Matt Miller Unveils Evantic with $355 Million Capital, Connecting European and U.S. Startup ecosystems

Following a distinguished 12-year career at Sequoia Capital, Matt Miller has successfully raised $355 million to launch his new venture capital firm, Evantic. While the fund primarily targets European startups, its investment scope spans both Europe and north America, concentrating on B2B companies in their Series B and growth stages. Headquartered in London-where Miller relocated from California in 2021-evantic is strategically positioned to leverage opportunities across the Atlantic.

From Established Giant to Independent Visionary: The Birth of Evantic

Miller’s decision to leave sequoia last December marked a pivotal moment as he sought to create a fund dedicated exclusively to empowering outstanding founders throughout Europe. Before founding Evantic, he was instrumental in expanding Sequoia’s presence within the european market and collaborated closely with Luciana Lixandru, one of Sequoia’s earliest London hires.

Fundraising success Exceeds Initial Targets

Initially aiming for $300 million, Miller surpassed expectations by securing approximately $350 million from external investors according to recent regulatory disclosures. In addition, Evantic has raised an internal commitment of $5 million and is finalizing another $45 million from founders and ecosystem contributors. Notably, Sequoia remains involved as a limited partner in this new venture.

Boardroom Challenges at Klarna Influenced Leadership Changes

Miller’s departure appears intertwined with internal disputes related to portfolio company Klarna. Reports suggest that shortly before leaving Sequoia, he attempted unsuccessfully to remove former colleague Michael Moritz from Klarna’s board-a move later withdrawn by Sequoia amid public attention. Following these events, Miller stepped down from his board position at Klarna.

Internal partner Disagreements Reflect Broader Industry Tensions

The Klarna situation coincided with rising tensions within Sequoia over partner Shaun Maguire’s controversial political views that sparked debate among colleagues and portfolio founders alike. Such as, Christian Reber-the founder of Pitch-publicly opposed Maguire’s stance regarding Germany’s far-right AfD party earlier this year; both Miller and Lixandru have as distanced themselves from these positions as well.

Sustaining Collaborative Relationships Amid Transition

Despite these challenges, Miller maintains strong ties with Sequoia through its role as an LP in Evantic while continuing portrayal on various boards connected with the firm. His collaborative history includes working alongside innovative companies such as Confluent (which recently went public), dbt Labs (a leader in data change), Docker (containerization pioneer), Grafana (open-source analytics platform), Graphcore (AI chipmaker), Hex (data workspace startup), and Tessian (email security).

A Familiar Team Embarks on New Venture

The leadership roster at Evantic also features Spencer Hemphill-formerly of Sequoia-as Chief Financial Officer; Hemphill left prior but now reunites under this fresh venture capital initiative alongside Miller.

Navigating transatlantic Investment Landscapes

Although registered as a U.S.-based fund for regulatory reasons, Evantic joins other prominent cross-Atlantic investors like Index Ventures and Northzone-the latter recently reinforcing its commitment by expanding operations between Europe and New York City.

• Norrsken Foundation: Similar funds include Norrsken Foundation’s €320 million ($348 million) vehicle focused on “AI for good” startups across Europe-a mission aligned with socially impactful innovation championed by notable tech entrepreneurs.
• Diverse Sector Emphasis: By targeting B2B growth-stage firms spanning two continents while headquartered in London-a global financial hub-Eventic exemplifies modern VC trends embracing geographic flexibility combined with sector specialization.

“The emergence of transatlantic funds like Eventic highlights how innovation ecosystems are increasingly interconnected beyond borders.”

A Forward-Looking Strategy: Driving Growth Across Borders

miller envisions Eventic playing a key role amid evolving patterns where venture capital firms harness expertise across multiple markets while nurturing high-potential enterprises beyond customary regional boundaries. As global tech hubs converge-with London serving as an essential gateway linking Silicon Valley-style innovation ecosystems-the firm aligns well with current industry dynamics shaped by remote work adoption rates surpassing 40% worldwide post-pandemic.

• Bilateral Investment Approach: Focusing on Series B rounds provides access not onyl to scaling startups but also those primed for international expansion amid surging demand for cloud-based saas solutions globally; recent reports indicate SaaS market growth exceeding 20% annually through 2025.
• ecosystem Integration: Engaging founders directly during fundraising alongside institutional backers such as legacy firms like Sequoia ensures robust network effects that accelerate portfolio companies’ trajectories toward success.
• Sustainability & innovation Focus: Prioritizing AI-driven technologies reflects broader market trends where AI investments surged over 50% year-over-year globally during early 2024 according to industry analyses; sectors including healthcare AI platforms exemplify this momentum today.

This complete strategy positions Eventic not merely as another VC entity but rather an influential bridge connecting entrepreneurial talent pools across continents while adapting nimbly amidst shifting geopolitical landscapes impacting technology investment flows worldwide today.