Matt Miller’s New Fund Evantic Raises $355M with Sequoia’s Backing
When a top venture capitalist like Matt Miller launches a new fund, the startup ecosystem takes notice. Formerly a partner at Sequoia Capital, one of Silicon Valley’s most iconic VC firms, Miller has now raised $355 million for his new firm, Evantic. The news has captured attention not just for the size of the fund, but also because it includes backing from Sequoia itself. The main focus keyword here — Matt Miller raises $355M for new fund Evantic — speaks to the biggest questions founders and investors are asking: What is Evantic’s investment thesis? Where will the money go? And what does Sequoia’s continued support mean for the market? This article breaks it all down with clear answers and helpful context.
Image Credits:Sequoia
Matt Miller Raises $355M for New Fund Evantic Amid High Investor Interest
Matt Miller’s decision to launch his own fund didn’t come as a surprise to those familiar with his work. After more than a decade at Sequoia Capital, he had already made a name for himself by helping lead the firm’s European expansion and guiding key investments. In December 2024, he officially left Sequoia to start Evantic, which he described as a vehicle to support “great founders of Europe.” Yet despite this European focus, Evantic will also target U.S.-based startups, aiming for a transatlantic investment strategy. This new fund has already exceeded expectations — with $355 million secured and an updated target of $400 million, including a notable commitment from Sequoia as a limited partner.
Miller’s fundraising success is notable in today’s cautious VC environment, where many firms are pulling back. According to a U.S. regulatory filing, $350 million of the fund has been raised from external investors, while another $5 million comes from internal commitments. The remaining $45 million is expected to be secured from founders and operators in the startup ecosystem. This shows strong confidence in Miller’s leadership, his proven track record, and his network across both U.S. and European venture capital markets.
Evantic Will Focus on B2B, Growth-Stage Startups Across the U.S. and Europe
One of the most common questions in response to the headline Matt Miller raises $355M for new fund Evantic is: “What kinds of companies will Evantic invest in?” The answer offers a strategic insight into the current venture capital landscape. Evantic will primarily focus on B2B startups at the Series B and growth stages — a space where Miller has considerable experience. While the fund will be headquartered in London, its investment scope spans both Europe and North America. This dual-market strategy is designed to capture some of the most promising opportunities on both continents, especially in SaaS, enterprise infrastructure, and cloud technologies.
Miller’s operational base in London positions Evantic well to continue what he started at Sequoia: bridging top-tier venture capital between Silicon Valley and Europe. It's worth noting that Miller was instrumental in Sequoia’s move into the European market back in the late 2010s. His move to the UK in 2021 set the stage for this evolution, and Evantic is now the next chapter. The firm will leverage Miller’s connections, Sequoia’s backing, and a growing appetite among European founders for global capital. This model aligns with broader 2025 VC trends, where funds are becoming more sector-focused, stage-specific, and geography-fluid.
Why Sequoia’s Continued Support of Matt Miller Matters
The most eyebrow-raising detail in the news that Matt Miller raises $355M for new fund Evantic is that Sequoia, his former firm, is backing him. In the world of venture capital, such a move is far from standard. It signals not just goodwill but also high confidence in Miller’s continued success. Although Sequoia declined to comment publicly, multiple reports confirm that it is participating as a limited partner. This could be a strategic decision to retain exposure to Miller’s deal flow and relationships across Europe and the U.S. — a move that benefits both parties.
Backing a spinout founder is also a way for Sequoia to hedge its bets in a shifting VC landscape. As firms globalize and new talent seeks more autonomy, we’re seeing more prominent VCs step out on their own, supported by former employers. Evantic’s fundraising success, and Sequoia’s participation in it, reflect a maturing VC model — one that values collaboration over control. Founders looking to raise Series B or growth-stage funding now have one more reason to keep Evantic on their radar. With an experienced operator at the helm, global ambition, and institutional backing, Evantic is poised to become one of the most talked-about new firms of 2025.
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