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

Former Sequoia partner Matt Miller has successfully raised $355 million for his new venture capital firm, Evantic, exceeding initial fundraising expectations towards a reported $400 million target. Notably, Sequoia Capital is participating as a limited partner, signaling continued strong ties despite Miller's contentious departure. Operating from London, Evantic will focus on B2B companies at Series B and growth stages, investing across both sides of the Atlantic, positioning it as a significant new cross-Atlantic VC player.

Analysis

Former Sequoia partner Matt Miller's new venture capital firm, Evantic, has secured significant early momentum, locking in $355 million toward a revised $400 million target, surpassing initial expectations of $300 million. This successful fundraising underscores strong investor confidence in Miller's track record, which includes his twelve-year tenure at Sequoia and his role in its European expansion. Critically, Sequoia Capital's participation as a limited partner (LP) signals that despite a contentious departure reportedly linked to a failed power play at portfolio company Klarna, the relationship remains commercially viable, providing a powerful validation for Evantic. The new London-based firm will operate a cross-Atlantic strategy focused on B2B companies at the Series B and growth stages, positioning it to compete with established players like Index Ventures and Northzone. Miller's past work with successful companies such as Confluent (CFLT), Docker, and Grafana provides a clear indication of the firm's likely investment thesis, while the appointment of fellow Sequoia alumnus Spencer Hemphill as CFO suggests an operational continuity with established venture practices.

Key Decisions for Investors

• Investors considering allocations to venture capital should view Sequoia's backing of Evantic as a strong endorsement of Matt Miller's investment capabilities, mitigating some of the perceived risk associated with a first-time fund.
• The firm's defined focus on cross-Atlantic B2B growth-stage companies warrants monitoring, as its deal flow will serve as a key indicator of emerging leaders in a high-value segment of the technology market.
• The context of Miller's departure, stemming from a governance dispute at Klarna and internal tensions at Sequoia, highlights the importance of scrutinizing partner dynamics and stability as a critical due diligence step when evaluating VC fund managers.