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Thursday, June 30, 2022

Mike Moritz Of Sequoia Joins Klarna's Board

An interesting development: TechCrunch reported that a Swedish startup Klarna (formerly Kreditor), one of the biggest providers in Europe of in-store credit and invoice based payment solutions for the e-commerce sector, has secured funding from Sequoia Capital. What’s interesting here is that the superstar VC Mike Moritz, who invested in Google among others, has joined Klarna’s board.

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Why this is interesting is because the general belief is that US VCs are very rarely interested in investing in European companies, and it’s even rarer to see a big name US VC to join a Euro startup board. Just in our previous story our guest blogger, Marita Seulamo-Vargas, reported how the US VCs had advised Nordic and Baltic companies to seek investments primarily from home.

That said, as much as I would like it to be, I don’t think this development is a trend or a change of hearts from the US VC scene any more than Klarna is a just-another-startup, but it sure is interesting to see Moritz’s move. I guess this was just another day in the startup life: “People who say it cannot be done should not interrupt those who are doing it.”

You can read more about Klarna’s offering here.

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