Recently, Sequoia Capital underwent changes in leadership and announced the launch of two new early-stage funds worth a total of $950 million, which has caused a lot of talk about where the firm is headed. As someone who’s been in the world of venture capital since the early 1980s, I’ve had the privilege of working with and witnessing the evolution of countless firms, including Sequoia, and I wanted to share my thoughts. Namely, that I believe they’ll remain successful despite these changes, due to their winning strategies and enduring principles.
Since 1984, I’ve held Sequoia in the highest regard, not just for their impressive track record, but for their strategic foresight, disciplined approach, and unwavering commitment to building legendary companies. In this post, I’ll share my personal experiences with Sequoia, reflect on their history and achievements, and explain why I believe they’ll remain leaders in an industry that’s grown increasingly complex and competitive.
My Thoughts on Sequoia Capital as an Investor and Admirer
My journey with Sequoia began through my firm, 3i Ventures. We invested in Sequoia Funds II and III, forging a collaborative relationship that extended beyond mere financial ties. We co-invested in several of their deals, and they reciprocated by backing some of ours. This mutual respect fostered a dynamic partnership that taught me invaluable lessons about the VC landscape.
One of the highlights was my periodic meetings with Don Valentine, Sequoia’s legendary founder. Don wasn’t just a financier; he was a visionary who shaped the tech industry. I had the opportunity to observe him in action as the chairman of Sierra Semiconductor, where his sharp insights and no-nonsense leadership style left a lasting impression. Don’s philosophy of focusing on markets over products, and backing founders who could navigate uncertainty resonated with me deeply. Under his guidance, Sequoia backed early winners like Apple in 1980, which set the stage for decades of success. This past success is just one of the reasons why my thoughts on Sequoia Capital and its future remain positive.
From Humble Beginnings to Global Powerhouse
Now, a little history on its proven track record. Sequoia Capital was founded in 1972 in Menlo Park, California, by Don Valentine, alongside Douglas Leone and Michael Moritz. At a time when venture capital was still nascent, Sequoia distinguished itself by betting on transformative technologies and resilient founders. Their early investments in companies like Cisco and Oracle laid the groundwork for what would become a portfolio of tech giants.
A Winning Strategy Sets Sequoia Apart
Over the years, Sequoia expanded thoughtfully. In 2012, they launched Sequoia Capital China (later renamed HongShan in 2023), and in 2017, Sequoia Capital India. This global footprint allowed them to tap into emerging markets while maintaining their core focus on early-stage tech. Unlike many peers who chased scale by managing massive funds, Sequoia resisted the temptation to balloon their assets under management excessively. This restraint has been key to their strategy, ensuring they could remain agile and deliver outsized returns without diluting focus.
Their investment track record speaks volumes. Beyond Apple, Sequoia has backed iconic companies such as:
- Google (1999)
- YouTube (2005)
- Airbnb (2009)
- DoorDash (2013)
- Stripe (2014)
- Zoom (2015) Instacart (2015)
- Databricks (2016)
- Coinbase (2013)
More recently, they’ve continued this streak with investments in AI and software innovators like LangChain (which raised $125M in 2025) and Anrok ($55M in 2025). In June 2025 alone, Sequoia was the most active U.S. startup investor, participating in 15 venture rounds, including several high-profile deals.
Sequoia’s commitment to innovation extends to thematic funds. In 2020, they announced an $850 million fund for underrepresented founders; in 2023, a $2 billion AI fund; and in 2024, another $3 billion AI fund alongside a $1.8 billion fund for India. These moves underscore their forward-thinking approach, positioning them at the forefront of trends like artificial intelligence and inclusive entrepreneurship.
Principles are Also Responsible for Sequoia Capital’s Success
Recently, Sequoia went through a change in leadership after some brief and uncharacteristic turmoil. Yet, in replacing Roelof Botha with co-stewards Alfred Lin and Pat Grady, they are still led by a formidable team. These two have been key investors behind some of the firm’s most lucrative investments. This continuity of talent has preserved the firm’s ethos: partnering with “the daring” to build enduring businesses.
But what I admire most is Sequoia’s principled stance amid industry pressures. While others succumbed to the allure of mega-funds, Sequoia prioritized quality over quantity, leading to superb returns for limited partners. Their success rate is enviable—many of their portfolio companies have achieved unicorn status or gone public, generating billions in value. Even in challenging times, like their involvement with FTX (which they later wrote off), Sequoia has demonstrated resilience and accountability.
The recent events, such as the departure of their COO following internal discussions around a partner’s public statements, highlight the firm’s willingness to stand by their team amid controversy. While this has sparked debate, it reflects Sequoia’s commitment to principles over external noise. This is much like Don Valentine’s era of bold, unapologetic decision-making.
Why Sequoia Remains a Leader in Venture Capital
In an industry flooded with capital and copycats, Sequoia stands out as a true pioneer. Their strategic discipline, global vision, and knack for spotting winners have not only delivered exceptional returns but also shaped the tech ecosystem. From my vantage point, having collaborated with them decades ago, I see the same DNA today: a focus on long-term value creation over short-term hype.
If you’re a founder, investor, or simply an observer of innovation, Sequoia Capital is worth studying. They’ve proven that smart, strategic VC isn’t about chasing trends. It’s about building legacies. My respect for them, forged in 1984, only grows stronger with time.
What’s your take on Sequoia’s impact? Let me know in the comments.
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