Silicon Valley VC Andreessen Horowitz makes rare European investment in Sequence, a new fintech from Onfido co-founder
- Andreessen Horowitz is leading a funding round for UK startup Sequence, three people said.
- Not much is known about Sequence, which was created by the co-founder of identity verification company Onfido and the founder of food platform Feedr.
- A16Z has supported some of the biggest consumer tech companies in the world like Airbnb and Instagram.
US venture capital firm Andreessen Horowitz is set to lead a rare European fundraiser with an investment in Sequence, a new UK startup involving Onfido co-founder Eamon Jubbawy, according to three people with knowledge of the matter.
Little is still known about Sequence, which has been registered with the UK Maison des Entreprises in August and lists two directors: Jubbawy and majority shareholder Riya Grover. Grover is a British entrepreneur who previously founded Feedr, a workplace-focused food delivery platform acquired by Compass Group in May 2020.
Competition for Sequence’s initial funding would have been intense. Coinbase-backed Andreessen Horowitz won the $ 15 million round of funding at a pre-currency valuation of $ 50 to $ 60 million, two London sources with knowledge of the matter told Insider.
Neither Sequence nor Andreessen Horowitz responded to a request for comment.
Presentation slides seen by Insider indicate that Sequence is a fintech aimed at creating developer-friendly financial software. Grover is listed as CEO of Sequence, while Jubbawy is co-founder and chairman.
Jubbawy co-founded identity verification startup Onfido in 2012 along with fellow Oxford graduates Husayn Kassai and Ruhul Amin. He acted as COO, but left the company in June 2020. In November 2020, Kassai was replaced as CEO by former Talend CEO Mike Tuchen.
Andreessen Horowitz invests primarily in the United States and has supported companies that have grown into large consumer tech companies. He wrote advance checks to the founders of Airbnb, Instagram and Pinterest.
Like with other large American investors, it was more active in Europe in 2021. In the United Kingdom, it invested in the event startup Get in, delivery company Dishpatch, social network Polywork, and non-fungible coin-operated sneaker brand RTFKT. The fund was also a big winner when the UK money transfer fintech Wise went public earlier in 2021.