Sequoia hits rewind, undoing 20 years of expansion

Sequoia Capital is consolidating into a smaller, Bay Area–centered firm, shutting down programs and offices built during a 20-year expansion, and raising $10 billion in new funds. The firm is undoing its previous expansion, which included global offices, multiple businesses, and programs such as Scouts and Arc, in an effort to flatten its partnership and reduce hierarchy. The consolidation comes after a 20-year expansionary phase, during which Sequoia built multiple businesses in multiple geographies. The firm is also killing its Monday partner meeting and merging its early-stage and growth teams into one. The changes are aimed at returning to a smaller, more focused team, similar to the firm's early days in Silicon Valley. The firm's new focus will be on the Bay Area, with the closure of its London office. The consolidation is expected to impact young founders who relied on the firm's programs, such as Scouts and Arc, for funding and support. The firm's new $10 billion in funds will be used to support the consolidation and new initiatives, but the exact plans are unclear. The consolidation is a significant shift for Sequoia, which was one of the most influential venture capital firms in the world, with a global presence and a wide range of programs and initiatives.