Former Sequoia Capital partner Matt Miller has raised a $400m fund, dubbed Evantic Capital, following his departure from the storied firm late last year.
The close comes five months after Sifted first reported Miller was raising hundreds of millions of dollars for a new fund.
Miller’s new London-based fund Evantic will invest in B2B AI startups in Europe, the US and Israel. The firm has a group of 140 founders, operators and investors who have invested in the firm and will help source and win deals, Miller wrote in a blog post. Half are based in Europe and Israel, with the other half in the US.
It will also allocate up to 50% of the carry — the investor’s share of profits — of each investment to group members who actively help a given company scale.
Evantic has backed five startups so far, including both vibe coding platform Lovable and workflow automation N8n’s headline raises over the summer.
Nexos.ai, a Lithuanian cybersecurity startup set up by former NordVPN founder, as well as US-based AI inference startup Fireworks AI and research platform Listen Labs have also picked up cheques.
Spencer Hemphill, who spent 10 years as an accountant and finance manager at Sequoia, will be joining the fund as CFO. Two other team members, including head of talent and executive business partner were previously at Sequoia.
Miller spent 12 years at Sequoia, moving to London in 2021 to help set up the firm’s Europe outpost. His notable deals include UK chipmaker Graphcore, and he had a short and tumultuous stint on the board of Swedish BNPL company Klarna.
