Sequoia Capital China – the Chinese affiliate of pro- crypto venture capital entity Sequoia Capital – is reportedly planning for a $9 billion raise dedicated to its four new funds supporting Chinese startups.

Specifically, during the process of raising the capital, Sequoia China has reportedly already crossed the initial target of approximately $8 billion, per the Information news agency. 

The report notes that the finalized sum of the raise in the target having an unprecedented size of a pool of capital by one individual VC entity, concentrated on China-based technology startups.

The funding round is reportedly a sign showcasing the developing investor appetite for China-based tech investment, regardless of a significant drop in the stock market, together with China’s scrutiny approach on tech firms, which led to a slowdown in investments by Sequoia’s global competitors.

Sequoia China reportedly has plans down its pipeline to complete the round sometime this week, with half of the capital generated from the raise being oversubscribed.

As revealed by a few local investors, top-tier VC companies such as Sequoia China and Hillhouse were still raising money regardless of numerous US-based wealth and pension funds putting a hold on China investments in 2022.

“Only Sequoia and Hillhouse can raise money from international investors right now, they see it as lower risk, like making an index fund investment,” A Beijing-based investor additionally remarked.

Established in 2005, Sequoia China is among the most major tech VC companies globally, known for making investments in TikTok operator ByteDance.

Sequoia China has also provided support for a wide array of crypto and blockchain-associated entities, including the troubled Asian crypto lender Babel Finance, which halted withdrawals in mid-June amid the ongoing crypto lending crisis.