Matt Miller Raises $355M Fund with Sequoia Backing

Evantic Secures $355 Million in Initial Funding

Matt Miller, previously a partner at Sequoia, has successfully raised $355 million for his newly established venture capital firm, Evantic. Sequoia is also contributing as an investor in this new fund, as reported by TechCrunch.

Departure from Sequoia and New Focus

Miller announced his intention to leave Sequoia last December after a 12-year tenure. His stated goal was to launch a fund dedicated to supporting exceptional founders based in Europe.

Although initially focused on Europe, Evantic’s investment strategy encompasses opportunities across both European and North American markets. The firm will primarily target B2B companies in the Series B and growth phases.

London as the Operational Hub

Evantic will operate from London, reflecting Miller’s relocation from California in 2021. This move followed his leadership in expanding Sequoia’s presence within Europe.

Prior to establishing Evantic, Miller played a key role in Sequoia’s European expansion, working alongside Luciana Lixandru, who continues to be based in the London office.

Fundraising Exceeds Initial Expectations

Sequoia declined to provide commentary regarding Miller or the new fund. TechCrunch has also attempted to contact Miller directly for further information.

The amount raised by Miller has surpassed initial projections. Early reports suggested a target of $300 million, but sources now confirm a $400 million goal, with Sequoia participating as a limited partner.

A U.S. regulatory filing indicates that Evantic has secured $350 million from external investors. An additional $5 million has come from internal commitments, and the firm is currently finalizing a further $45 million from founders and other stakeholders within the startup community.

Background to Miller’s Departure

Miller’s decision to leave Sequoia was reportedly influenced by disagreements surrounding a power struggle at Klarna, a portfolio company. He had previously attempted to remove Michael Moritz from Klarna’s board but was unsuccessful.

Following this incident, Sequoia issued an apology for its support of the attempt and reassigned Miller’s board seat to another partner.

Internal Tensions at Sequoia

Simultaneously, broader internal tensions were emerging within Sequoia, centering on partner Shaun Maguire and his controversial political viewpoints. These views sparked division both internally and among the firm’s portfolio companies.

Christian Reber, founder of Wunderlist and an early Sequoia-backed entrepreneur in Europe, publicly disagreed with Maguire’s stance on the German far-right party AfD in January. Both Miller and Lixandru also distanced themselves from Maguire’s expressed opinions.

Continued Relationship with Sequoia

Despite the Klarna situation, Miller maintains a positive relationship with Sequoia, as demonstrated by the firm’s investment in Evantic. He also continues to serve as a venture partner at Sequoia and retains board representation for the firm.

Previous Investments and Team

During his time at Sequoia, Miller was actively involved with companies such as Confluent, dbt Labs, Docker, Grafana, Graphcore, Hex, and Tessian.

Spencer Hemphill, a longtime Sequoia employee who departed before Miller, is reportedly serving as Evantic’s CFO.

Positioning within the Venture Capital Landscape

Evantic will operate as a cross-Atlantic venture firm, joining established players like Index Ventures and Northzone, which has stated its commitment to “doubling down on the transatlantic” investment strategy.

The firm’s size is comparable to the $348 million currently being invested by the Norrsken Foundation, founded by Klarna’s founder, in European startups focused on utilizing “AI for good.”