Venture capital firm Sequoia Capital names its leader

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Sequoia Capital, one of the oldest and most successful venture capital firms, is changing management, a Financial Times report announced on Monday (April 4).

The company is known for backing tech industry titans including Apple and Google.

The company’s new leader will be Roelof Botha, a Sequoia partner who leads US and European operations. He will take over in July.

Doug Leone, the billionaire investor who currently runs the company, plans to retire at 65.

Botha’s appointment marks a third “passing of the torch”, the report says, the third time it has happened since Sequoia was founded in 1972 by Don Valentine, who was highly influential in the venture capital world.

With Botha’s appointment, the FT report says there has been a “delicate balance” in the organization between US and European operations on the one hand and Chinese and Indian arms on the other.

Leone, writing in a letter to investors, said there will be limits to Botha’s role, leaving him with a lack of direct control over the Chinese operation. Sequoia China, under the leadership of Neil Shen, has backed several successful startups like ByteDance, Meituan, and Pinduoduo. This has made Sequoia’s global profit sharing and power a “constant source of speculation” for those watching the company.

Sequoia would have gotten rid of the Global Managing Partner title that its predecessors had. Instead, Botha will be the company’s “chief delegate” and “set the overall tone” of the company, according to Leone.

Read more: Turkish fast delivery service Getir eyes $800m funding

PYMNTS wrote that a recent investment from Sequoia was in Getir, a Turkish delivery startup that raised $800 million in a funding round from the company and others.

The round came with a check for $250 million from Mubadala, which was the lead investor, and Tiger Global was another investor involved.

The pandemic has seen a lot of money directed towards delivery companies, including others like Flink and Gopuff.

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