May 23, 2022

Well-known venture capital company Sequoia Capital announced today This leader, Doug Lyons, will step down from his “senior manager” role and be replaced by Roelof Botha, managing partner of Sequoia’s US and European operations.

Leon, global managing partner of Sequoia Capital, wrote in a letter posted on Twitter that he will continue to be a general partner in the existing funds and represent Sequoia on the board of directors.

“A spirit of growth and renewal drives our culture of generational transmission,” Lyon wrote. “We are proud to be the only venture capital partnership to successfully complete multiple leadership changes over the past five decades.” Leon and another prominent Sequoia investor, Michael Moritz, had earlier taken over the reins from company founder Don Valentine in the mid-1990s. Moritz stepped down from that position in 2012 due to illness, though he remained active at the company and continues to work with Stockholm-based giant Klarna, Turkish grocery delivery company and US-based Getir. Worked on multiple boards including Pay. animal band.

For Botha, the new concert, effective July 5, 2022, is part of a year-long transition and has been highly anticipated. In 2017, he was named head of an American company run by Leon. Botha then became “sequoia manager,” which he previously described as “more responsibility for strategy, team building, fundraising – spending more time with limited partners and helping decide when to raise money.” as described. Structure of our LP base”.

“Chief Steward” is a double-click role that represents a more global leadership role than ever before. Botha has led investments in several startups that have gone on to become big brands, including YouTube, 23andme, MongoDB, Natera, Square, and Unity.

Of course, Botha will face new opportunities and new challenges as Sequoia expands its already huge presence.

Sequoia has invested heavily in Europe in recent years, opening a regional office in London last year for the first time in its history. In addition to Klarna and Getir, its European bets include Veed, an online video editing tool, and Upway, a Paris-based platform for used purchases like bikes and electronics.

As readers have no doubt noticed, she has invested hundreds of millions of dollars in startups in India and Southeast Asia.

It has also begun investing in countries where it has not been involved in transactions before, as evidenced by a recent bet on Cairo payment and currency platform Telda and mobile money provider Wave from the US and Senegal. Together with Sequoia last fall, the company raised $200 million in Series A funding.

Meanwhile, the company has a significant financial stake in China, where it operates one of the most powerful business practices in the country, led by Sequoia Capital China founder Neil Shen.

Leon was involved in Sequoia’s decision not only to move to China 15 years ago, but to stay there. (At about the same time, other American companies appeared in this area.)

It proved lucrative for an organization whose practice in China has been hugely successful over the years (and invested more than half of Sequoia dollars in 2018, as Leon told us on Disrupt). At the same time, financing regional start-ups is becoming increasingly difficult due to government action and continued support and connections from Russia, giving Botha, who grew up in South Africa, plenty of room to manage in his new global role.

At the same time, we expect Leon to remain somewhat active in the company, even in addition to retaining his seat on the board of directors. (His predecessor, Don Valentine, came to meetings with partners on Mondays for ten years after he “retired”).

Of course, he had a lot of fun advising the founders to shut down completely.

In fact, when we spoke to Leone on Disrupt in 2018, we asked him how he would advise founders who, like himself, a self-mocking Italian immigrant, want to succeed in business.

Leon said: Only start a business if you have “an urgent need, if you can’t sleep at night because you want to do something, if you have experience in the field.” [and] If you are a great customer. Many of our great companies were founded where customers were founders. However, the founder did not know that he was the confidant of the next billion people.

“Don’t start a business because you’re a little bored and you think it’s good to start a business,” he said.

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