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Former Sequoia partner Matt Miller raises $355M for new fund — with Sequoia’sbacking
Former Sequoia partner Matt Miller raised $355M for his new VC firm, Evantic, with Sequoia as a backing partner. Focused on B2B companies at Series B and growth stages, Evantic's activities will be based in London, despite its European focus. Miller's fundraising effort exceeded initial targets, indicating strong investor confidence.
Key points
- Matt Miller, former Sequoia partner, raised $355M for his new venture capital firm, Evantic.
- Sequoia is backing Evantic as a limited partner, despite Miller's earlier tension with the firm.
- Evantic will primarily focus on B2B companies at Series B and growth stages, with investments on both sides of the Atlantic.
- The fundraising exceeded expectations where the initial target was $300M, later updated to $400M.
- Miller's departure from Sequoia followed a failed attempt to oust a colleague from Klarna's board, leading to internal tensions.
Why it matters
- The rise of venture capital firms focusing on specific geographical markets is a significant trend in the IT industry.
- Cross-Atlantic investment strategies are becoming more prevalent, as seen with Evantic's model.
- The incident involving Klarna reflects broader themes in corporate politics and governance in the tech world.
- Miller's new firm aligns with trends of increasing funding for B2B startups and European tech growth.
Matt Miller's successful fundraising for Evantic illustrates the evolving landscape of venture capital, especially as it tackles U.S. and European markets amid internal corporate dynamics, highlighting confidence in B2B growth and cross-Atlantic investment strategies.