Matt Miller, a seasoned venture capitalist and former partner at Sequoia Capital, has successfully raised $355 million for his new venture capital firm, Evantic Capital. This London-based fund is dedicated to investing in European technology startups, with a particular emphasis on artificial intelligence (AI) and technology infrastructure companies at the Series B funding stage.
Background and Departure from Sequoia Capital
Miller’s departure from Sequoia Capital in December 2024 marked the end of a 12-year tenure during which he played a pivotal role in the firm’s expansion into Europe. In 2021, he relocated to London to lead Sequoia’s European operations, underscoring his commitment to the continent’s burgeoning tech ecosystem. His decision to leave was influenced by a contentious boardroom dispute at Klarna, a Swedish buy-now, pay-later company. Miller’s attempt to remove Klarna’s board chair, Michael Moritz, a former Sequoia leader, was unsuccessful and led to his departure from the board. Despite this, Miller continues to represent Sequoia on certain boards, indicating an ongoing, albeit complex, relationship with his former firm.
Formation and Focus of Evantic Capital
In March 2025, Miller established Evantic Capital, a UK-based venture capital firm aimed at addressing the funding gap for European tech startups seeking to scale. The fund has already secured $355 million from institutional investors, with plans to reach a total of $400 million by including contributions from entrepreneurs and other stakeholders. Notably, Sequoia Capital is participating as a limited partner, reflecting a continued collaboration between Miller and his former firm.
Evantic Capital’s investment strategy centers on supporting technology startups in sectors such as artificial intelligence and technology infrastructure during their Series B funding stages. This focus is designed to help companies transition from early-stage development to global market leaders. The fund’s London base positions it strategically to tap into Europe’s rich talent pool and innovative tech landscape.
Investment Strategy and Market Position
Evantic Capital aims to become one of the largest solo-run venture capital funds in Europe, a significant achievement in the current challenging fundraising environment. The fund’s emphasis on AI and technology infrastructure aligns with Europe’s growing prominence in these sectors, as evidenced by high-valuation startups like Lovable, Mistral, Synthesia, DeepL, and defense tech company Helsing.
Miller’s extensive experience at Sequoia Capital, where he led investments in companies such as dbt Labs, Grafana, and Graphcore, positions him well to identify and support promising startups. His deep understanding of the European tech ecosystem and his strategic vision for scaling companies are expected to be invaluable assets for Evantic Capital’s portfolio companies.
Industry Trends and Future Outlook
Miller’s move to establish his own fund is part of a broader trend of prominent venture capital partners leaving established firms to start their own ventures. This trend reflects a desire for greater autonomy and a more focused investment approach. Miller’s decision to concentrate on European tech startups, particularly in AI and B2B sectors, underscores the region’s growing significance in the global tech landscape.
As Evantic Capital approaches its final close, the industry is keenly watching how Miller will deploy the capital and which startups will be selected for investment. His track record suggests a preference for ambitious, infrastructure-layer companies, but with the autonomy of his own fund, there may be a broader scope of investments.
In conclusion, Matt Miller’s launch of Evantic Capital represents a significant development in the European venture capital scene. With substantial funding, a clear investment strategy, and the backing of Sequoia Capital, Evantic Capital is poised to make a meaningful impact on the growth and success of European tech startups.
