Sequoia China moves investor pitch day online amid virus outbreak
HONG KONG/NEW YORK (Reuters) – Tech investor Sequoia Capital China is taking its “Demo Day” online for the primary time as a part of its efforts to cut back the influence on fundraising from the unfold of the coronavirus.
The occasion, which Sequoia China has held usually for a number of years, is designed to introduce a number of the fund’s early-stage investments to an invite-only group of potential buyers.
Instead of the everyday half-day conferences that permit entrepreneurs from throughout China to mingle with potential backers, this time the occasion will likely be held in two three-hour online periods over two days later this month.
About 30 start-ups will current their firms to some 50 buyers, primarily from China.
“As an entrepreneur who went through SARS in 2003, I fully understand the challenges entrepreneurs face during the current coronavirus outbreak,” Neil Shen, Sequoia China’s founding and managing associate, mentioned in a information launch.
“We always take a long-term view and believe that when we look back at these challenging times, we will realize that these events are occurrences that each business must face and overcome in the path to becoming lasting companies.”
The fast-spreading virus has claimed greater than 1,100 lives.
More than two dozen massive commerce festivals and trade conferences right here in Asia have been postponed, shuttering occasions the place billions of dollars price of offers have been signed previously.
Sequoia China was based in 2005 by Shen and employs over 150 individuals in China.
It has invested in over 500 companies in China, together with e-commerce companies JD.com, Alibaba Group, and fast-growing companies Didi Chuxing, Meituan Dianping and Beijing Bytedance Technology.
Reporting by Julie Zhu in Hong Kong and Krystal Hu in New York; modifying by Jason Neely