The most important identify in Silicon Valley enterprise capital over the past half-century is Sequoia. And the largest identify in European fintech is Klarna.
These two heavyweights have been within the midst of a drama over the previous few weeks that reads like an episode of Succession (with out the household drama).
It is not uncommon data that the 2 founders of Klarna, Sebastian Siemiatkowski and Victor Jacobsson, don’t see eye to eye. Former Sequoia companion and Silicon Valley billionaire Michael Moritz, an ally of Siemiatkowski, has been Chairman of Klarna since 2020.
What seems to have occurred is that Jacobsson wished him out and initially appeared to have the assist of Sequoia and their prime man in Europe, Michael Miller, who’s (was) additionally on the board.
However now Sequoia has backtracked and indicated assist for Moritz to remain on and now Miller is being changed by one other companion, Andrew Reed.
Phew. Sequoia first invested in Klarna in 2010 and has been a staunch supporter of the corporate even throughout its valuation collapse over the past couple of years.
These sorts of dramas normally occur behind closed doorways however this one has performed out in public and it’s not search for such a venerable identify in enterprise capital.
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