[mer-i-tok-ruh-see]: An elite group of people whose progress is based on ability and talent rather than on class privilege or wealth.

It’s a meritocracy. I have no doubt that there are pockets of issues. I can only speak about Sequoia, we have quite a few women partners.

– Sequoia Capital partner Greg McAdoo, answering a panel questions at TechCrunch Disrupt about whether there’s sexism in the venture capital industry

News Byte

Sequoia Capital’s Michael Moritz Steps Back, Citing Illness

Sequoia Capital partner Michael Moritz said today that he has a “rare medical condition which can be managed but is incurable,” and which is likely to compromise his quality of life in the coming years, so he is changing his role at the venture capital firm. A representative for Sequoia noted that Moritz will continue to make new investments and take board seats, but he will be dropping some of his daily management responsibilities and taking more vacation.

Mobile Gaming Is Hot, but Pocket Gems Won’t Sell Out

Pocket Gems says it is not for sale, even though other mobile gaming companies like OMGPOP and Funzio are cashing out at big valuations.
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News Byte

“Cross-Device” Ad Tracker Drawbridge Rounds Up $6.5 Million From Sequoia, Kleiner Perkins

Drawbridge, an ad tech start-up founded by AdMob engineer Kamakshi Sivaramakrishnan, has raised $6.5 million from Sequoia Capital and Kleiner Perkins Caufield & Byer. Drawbridge says it can help marketers target potential customers by tracking them as they move around from device to device — like from a laptop to an iPhone. Sivaramakrishnan put in six months at Google after it acquired AdMob, before starting her own company.

Weebly CEO David Rusenko: It’s Time to Take Us Seriously

Web site creation and hosting service Weebly is a bit of a quiet online giant — a quiet giant that sees an IPO on the horizon.
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Birst Is Bursting Out All Over, With $26 Million in Funding From Sequoia

The business-intelligence outfit takes a fourth round of funding, bigger than its first three combined.
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Stealthy Shape Security Lands $6 Million From Kleiner Perkins and Eric Schmidt

A security start-up aims to change the economics of launching hacking attacks.
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Square’s Next Round Could Swipe a $4 Billion Valuation

Square is seeking to raise a fresh round of capital at a valuation of up to $4 billion, according to multiple sources familiar with the situation.
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Sequoia Set to Lead $500M Valuation Round for Instagram

The popular photo-sharing app seems to have figured out at least one way to mint money.
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How Will the JOBS Act Affect Tech IPOs?

The JOBS Act makes it easier for some companies to stay private, reduces regulatory burdens associated with U.S. IPOs, and may move away from secondary markets for private companies.
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Remedy Health Media Acquires HealthCentral