Sequoia Capital has raised nearly $50.2 million for its China-focused fund, the global venture capital firm said in a stock exchange filing.
About 86 investors have so far backed the Sequoia Capital China Venture VI Principals Fund, which was incorporated and started fundraising in 2016.
This portal had earlier reported that the Silicon Valley VC firm aims to raise up to $550 million for this vehicle.
Meanwhile, Sequoia has raised $899.5 million for its Sequoia Capital China Growth Fund IV, which received support from 110 LPs.
In 2015, it had closed a $625-million China growth fund, a year after raising a $450-million China venture fund.
Sequoia China focuses on investments in media, healthcare, consumer service and industrial technology. The firm has backed more than 300 Chinese businesses, including Alibaba, Dianping, Didi, JD.com, Sina.com and Noah Holdings, since its establishment in the country in 2005.
Its China-based investments range from $100,000 to $1 million in seed companies, $1 million to $10 million in early venture, and between $10 million and $50 million in growth companies.