Sequoia Capital China, one of the most active tech investors in China, is taking its investor-startup matchmaking event in the country online for the first time in a bid to mitigate the fallout from the COVID-19 outbreak.
Demo Day, which Sequoia Capital China has held for several years, seeks to introduce some of the fund’s early-stage portfolio companies to a group of potential investors and typically involves half-day meetings.
However, the online event will be held over a couple of teleconferencing sessions, which will last for around two hours each over two days later this month.
The first video conference will take place on February 18 on the theme of corporate services and technology. The second one, which focuses on the consumer and service field, is scheduled to roll out on February 25, said Sequoia Capital China in a WeChat post on Wednesday.
More than 50 venture capital companies and almost 30 early-stage startups have already signed up for the online investment and financing event.
“As an entrepreneur who went through the SARS in 2003, I fully understand the great challenges that entrepreneurs are facing during the current coronavirus outbreak,” said Neil Shen, founding and managing partner of Sequoia Capital China, in the post.
He expects the epidemic to pose a big test for entrepreneurs from younger companies, especially as their fundraising and business operations see “fluctuations” amid the spread of the coronavirus.
Sequoia Capital was earlier rumoured to have cancelled its annual global limited partners (LPs) meeting in India –its first such meeting in the country — next month due to the virus outbreak.
The coronavirus, which appears to have started in central China’s Wuhan city, has resulted in over 44,760 infections and more than 1,110 fatalities in the country as of February 12.
Sequoia Capital China, founded in 2005 by Shen, is the Chinese arm of California-based venture capital major Sequoia Capital. The company primarily makes investments in the fields of technology, communication, healthcare, consumer goods & services, and industrial technology.
It has invested in over 500 companies including the country’s e-commerce giants Alibaba Group, JD.com, and Beijing-based ride-hailing major Didi Chuxing, on-demand service platform Meituan-Dianping, and ByteDance, the parent company of video-sharing service TikTok.