Sequoia closes London office and ends two founder programs

Sequoia Capital is closing its London office and ending its Arc accelerator and Scouts program as it shifts its focus back toward Silicon Valley.

The venture capital firm says it has raised about $10 billion in new funds.

Arc supported early-stage startups with funding and a seven-week accelerator, while Scouts let founders and operators make investments on Sequoia’s behalf.

Sequoia says its roughly 20-year expansion into multiple businesses and regions created more hierarchy than it wanted.

The firm plans to focus its energy on fewer people and things, combining its early-stage and growth teams and flattening its partnership.

Several people will leave, and Sequoia partner Luciana Lixandru says she declined an offer to move to San Francisco but will remain a partner and invest personally in European founders.

Sequoia says it can support European founders from the Bay Area, but the closure signals a stronger focus on that region.