anthropic raises $30 billion in Series G funding at $380 billion post-money valuation,” February 12, 2026. Accessed May 2026. https://www.anthropic.com/news/anthropic-raises-30-billion-series-g-funding-380-billion-post-money-valuation — $30B Series G announced February 12, 2026 at $380B post-money valuation; led by GIC and Coatue with co-leads D. E. Shaw Ventures, Dragoneer, Founders Fund, ICONIQ, and MGX. Sequoia Capital participated alongside Accel, Addition, Alpha Wave Global, Altimeter, AMP PBC, Appaloosa, Baillie Gifford, Bessemer Venture Partners, BlackRock-affiliated funds, Blackstone, D1 Capital, Fidelity, General Catalyst, Greenoaks, Goldman Sachs Growth Equity, Insight, Jane Street, JPMorganChase, Lightspeed, Menlo Ventures, Morgan Stanley Investment Management, NX1 Capital, Qatar Investment Authority, Sands Capital, Temasek, TowerBrook, TPG, Whale Rock, and XN. Cross-referenced with TechCrunch, “Anthropic raises another $30B in Series G, with a new value of $380B,” February 12, 2026. https://techcrunch.com/2026/02/12/anthropic-raises-another-30-billion-in-series-g-with-a-new-value-of-380-billion/↩

  62. Ayar Labs press release, “Ayar Labs Closes $500M Series E, Accelerates Volume Production of Co-Packaged Optics,” March 3, 2026. Accessed May 2026. https://ayarlabs.com/news/ayar-labs-closes-500m-series-e-accelerates-volume-production-of-co-packaged-optics/ — $500M Series E announced March 3, 2026 led by Neuberger Berman at $3.75B valuation. Sequoia Global Equities participated alongside ARK Invest, Insight Partners, Qatar Investment Authority, 1789 Capital, AMD, Alchip Technologies, MediaTek, NVIDIA, Advent Global Opportunities, Boardman Bay Capital, IAG Capital Partners, Light Street Capital, Playground Global, and AMD Ventures. Total raised: $870M. ↩

  63. Sequoia Capital, “Partnering with Auctor,” April 15, 2026. Accessed May 2026. https://sequoiacap.com/article/partnering-with-auctor/ — Sequoia’s own announcement of leading Auctor’s $20M Series A on April 15, 2026 with participation from Y Combinator, M12 (Microsoft’s Venture Fund), Workday Ventures, HubSpot Ventures, OneStream, Tercera, and Dig Ventures. Cross-referenced with GlobeNewsWire, “Auctor Raises $20M Led by Sequoia Capital to Build the AI System of Action for the Enterprise Software Implementation Market,” April 15, 2026. https://www.globenewswire.com/news-release/2026/04/15/3274475/0/en/Auctor-Raises-20M-Led-by-Sequoia-Capital-to-Build-the-AI-System-of-Action-for-the-Enterprise-Software-Implementation-Market.html↩

  64. Enter newsroom, “Enter raises $100M+ to become Latin America’s first AI unicorn,” May 5, 2026. Accessed May 2026. https://www.getenter.ai/en/news/enter-levanta-mais-de-us-100-milhoes-e-se-torna-o-primeiro-unicornio-de-ia-da-america-latina — São Paulo-based Enter announced $100M+ Series B at $1.2B valuation on May 5, 2026, led by Founders Fund with Sequoia Capital, Ribbit Capital, ONEVC, Atlantico, and Kaszek participating. ↩

  65. PR Newswire, “Greenberg Traurig Represents Enter in $100M Series B, Creating Latin America’s First AI Unicorn,” May 2026. Accessed May 2026. https://www.prnewswire.com/news-releases/greenberg-traurig-represents-enter-in-100m-series-b-creating-latin-americas-first-ai-unicorn-302767169.html↩

  66. PR Newswire, “Ricursive Intelligence Raises $300 Million Series A at $4 Billion Valuation to Accelerate AI-Driven Semiconductor Design,” January 26, 2026. Accessed May 2026. https://www.prnewswire.com/news-releases/ricursive-intelligence-raises-300-million-series-a-at-4-billion-valuation-to-accelerate-ai-driven-semiconductor-design-302670061.html — Series A led by Lightspeed Venture Partners at $4B post-money valuation, with DST Global, NVentures (NVIDIA), Felicis Ventures, 49 Palms Ventures, Radical Ventures, and Sequoia Capital participating. ↩

  67. TechCrunch, “AI chip startup Ricursive hits $4B valuation 2 months after launch,” January 26, 2026. Accessed May 2026. https://techcrunch.com/2026/01/26/ai-chip-startup-ricursive-hits-4b-valuation-two-months-after-launch/ — Confirms $300M Series A led by Lightspeed and notes Sequoia participation; also references prior seed round. ↩

  68. Crunchbase News, “AI Lab Ricursive Intelligence Lands $300M Series A At $4B Valuation Less than Two Months After Launch,” January 26, 2026. Accessed May 2026. https://news.crunchbase.com/venture/startup-ai-lab-ricursive-seriesa-unicorn/ — Confirms seed round of $35M at $750M valuation in early December 2025, then $300M Series A at $4B valuation on January 26, 2026. ↩

