Former Sequoia partner Matt Miller is said to be raising a $400 million VC fund targeting European startups.
The Financial Times reported that UK-based Miller had already received $355 million in commitments from institutional investors and aims to raise a further $50 million. According to a Companies House filing, Miller set up a new entity called Evantic Capital in March, in which Sequoia is said to be participating.
The fund will reportedly focus on startups in areas such as AI and tech infrastructure and will target Series B rounds. At $400 million, it would be one of the largest VC vehicles run by a solo GP in Europe.
Miller joined Sequoia in 2012 and spearheaded efforts to expand the firm’s European presence. He led investments in companies including UK-based semiconductor company Graphcore and Berlin-headquartered workflow automation startup n8n.
He also briefly served on Klarna‘s board of buy now, pay later companies but stepped down after reportedly attempting to oust former Sequoia partner Michael Moritz as chair of the Swedish company last year. In December, Miller announced that he was leaving Sequoia to set up his own fund.
If closed this year, Miller’s fund will be one of the largest European VC vehicles in 2025. According to PitchBook’s Q2 2025 European Venture Report, fundraising was slow in H1, with only 65 vehicles closing worth €5.2 billion (around $6.1 billion).
Former Sequoia partner Matt Miller
Featured image courtesy of Sequoia
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