Venture capital firm Sequoia Capital apologized to its limited partners on Tuesday over its investment in collapsed crypto exchange FTX and said it would improve its due diligence process for future investments, the Wall Street Journal reported, citing people familiar with the matter. The apology came on a conference call with LPs. The firm earlier this month wrote off its entire $150 million investment in FTX — one of the largest written by a venture firm in the company — after the crypto exchange struggled to meet a wave of withdrawals. FTX filed for bankruptcy protection on Nov 11.
In the call, a Sequoia partner said that the firm would be able to push harder to have even early stage startups’ financial statements audited by one of the Big Four accounting firms, the people said.
Read the original article