Former Sequoia partner Matt Miller raises $355M for new fund — with Sequoia’s backing

Matt Miller, a former partner at Sequoia Capital, has successfully raised $355 million for his new venture capital firm, Evantic, which enjoys backing from Sequoia itself. Miller left Sequoia last December after a twelve-year tenure, aiming to concentrate on investing in promising European founders. Although Evantic is primarily focused on European startups, reports indicate that the firm will also consider investments across the Atlantic, specifically targeting B2B companies at the Series B and growth stages. Miller, who relocated to London from California in 2021, will manage the firm’s operations from the U.K. Prior to his move, Miller played a pivotal role in Sequoia’s expansion into Europe and contributed to establishing its London office. His departure from Sequoia appears to have stemmed from tensions surrounding a failed attempt to influence board decisions at Klarna, a portfolio company. Following his exit announcement, Sequoia publicly distanced itself from the incident. Initial fundraising goals for Miller's new venture were set at $300 million, but sources now confirm that the target has risen to $400 million, with Sequoia participating as a limited partner. Regulatory filings indicate that Evantic has already secured $350 million from external investors, along with $5 million in internal commitments, and is working to finalize an additional $45 million from founders and industry supporters. Despite the challenges he faced at Sequoia, Miller seems to maintain a positive relationship with the firm, which continues to support him as an LP. He also remains a venture partner at Sequoia, representing the firm on various boards. During his tenure, Miller collaborated closely with several prominent companies including Confluent and Docker, among others. Evantic aims to establish itself among other cross-Atlantic venture firms, similar to Index Ventures and Northzone, focusing on impactful investments in the tech landscape.