  69. CoinDesk, “Turnkey raises $12.5 million in round backed by Circle Ventures and Sequoia Capital,” May 6, 2026. Accessed May 2026. https://www.coindesk.com/business/2026/05/06/turnkey-raises-usd12-5-million-in-round-backed-by-circle-ventures-and-sequoia-capital — Confirms Sequoia Capital participated in Turnkey’s $12.5M strategic round announced May 14, 2026, co-led by Archetype and Circle Ventures. ↩

  70. Crypto Briefing, “Turnkey raises $12.5M to expand verifiable cloud infrastructure for crypto wallets,” May 2026. Accessed May 2026. https://cryptobriefing.com/turnkey-verifiable-cloud-infrastructure-crypto-wallets/ — Cross-references Sequoia Capital alongside Bain Capital Crypto, Lightspeed Faction, Galaxy Ventures, and Variant as participants. ↩

  71. Tech.eu, “Dust raises $40M Series B to build the ‘multiplayer’ operating system for enterprise AI,” May 18, 2026. Accessed May 2026. https://tech.eu/2026/05/18/dust-raises-40m-series-b-to-build-the-multiplayer-operating-system-for-enterprise-ai/ — Confirms Sequoia Capital co-led Dust’s $40M Series B with Abstract on May 18, 2026; Snowflake Ventures and Datadog participated. ↩

  72. Tech Funding News, “Sequoia backs Paris AI startup Dust with $40M to fix the enterprise AI productivity gap,” May 18, 2026. Accessed May 2026. https://techfundingnews.com/dust-40m-series-b-collaborai-ai-enterprise-workspaces-sequoia/ — Cross-references Sequoia + Abstract co-leading Paris-based Dust’s $40M Series B; 3,000+ organizations with 300,000+ AI agents deployed. ↩

  73. BusinessWire, “Mercury Raises $200 Million Series D at $5.2B Valuation,” May 20, 2026. Accessed May 2026. https://www.businesswire.com/news/home/20260520511817/en/Mercury-Raises-$200-Million-Series-D-at-$5.2B-Valuation — Confirms Sequoia Capital participated in Mercury’s $200M Series D on May 20, 2026 at $5.2B valuation (up 49% from $3.5B March 2025 Series C, which Sequoia led per TechCrunch https://techcrunch.com/2025/03/26/fintech-mercury-lands-300m-in-sequoia-led-series-c-doubles-valuation-to-3-5b/). TCV led; a16z, Coatue, CRV, Sapphire Ventures, and Spark Capital also participated. ↩

  74. Decart, “Decart Raises $300M: Tech Leaders Back the Company as Both Customers and Investors,” May 18, 2026. Accessed May 2026. https://decart.ai/publications/decart-raises-300m-tech-leaders-back-the-company-as-both-customers-and-investors — Confirms Sequoia Capital as returning investor in Decart’s $300M round at $4B valuation led by Radical Ventures on May 18, 2026; new investors Nvidia, Atreides Management, Valor Equity Partners, Adobe Ventures, Toyota Ventures, eBay Ventures joined alongside returning backers Benchmark and Zeev Ventures. ↩

  75. TechCrunch, “Anthropic raises $65 billion, nears $1T valuation ahead of IPO,” May 28, 2026. Accessed May 2026. https://techcrunch.com/2026/05/28/anthropic-raises-65-billion-nears-1t-valuation-ahead-of-ipo/ — Confirms Sequoia Capital co-led Anthropic’s Series H on May 28, 2026 at $965B post-money valuation with Altimeter Capital, Dragoneer, and Greenoaks; Capital Group, Coatue, D1 Capital Partners, Baillie Gifford, Blackstone, Brookfield, D.E. Shaw Ventures, DST Global, Fidelity, Samsung, SK Hynix, and Micron participated; incorporates $15B previously committed hyperscaler investments including Amazon’s $5B pledge. ↩

  76. SiliconANGLE, “Cyera raises $300M at $12B valuation, doubling its worth in five months,” June 2, 2026. Accessed June 2026. https://siliconangle.com/2026/06/02/cyera-raises-300m-12b-valuation-doubling-worth-five-months/ — Confirms $300M round at $12B post-money valuation announced June 2, 2026, led by Evolution Equity Partners with Sequoia Capital, Georgian, Greenoaks, Lightspeed Venture Partners, Sapphire Ventures, Redpoint Ventures, Cyberstarts, Coatue, Accel, and Spark Capital participating. ↩

  77. TechCrunch, “Cyera eyes $12B valuation at 80x ARR multiple despite operating losses,” June 2, 2026. Accessed June 2026. https://techcrunch.com/2026/06/02/cyera-eyes-12b-valuation-at-80x-arr-multiple-despite-operating-losses/ — Cross-references the $300M round at $12B valuation, noting the doubling of valuation within five months of the January 2026 $400M Series F at $9B led by Blackstone. ↩

  78. Finsmes, “Cyera Raises $300M in Additional Funding at $12 Billion Post-Money Valuation,” June 2, 2026. Accessed June 2026. https://www.finsmes.com/2026/06/cyera-raises-300m-in-additional-funding-at-12-billion-post-money-valuation.html — Third independent confirmation of round amount, valuation, lead investor, and Sequoia Capital participation. ↩