In a significant move for the venture capital landscape, former Sequoia Capital partner Matt Miller has raised an impressive $355 million for his new fund, Evantic Capital, as reported by TechCrunch. This marks a bold step for Miller, who departed Sequoia after 12 years to pursue his entrepreneurial vision, focusing on promising startups across Europe and beyond.
Miller’s new venture has already garnered substantial backing, including from his former firm, Sequoia Capital, which is a limited partner in the fund. Reports suggest that Evantic is nearing its target of $400 million, positioning it as one of the largest solo-led VC launches in Europe. This financial milestone highlights the confidence investors have in Miller’s track record and vision.
Evantic Capital aims to invest in B2B startups at the Series B and growth stages, with a particular focus on opportunities on both sides of the Atlantic. Miller’s strategy is to support innovative companies in Europe while leveraging his extensive network and experience from Sequoia to drive success.
The departure of Miller from Sequoia last year came after a reported boardroom disagreement over the future of portfolio company Klarna, according to industry sources. Despite this, the support from Sequoia as a backer of Evantic signals a continued professional alignment and mutual respect between Miller and his former firm.
This development is seen as a potential game-changer for the European tech ecosystem, with some industry observers dubbing Evantic as the “next Sequoia of Europe.” The fund’s focus on scaling high-potential startups could inject significant capital and expertise into the region’s growing tech scene.
As Evantic Capital moves closer to its fundraising goal, the venture capital community is keenly watching how Miller will deploy this capital to shape the future of European tech innovation. With his proven expertise and a robust financial backing, the stage is set for Evantic to make a lasting impact.
Maria Lourdes
