Matt Miller, once a high-profile partner at Sequoia Capital, has stepped into the spotlight again with the launch of a new venture capital firm, Evantic Capital. Backed by $400 million in funding commitments, Miller wants to reshape how venture capital operates in Europe. He sees a gap in the market where promising European startups struggle to secure consistent growth capital, and he believes his new firm can close that gap.
The Road from Sequoia to Evantic
Miller’s career at Sequoia gave him a strong foundation in global venture capital. He worked closely with some of the biggest European startups, including Klarna, and gained insight into how founders think about scale, control, and long-term vision. His exit from Sequoia followed controversy around his role in boardroom negotiations at Klarna. He tried to reshape the company’s governance, and those moves created tensions that ended his tenure. Instead of stepping away quietly, Miller decided to channel his experience into a fresh venture of his own.
When he founded Evantic Capital, he wanted to break away from the rigid structures that define most venture firms. He set out to design a model that prioritizes founders, encourages collaboration, and pushes capital into sectors with high-growth potential. With nearly $355 million already secured from limited partners, including Sequoia itself, he now controls one of the largest new funds in European venture.
Why Europe Needs Evantic Capital
Europe continues to trail the United States in late-stage venture funding. Startups across Berlin, Paris, Stockholm, and London build exciting technologies but struggle to find the money required to scale globally. U.S. investors dominate the later stages, and local capital often dries up before companies reach critical mass. This dynamic forces many European startups either to sell early or relocate to markets with deeper financial support.
Miller recognizes this weakness and wants to close it. Evantic Capital plans to focus heavily on European startups in artificial intelligence, B2B software, and infrastructure technology. These areas hold significant growth opportunities and align with global investment trends. Miller believes that Europe has enough talent and ambition but lacks reliable, founder-focused capital to compete with Silicon Valley and Asian ecosystems. By creating a European powerhouse fund, he hopes to change that equation.
A Founder-Driven Approach
Unlike traditional VC firms that often focus on institutional investors and distant LPs, Miller has designed Evantic with a more participative structure. He wants founders themselves to serve as limited partners and contribute to the ecosystem. This approach brings capital together with lived experience, giving portfolio startups not just money but access to mentorship from people who have already built companies.
Miller argues that this structure creates stronger relationships and more resilience during downturns. Founders who invest in other founders understand the challenges firsthand and often provide deeper operational support. By weaving this approach into Evantic’s DNA, Miller intends to make venture capital less transactional and more collaborative.
Sequoia’s Role
Even though Miller left Sequoia under difficult circumstances, the firm has invested as a limited partner in his new fund. This support adds credibility and signals confidence in his leadership. Sequoia rarely backs external spinoffs, so its participation demonstrates trust in Miller’s strategy. The endorsement also sends a message to the broader investment community: despite internal disagreements, Miller commands respect and continues to attract backing from one of the most powerful names in venture capital.
This support could open doors for Evantic as it seeks the best deals in Europe. Startups often evaluate the reputation of investors before committing, and Sequoia’s name on the LP list adds immediate weight.
The Sectors Evantic Will Target
Miller has chosen three sectors for Evantic’s initial focus:
- Artificial Intelligence: Europe produces strong AI talent, especially from research hubs in the UK, France, and Germany. Miller wants to push capital into AI startups that address enterprise and industrial applications rather than just consumer-facing tools.
- B2B Software: Enterprise technology continues to expand globally. European companies in SaaS, security, and workflow automation need long-term backers. Miller wants Evantic to play that role.
- Infrastructure and Technology Stack: Cloud, data, and developer tools remain critical to the digital economy. Europe has strong engineering talent but lacks consistent funding at scale. Evantic aims to fill this gap.
By concentrating on these areas, Evantic positions itself at the intersection of technical innovation and market demand. Miller believes these sectors will define the next wave of global technology leaders.
Reinventing the Venture Capital Model
Miller’s larger goal extends beyond sectors and geography. He wants to reinvent how venture capital firms operate. Instead of distant relationships where investors focus on returns alone, Evantic will place collaboration at the core of its strategy. Miller wants portfolio companies to feel supported, not pressured. He wants capital to serve as a partner in long-term growth, not just an enabler of short-term valuation spikes.
This philosophy contrasts with the “spray-and-pray” model often criticized in venture capital. Miller insists that Evantic will invest carefully, work closely with fewer companies, and ensure that founders remain in control of their vision. By doing so, he hopes to create a new template for venture in Europe—one that prioritizes sustainable growth and deeper relationships.
Challenges Ahead
Despite his ambitious vision, Miller faces tough challenges. The global venture capital market currently struggles with lower valuations, fewer IPOs, and limited exit opportunities. Many investors hold back capital while waiting for stronger signals from public markets. In this environment, Miller must prove that Evantic can generate meaningful returns without relying on fast exits.
Competition also remains fierce. European startups attract attention from U.S. giants like Andreessen Horowitz and SoftBank, both of which can deploy much larger sums than Evantic. Miller must convince founders that his firm brings more than money—that Evantic offers the strategic support, expertise, and networks that larger firms may not deliver.
His personal reputation also carries weight. While many respect his track record, some still remember the boardroom conflicts at Klarna. Miller must demonstrate that he can manage relationships with more diplomacy and balance, especially as he builds Evantic’s identity around founder trust.
The Broader Implications
If Evantic succeeds, it could change the European venture landscape. More funds may adopt founder-driven models, and more capital could stay within Europe instead of flowing in from abroad. European founders might feel less pressure to sell early or relocate, giving the continent a stronger base of global companies.
Success would also strengthen Miller’s personal legacy. He would move beyond his Sequoia chapter and establish himself as a leader in European venture on his own terms. If Evantic delivers consistent returns and builds lasting companies, Miller’s reinvention of venture capital could ripple across the industry.
Conclusion
Matt Miller’s launch of Evantic Capital with $400 million marks more than just another fund in the market. It represents an attempt to redefine how venture capital supports founders in Europe. By focusing on AI, B2B software, and infrastructure, and by embracing a founder-driven model, Miller wants to solve one of Europe’s biggest weaknesses: the shortage of late-stage capital.
He carries Sequoia’s endorsement, his own experience, and a clear vision for the future. At the same time, he faces skepticism, intense competition, and a tough macro environment. How he navigates these challenges will determine whether Evantic Capital becomes a lasting force in European venture or just another experiment in reinvention.
For now, Miller’s bold move has captured the attention of both investors and entrepreneurs. His bet on Europe could mark the beginning of a new era in the continent’s startup journey—one where founders finally find the capital and collaboration they need to scale without compromise.
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