Former Sequoia Partner Matt Miller Launches New Fund
Matt Miller, a former Sequoia partner, has raised $355 million for his new VC firm, Evantic, with backing from Sequoia itself . The London-based fund targets B2B and AI startups in Europe and the U.S., focusing mainly on Series B growth rounds
Key Highlights
- $355M raised so far; targeting $400M total .
- Sequoia participates as a limited partner, boosting credibility .
- Specifically, Evantic follows a dual geography strategy: it’s headquartered in London yet actively invests across Europe and the U.S.. Notably, this approach leverages Miller’s deep knowledge of both markets stemming from his leadership of Sequoia’s European expansion since 2012 and enables Evantic to tap into high‑growth tech ecosystems on both continents .
- Focus: Series B‑stage B2B and AI companies DigiTrendz
Strategic Backing & Legacy
- Miller’s involvement in Sequoia’s European expansion (since 2012 helped secure major tech deals like Graphcore and Confluent .
- Despite leaving over a boardroom conflict at Klarna, he remains linked to Sequoia on several portfolio company boards .
Fund Structure & Rationale
- Specifically, the target fund size is $400 million, with about $45 million still closing from entrepreneurs and ecosystem LPs. Meanwhile, the team continues outreach to secure the remaining capital.
- One-person show: Designed as one of Europe’s largest solo-run VC funds amid a tight fundraising market .
Miller’s new fund aims to invest in promising tech startups. The substantial capital secured indicates strong confidence in Miller’s investment strategy and his ability to identify and nurture successful companies. According to a report, Sequoia’s backing provides a significant boost, signaling trust in Miller’s vision and expertise.
Sequoia’s Continued Influence
Sequoia’s decision to support Miller’s fund highlights its continued influence and reach within the venture capital world. This collaboration allows Sequoia to indirectly participate in a broader range of investment opportunities while supporting a former partner’s independent endeavors.
Investment Focus Areas
While specific details on the fund’s investment focus remain limited, it’s expected to align with Miller’s Sequoia background. Likely, Evantic will target AI startups and tech infrastructure, given Miller’s track record in backing companies like Graphcore, dbt Labs, and Grafana. Moreover, the fund aims to support B2B growth-stage startups across Europe and the U.S. particularly at the Series B stage .
- AI and Machine Learning
- Cloud Computing
- Cybersecurity
- Emerging Technologies
What This Means for Tech Startups
Specifically, Matt Miller and his team have raised $355 million for Evantic, backed by institutional investors including Sequoia Capital itself . This capital marks a fresh source of funding for tech startups seeking growth capital. Importantly, Miller’s track record at Sequoia underpins confidence in his investment strategy. Moreover, Sequoia’s firm backing lends credibility and sends a strong signal that entrepreneurs should consider Evantic a compelling option as they scale their businesses into global markets.
