that one of its investors was walking away from its original investment, returning its equity and board seat to the company. raised $35 million,
But Sequoia didn't reclaim its original investment in Finix, reportedly leaving the company behind with $21 million, according toFinix used those funds to raise an additional $10 million in a round led by Inspired Capital, boosting its total funds raised to over $60 million, the announcement said.
Finix's announcement quoted Sequoia partner Pat Grady in explaining its decision to leave. Grady said that the VC originally made a mistake in thinking that the payments startup did not compete with any of Sequoia's existing portfolio companies.
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