Meta veteran and Sequoia partner aim to raise over $1 billion for new firm

Sequoia partner Ravi Gupta and former Meta chief revenue officer John Hegeman are raising at least $1B for a new holding company called Ithaca Holdings. The firm plans to acquire a public or private company and modernize its technology stack, potentially with AI, to improve operations rather than simply layering AI onto legacy businesses. The effort reflects a growing Silicon Valley trend where investors buy traditional service businesses (like accounting or legal) and transform them using AI-driven workflows.