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Sequoia Capital left behind millions to walk away from Finix Payments - Business Insider

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This startup now has millions in no-strings-attached money because one of Silicon Valley's most famous VC firms had to walk away from the deal

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 Grady said that the VC originally made a mistake in thinking that the payments startup did not compete with any of Sequoia's existing portfolio companies.

 

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