Sequoia Opens China Fund to Worksoft

Filed in archive Venture Capital on June 3, 2006

Sequoia Capital, the well-known Silicon Valley venture capital with an enviable history financing such giants as Cisco, Yahoo, Google and others, has elected to invest some of its new $200 million China fund - this is truly a significant development for the firm that has mainly backed only home grown companies. Some partners in the firm as recently as last fall publicly dismissed China as being in the midst of a huge bubble. This insider information was first posted by our friends at SiliconBeat.

Worksoft Creative Software Technology Ltd., one of the early pioneers and leading players in the software outsourcing industry in China, announced recently that it has closed a $30 million Series B venture capital financing round led by Sequoia Capital US and Sequoia Capital China. Joining the round were existing investors DCM-Doll Capital Management and Legend Capital.

This cooperation marks the first direct investment abroad to China by Sequoia Capital US. This latest round of investment will be used for Worksoft's aggressive expansion plans, increase its pipeline for a strategy of mergers and acquisitions, and will further accelerate its go-to-market efforts.

"Sequoia Capital is a highly distinguished venture capital firm with the expertise and connections to drive value added capabilities for our company. This investment is an endorsement of Worksoft's solid vision and strategy, as well as our excellent range of quality IT services and products," said Chris Chen, CEO of Worksoft. "We are very pleased by the support of Sequoia Capital. We are seeing strong growth and look forward to working with Sequoia Capital to bring our company to its next level of development."