Ex-Sequoia Partner Matt Miller Secures $355M for New Fund, Backed by Sequoia
▼ Summary
– Former Sequoia partner Matt Miller has raised $355 million for his new VC firm, Evantic, which is backed by Sequoia and focuses on B2B companies at Series B and growth stages.
– Evantic will invest in both Europe and the U.S. but operate from London, where Miller relocated in 2021 after leading Sequoia’s European expansion.
– Miller’s fundraising exceeded initial targets, with $350 million from external sources and $5 million internally, aiming for a total of $400 million.
– Miller’s departure from Sequoia followed a failed attempt to oust a colleague from Klarna’s board, though he maintains ties with Sequoia as a venture partner and LP in Evantic.
– Evantic joins other cross-Atlantic VC firms like Index Ventures and Northzone, aligning with trends in transatlantic investing.
Former Sequoia Capital partner Matt Miller has successfully raised $355 million for his new venture capital firm, Evantic, with backing from his former employer. The fund, initially targeting $300 million, has surpassed expectations and now aims for a $400 million close. Sources confirm Sequoia is participating as a limited partner, signaling continued alignment despite Miller’s recent departure.
Miller left Sequoia last December after twelve years to launch a Europe-focused investment vehicle, though Evantic will operate on both sides of the Atlantic. While headquartered in London, where Miller relocated in 2021, the firm will concentrate on Series B and growth-stage B2B startups. His move follows earlier efforts to expand Sequoia’s European presence, working alongside Luciana Lixandru, who remains with the firm.
Regulatory filings reveal $350 million in external commitments, supplemented by $5 million from internal sources. The remaining $45 million is expected from founders and ecosystem players. Sequoia’s involvement as an LP underscores Miller’s enduring ties, even after a contentious episode involving Klarna. Reports indicate he attempted to remove fellow partner Michael Moritz from the fintech giant’s board, prompting Sequoia to apologize and reassign his seat.
The fundraising success comes amid broader tensions within Sequoia, particularly around partner Shaun Maguire’s polarizing political stances. Miller and Lixandru publicly distanced themselves from Maguire’s views, which had drawn criticism from portfolio founders like Wunderlist’s Christian Reber. Despite these challenges, Miller retains his venture partner role at Sequoia and continues representing the firm on multiple boards.
Evantic joins a growing list of transatlantic VC players, including Index Ventures and Northzone, leveraging cross-border opportunities. Its scale mirrors the $348 million “AI for good” fund by Klarna founder Niklas Adalberth’s Norrsken Foundation. Miller’s track record includes investments in Confluent, Docker, and Grafana, while former Sequoia colleague Spencer Hemphill is reportedly serving as Evantic’s CFO.
The firm’s rapid fundraising highlights Miller’s reputation and Sequoia’s confidence in his vision, even as it navigates post-departure dynamics. With a transatlantic strategy and strong backing, Evantic is poised to become a notable player in growth-stage investing.
(Source: TechCrunch)
