Sequoia closes London office and ends Arc accelerator program
Venture capital firm Sequoia is closing its London office and shutting down its Arc accelerator as part of a move to restructure its investment operations.
US-based venture capital firm Sequoia has announced a major restructuring of its operations, including the closure of its London office. The move also marks the termination of its Arc accelerator and Scouts program. The firm confirmed that the consolidation of its international presence will result in staff departures in London.
Sequoia stated that it no longer requires a local physical presence to support European founders, citing its ability to provide assistance from its base in the Bay Area. The firm is also merging its early-stage and growth investing units into a single team as part of an effort to narrow its strategic focus.
Internal management structures are also being altered. The firm has simplified the Sequoia Capital Fund, adopted a flatter partnership structure, and discontinued its weekly partner meeting cycle. The organization is now operated by a cohort of seven general partners.
These changes accompany a broader financial adjustment, with the firm raising approximately US$10 billion in new capital. Sequoia, which has traditionally sought to act as a source of patient capital for startups, is positioning these changes as a step toward supporting the development of enduring companies.