Former sequoia partner, Matt Miller, has already closed $ 355 million for his new company VC, Evanticwhich is also supported by Sequoia, he learned TechCrunch.
In December last 12 months, Miller announced his departure from Sequoia after 12 years “Start [his] The own fund focused on the great founders of Europe. ”
Despite the European concentration, the understanding of TechCrunch is that EVANTIC will actually invest on each side of the Atlantic, with particular emphasis on B2B corporations at the B -series stage and growth stage. However, his actions can be carried out from London, where Miller moved from California in 2021.
Before moving to Great Britain, Miller already directed the expansion of Sequoia to Europe and eventually joined the European Sequoia office in London, where he worked with the first local employment, Luciana Lixandru, which stays there.
Sequoia refused to comment on Miller or a new fund on Monday. TechCrunch also contacted Miller directly.
Collecting Miller’s funds exceeded expectations. Preliminary reports indicate that it was Collecting $ 300 million for this new undertaking. Sources just like the case now confirm Newer Financial Times report that the goal is $ 400 million and sequoia participates as a limited partner. TechCrunch contacted Sequoia to verify.
In particular, the new Miller company secured $ 350 million from external sources, in accordance with the American regulatory notification; Evantic also received $ 5 million in internal liabilities and is in the technique of closing the remaining $ 45 million from the founders and other members of the startup ecosystem, the sources inform TechCrunch.
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Miller’s departure appears to be primarily from a failed energy game at the Klara Portfolio company. Shortly before the announcement of the exit, Miller reportedly tried and did not displace former colleague Michael Moritz from the Board of Buy Now, Pay later Behemoth. Sequoia soon after He apologized For supporting the trial and gave Miller a place to the board to a different partner.
At the same time, wider tensions appeared in Sequoia over the Shaun Maguire partner, whose political beliefs turned out to be dividing each internally and among the founders of the portfolio. Founder of Wunderlist Christian Reber, one of the first founders supported by Sequoia in Europe, He expressed his dispute In January with Maguire on the German far -right AfD party. Miller and Lixandru also distanced From the views supported by Maguire, who has since made more controversial comments.
Despite the clarry incident, Miller seems to take care of good relations with Sequoia, as evidenced by the company’s participation as LP in his new undertaking. Miller also stays a Venture partner in Sequoia and still represents the company on several boards.
During his stay in Sequoia, Miller worked closely with corporations, including Confluent, DBT Labs, Docker, Grafana, Graphcore, Hex and Tessian. He also overlapped with a longtime worker of Sequoia Spencer Hemphill, who left Miller and is supposedly CFO EVANTIC.
While technically the American Fund, EVANTIC will now join the ranks of inter -law corporations, including index projects “Subgeting of the transatlantic”. It can even be just like the size to $ 348 million The undeniable fact that the Norrsken Foundation, founded by the founding father of Klary, is currently invested in European startups that use “AI for good”.