Sequoia's Matt Miller Departs Firm

A Shift in Venture Capital: Matt Miller's Departure from Sequoia Capital

Indications suggested a change was imminent. Matt Miller, a partner at Sequoia Capital, revealed on Wednesday his decision to depart from the prominent venture capital firm.

After a 12-year tenure, Miller intends to establish a new firm concentrating on supporting founders based in Europe. He will continue as a venture partner with Sequoia, retaining his existing board positions during the development of his future endeavors.

Support from the European VC Community

London-based venture capitalists, including Saul Klein, Tom Hulme, Mattias Ljungman, and Luciana Lixandru – a colleague of Miller’s – extended their congratulations. Miller relocated to London in 2021 to spearhead Sequoia’s expansion into the European market.

Internal Disagreements Preceded the Announcement

However, Miller’s announcement wasn’t entirely unexpected. Earlier this year, he engaged in a dispute with former colleague Michael Moritz.

Reports indicate Miller attempted to remove Moritz from the board of the fintech company Klarna shortly after joining the board himself, but was unsuccessful. Sequoia subsequently issued an apology for backing Miller’s attempt.

As a result of the incident, Miller was replaced by Andrew Reed, another investor from Sequoia, on the Klarna board.

Sequoia Capital has not yet released a formal statement regarding a permanent replacement for Miller’s role in leading European expansion.