Chinese fast-fashion brand Shein raised $2 billion in its latest funding round, valuing the company at $66 billion, about a third less than a year ago, the Wall Street Journal reported, citing sources familiar with the matter.

According to the report, the latest funding round was led by Sequoia Capital, General Atlantic, and the UAE sovereign-wealth fund, Mubadala. Both Sequoia and General Atlantic invested in previous funding rounds. Investors in the last round were allotted more shares in the company to maintain the size of their stakes.

Before its most recent funding round, which closed last week, Shein was valued at $100 billion a year ago, more than the combined market caps of H&M and Inditex.

The valuation adjustment corresponds with a broad downturn in tech stock prices. As the US Federal Reserve tightened liquidity in response to inflationary pressures, technology companies, particularly growth companies, have seen sharp declines since the second half of last year.

The retailer reported $23 billion in revenue last year, inching closer to European rivals H&M and Zara's parent Inditex. Shein has a net profit of $800 million and is aiming for a 40% increase in revenue this year.