VC giant Sequoia Capital has closed its London office with the majority of its UK-based partners refusing to relocate to California.
Announced in a LinkedIn post, Sequoia said it does not see the need for a physical presence in Europe.
"We simply don’t see the need for a local presence. We believe that Europe will continue to produce outlier founders and companies, and that we can continue to provide world class support from our home base in the Bay Area."
Sequoia added that the decision means that a number people will be leaving the company.
The investor's four London-based partners were offered the opportunity to relocate to the US, however, three have refused.
Among them is Luciana Lixandru, who said in a social media post: "My conviction on Europe hasn’t moved, and neither am I; when given the opportunity to move to San Francisco, I chose to stay here and focus on this wonderful, imperfect ecosystem. Europe is where my family is, and where I want to build."
Julien Bek said: "My heart is in Europe, and I’ve decided to stay here. I’ll continue supporting the founders I work with and serving on my boards."
Anas Biad is the only London-based partner who has confirmed he will relocate to the US.