In a significant development for the venture capital landscape, former Sequoia Capital partner Matt Miller has successfully raised $355 million for his new fund, Evantic Capital, as reported by TechCrunch. This marks a notable launch for Miller, who spent 12 years at Sequoia before embarking on this solo venture.
Evantic Capital, based in the UK, is poised to become one of Europe's largest solo-led VC funds, with reports suggesting Miller is nearing a total of $400 million in commitments. What sets this fund apart is the backing from his former employer, Sequoia Capital, signaling strong confidence in Miller's vision and track record.
Miller's departure from Sequoia in December 2024 came after a reported boardroom disagreement over the future of portfolio company Klarna. Despite this, his new endeavor focuses on investing in European startups, aiming to support innovative founders across the continent.
The establishment of Evantic Capital reflects a growing trend of experienced VC professionals striking out on their own while maintaining ties with established firms. This hybrid approach could provide Miller with both independence and the strategic support of a heavyweight like Sequoia.
As the European tech ecosystem continues to mature, funds like Evantic are expected to play a pivotal role in fueling growth and innovation. Miller's extensive experience at Sequoia, where he contributed to numerous high-profile investments, positions him as a key player in this space.
The venture capital community will be watching closely to see how Evantic Capital deploys its substantial capital and whether it can replicate or surpass the success Miller achieved during his tenure at Sequoia. This launch underscores the dynamic shifts within the industry and the ongoing opportunities in European tech.
Maria Lourdes
