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Business deals

Sequoia invests in potential Tokyo unicorn as it hedges China bets

Funding of Andpad is the first in Japan by US venture capital group

Sequoia believes that business-to-business digital services is prime for growth.

TOKYO -- Sequoia Capital will purchase a stake in Tokyo-based construction app startup Andpad, Nikkei has learned, marking the first investment in Japan for the U.S. venture capital group.

Sequoia's Chinese arm, Sequoia Capital China, will make the acquisition with investment house Minerva Growth Partners. Andpad will use the 2 billion yen ($18.8 million) raised in the deal to develop new services and hire staff.

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