Sequoia hits rewind, undoing 20 years of expansion
THE SO WHAT
One of the bellwethers is shrinking back to a Bay Area core while still raising ~$10B—signal that global sprawl and platform programs are out of favor, concentrated conviction is back in. Founders should expect fewer soft-circled side bets and more pressure to be in a firm’s top handful of priorities or not on the sheet at all.
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