Matt Miller has launched a new venture capital firm called Evantic, securing $355 million, supported by Sequoia. Although focused on European founders, Evantic will invest on both sides of the Atlantic, particularly in Series B and growth-stage B2B companies. Miller's fundraising exceeds initial expectations, targeting $400 million, with significant commitments already in place. His departure from Sequoia stemmed from internal conflicts, specifically regarding portfolio company Klarna and issues with board dynamics. Miller had previously helped lead Sequoia's expansion into Europe.
Miller has secured $355 million for Evantic, with a focus on B2B companies in the Series B and growth stages, operating from London.
Evantic is backed by Sequoia and aims at great founders of Europe, but will invest across the Atlantic.
Miller's fundraising has exceeded expectations, with a current total of $350 million from external sources and a target of $400 million.
After leaving Sequoia, Miller's departure was reportedly related to tensions within the firm, particularly involving portfolio company Klarna.
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