Michael Moritz – chairman of Sequoia Capital and one of the most successful venture capitalists in history – says a simple vision led him to invest hundreds of millions of dollars in on-demand delivery startups. "That's a huge trend, enabled by smartphones." Led by Sequoia and another blue-chip Silicon Valley firm – Kleiner Perkins Caufield & Byers – venture investors have poured at least $9 billion into 125 on-demand delivery companies over the past decade, including $2.5 billion this year, according to a Reuters analysis of publicly available data.