Perennially successful tech investorあSequoia Capital is once again setting its sights on Silicon Valley, having raised at least $1.3 billion for a new fund that will zero in on up-and-coming startups, according to a filing released today by the U.S. Securities and Exchange Commission.
Sequoia, a storied venture-capital firm that has invested in white-hot tech companies from AdMob to Apple, Cisco, Google, YouTube and a host of others, will call the new fund Sequoia Capital 2010.
It most recently poured $27.5 million into Square, the mobile payments startup founded by Twitter creator Jack Dorsey, on Jan. 10. That funding valued Square at $240 million overall.
The firm has said in the past that any new fund would focus primarily on early and growth stage companies located in the U.S. and China.
Thus far, Sequoia Capital 2010 has secured more than $1.35 billion in capital commitments since last March, Fortune reported today.
The University of Michigan Regents, which invests with Sequoia, described the VCs&' plans for the fund in a memo released last July:
&''In the U.S., venture investments will be primarily in new technology companies formed in the western part of theあcountry, particularly California&'s Silicon Valley. The China investments will focus on companies positioned toあbenefit from China&'s growing economy and increasing number of consumers and are expected to be in theあfinancial services, consumer services, technology, and healthcare, and internet sectors.&''
A Sequoia representative did not immediately respond to queries about the new fund.
It&'s not clear if Sequoia will ultimately take in more than the $1.35 billion sum raised so far &8212' but given recent figures on how venture capital is roaring back in Silicon Valley, not to mention Sequoia&'s track record and reputation, it seems like it could easily pull in more.
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Companies: Sequoia Capital, Square
People: Jack Dorsey
Companies: Sequoia Capital, Square
People: Jack Dorsey
Riley McDermid is a contributing reporter to VentureBeat. She was previously the online editor at institutional investing and trading forum Markets Media, which she joined in 2008 from Dow Jones/MarketWatch in New York. Her work has appeared in the The New York Times, the Associated Press, Portfolio Magazine, The Wall Street Journal, and Barrona4ぎa4г. She has won awards from the American Society of Business Publishers and Editors, the Magazine Association of the Southeast, the Mississippi Press Association and the Atlanta Press Club, and was a finalist for the Pacemaker Prize for excellence in news reporting.
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