After over a decade at one of the world’s most influential venture firms, Matt Miller is back with a bold mission rooted in Europe. The former Sequoia Capital partner, whose new firm is officially named Evantic Capital, is launching a $400 million fund aiming to back Europe’s next generation of tech giants.
But will Miller’s hybrid, founder-driven model create the conditions for the next “Sequoia of Europe”?
From Sequoia to solo
Miller spent twelve years at Sequoia, where he not only defined the firm’s European strategy but also led transformative investments in startups such as Graphcore and Confluent. His exit from Sequoia in December 2024 was not just the product of general tension, but was triggered by a high-profile boardroom clash: Miller reportedly tried and failed to oust Michael Moritz as chair of Klarna’s board, deepening existing strategic rifts within Sequoia over the future of the Swedish fintech unicorn. Sequoia ultimately reassigned his board seat and later apologised for supporting the move, highlighting a generational division between its U.S. and European operations.
Evantic’s structure is also notable for retaining strong Sequoia links: Sequoia is an LP in the fund, and Miller continues to serve as an adviser/venture partner on select boards for Sequoia after his departure. This ongoing affiliation signals enduring trust but may also raise questions: can Evantic truly forge an independent European path, or will it be seen as Sequoia’s European extension?
Building Evantic Capital: Structure, identity, and flexibility
Evantic Capital is headquartered in London, but its operational structure supports investments both across Europe and the U.S. The firm’s new CFO, Spencer Hemphill, who brings a decade of Sequoia experience to Evantic, adds operational credibility and backbone to the leadership team.
Initial reports placed the target fund size at $300 million, but LP appetite swelled the ambition to $400 million. As of July 2025, $355 million has already been committed, even in a challenging macroeconomic environment.
The composition of backers is what truly sets Evantic apart: more than a hundred startup founders and operators have joined as LPs, alongside a select group of institutional investors, non-profits, and endowments. This founder-led coalition is unprecedented in European venture funds and not mere window dressing. It is an explicit community-building feature, suggesting a deeper type of ecosystem involvement.
Now, Miller is preparing to channel his experience into an independent venture platform anchored in Europe. He has already secured $355 million in commitments toward his $400 million target, an impressive show of support considering the macroeconomic environment. Backers include institutional investors, non-profits, endowments, and notably, over 100 startup founders and operators from Silicon Valley and Europe. This founder-led endorsement suggests deep-rooted trust in Miller’s leadership and vision.
Behind Evantic Capital: A community-driven approach
Evantic’s primary focus will be Series B and C rounds, a critical gap in Europe where growth capital and operational mentorship have traditionally been sparse. However, the fund is also reserving the flexibility to co-invest at seed and Series A, building more meaningful relationships with startups and signalling a willingness to support firms from earlier stages.
Miller’s overall thesis is that Europe does not lack innovation, but faces a shortfall in the support needed to scale globally. Evantic is zeroing in on B2B software, AI, and broader infrastructure plays, with Miller hinting at the freedom to pursue “infrastructure-layer” opportunities, a sectoral flexibility he may have lacked at Sequoia.
With a London HQ (a signal of post-Brexit confidence) and the ability to invest beyond Europe, Evantic is poised as a truly pan-European platform with global reach. But given its cross-Atlantic capacity, there’s an open question: will Evantic become Europe’s signature growth-stage fund, or will it operate as a transatlantic hybrid, risking a dilution of regional focus?
The earlier $300M plan
News first surfaced earlier this year that Miller was raising a $300 million vehicle. At the time, his goal was clear: build a Europe-first investment platform that wasn’t beholden to American headquarters, timelines, or biases. The firm would focus squarely on later-stage funding, where Europe still lags far behind its U.S. and Chinese counterparts in both funding availability and scale.
The initial fund size has since grown to $400 million, reflecting surging interest and the conviction among LPs that Miller’s Europe thesis holds weight. The increase also suggests a rapid evolution in strategy. As Europe’s late-stage ecosystem matures, there’s growing investor appetite for funds that can lead rounds at the $20 to $50 million mark, something few European firms are set up to do nimbly or independently.
This leap from $300 million to $400 million signals confidence not only in Miller’s ability to deliver returns but also in Europe’s ability to build enduring, global tech companies. With more firepower at his disposal, Miller can lead rather than follow in competitive deals, something crucial in the increasingly crowded B2B AI space.
What does this mean for Europe and the UK?
Miller’s return is more than just the reappearance of a high-profile investor. It marks a renewed vote of confidence in Europe’s innovation pipeline at a time when many global investors are trimming exposure or doubling down on the U.S. market. With major American players becoming more cautious, this new fund fills a critical gap: later-stage, locally focused capital that understands the European scaling journey.
In the UK, the timing is particularly significant. London’s VC scene has been resilient but needs fresh momentum in the wake of Brexit, rising interest rates, and regulatory shifts. A London-based growth fund led by someone with Miller’s track record could serve as a central pillar in the next phase of UK tech. It brings prestige, attention, and experience at a time when founders need all three.
At a broader level, the fund could help shift Europe’s image from a startup-rich but scale-poor region into one where billion-dollar outcomes become the norm rather than the exception. By focusing on AI and B2B, sectors where Europe already has technical strength, Miller is betting that the continent’s next unicorns will not just emerge, but thrive globally.
In many ways, this move mirrors the ambition of Sequoia’s European launch. But this time, it’s personal. This could make all the difference for Europe.
