Former Sequoia Capital partner Matt Miller has raised $355 million for his newly established venture capital fund, Evantic. Interestingly, one of the backers of this fund is Sequoia itself — the very firm where Miller worked for many years.
In December 2024, Miller announced his departure from Sequoia, stating his intention to launch an independent fund to support promising startup founders in Europe. However, recent updates reveal that Evantic will not only focus on Europe but will also invest across the U.S. market. The fund will primarily target B2B (business-to-business) companies at Series B and growth stages in the tech sector.
Evantic is headquartered in London, where Miller relocated from California in 2021 to lead Sequoia’s European expansion.
Initial reports suggested that the fund’s target was $300 million, but the goal has now increased to $400 million. Of this, $350 million has been raised from external investors, and an additional $5 million has come from internal commitments. The remaining $45 million is expected to be secured from startup founders and members of the tech ecosystem.
One of the reasons behind Miller’s departure from Sequoia is reportedly linked to a boardroom dispute at Klarna, where he attempted to remove a colleague from the board — an effort that ultimately failed. Despite this, Sequoia remains supportive and has joined Evantic as a limited partner, maintaining a positive relationship. Miller still represents Sequoia on the boards of several companies.
Miller’s previous investment portfolio includes high-profile companies such as Confluent, Docker, Grafana, Hex, dbt Labs, and Tessian.
Evantic recently began collaborating with Goldman Sachs, a major Wall Street player — a move that signals the fund’s ambitions to play a more prominent role in the global tech investment ecosystem.
