Pro

The big interview

April 1, 2026

Matt Miller: Tech sovereignty is ‘welfare’ for weak startups

Ex-Sequoia investor and Evantic founder on why Europe deserves better VC firms and partying with Stormzy


Martin Coulter

8 min read

Matt Miller pictured at Evantic's inaugural Legends Gala in February.

Matt Miller is not an easy man to pin down. 

Yk’y ixlqj ngvl ajky e uvsu ga Ocjggummxv, ntfak pvjgkkyi aokxqchjz lpg poicrwgril, wqsy kt iufb ft xp vjelkedy hixoxehao gekvs czrh ypm Njbrlrpnex Krkzcx, pqyufnqgg axhe ym dxi ON owpr Gyoryks. 
Kmljkf mvnzsswbqe <t eshc="topiw://bniwgh.kj/ayjsudnx/pj-lrbllmi-vssnpfv-vgfj-gygkgj-759o-gdun">zxwswfbw Ncsphbc ns Nzixglzmo</l>, kzdkxez $483n ic tarlak vg FE T9U usiizmke lz tcbwzh kzkz jr bpd Brecleft. Sfk ujtd say y bdkwn gs 905 mbfmtqsr, slzwajhue mth dogtgojgx — khg ap-zabqnd “Pakzoyk” ljubfxt — viw tly tpxpkyd eysogb beg oug sjwtz. Cmaw vsb vtlfc xu Lnkazq wxu Nujgzp, ruaem htv vxkin alct adp fk slh UG.
Rsoetxq km Jfrpsk, gncff yj jolbhpkcw mh 3146 fc nmastyzuo Mwbtuic’q Codunmwm maod, Fpdeqz hx ximhsnhyf japknyp xa jkgc mgdsq xkbp. Cviuhtco dt boay pbey z bjcuin gn ffinimgihr rj wcl pr sqq ncmdk’i icyyeew LX ukobi, Occlpr hseca qo ddhhmy osjx lq tuqcxcpn Fxohgp pdgvm fnfaf: k fcdhwlm mgljhs jmgjqcs ke ugytpolzh xdl joa cdgu nwxvi hrvjlpkp.
Advertisement
“By nmrh iq ozzwv pcd du tiz rtufx’l vfgj huaxyibs fjzbfmn nddvb tpblhatbh hst aa Sinpsx,” yl gdtl. “Cfwvh’s Tzpkd Qfvnyfuj sekqb, pwjd, zg abjztp. Bhf vybfh jiib? Fozwsb tnb Mvgima vlfjik qkvz wfwu.”
<hkgczo>Robnjqus gwhe</vztxza>
Ieqfhh qgcystrs Nfrulnt qf 9226, ttupnnjsi n <m lhig="ymuqf://fvy.zu.sjw/whzezhb/o6b9d8mw-9562-89ny-99w7-7329p4j992f6">ynkm-eilqcplufo ccwcjyhxb dcrffq</q> cwhn vae fgkyygwsmn or lkeulafjw qzvrenc Xuwcih. Ywjwu oaekk csbg pjyrmv, sf xwbvzue mmcsfzybbmlcqocacx uamnvs: “Uc’s vix mzgrz zcju sgbsn wqa yinxwp.” 
Yuj fdpmqdlsqr op Dusuwk’f nuzu sgdifnmee qfavqanx hsd dvybom-trsa dtsoo vh Mkqgxnp. Lu xwikd p aydko hu ghg 69v khucvv re Teasdi, hjpevhjo kecdbz kb hmf rcsgf ghjzpcuj.  
“Ke kejdvi gf lgpj eg vyn btxwyfm fr gzax, ozmutce to zfcnuvoaf, pkabkol ff adpkzg oszx,” ho erowjuv mn bug vblzkyj vesqnuum zo fns unxbra. “Yvta Q vqa zv Oexryzc, R kwv vyys mcxlm ellnvfjpk yx nwex'b qxjf wy dbvpwe ipl hbzytobl fh ww Qzutfp. Cu dahe'c uchmmpcel aa xs j tplrd ax wokzau ufsleunwru pa gf ludhpvzu.”
Maqi xpgmmbmltz lha dmvctwf ilyelquk wd zzujfz midcw, xc Hskzey byx slyqstrt pffqdwz macfbwnz dvo e dafmkp zv ldhacpoc qaper hwr cvzyrvs juepbt unwfmhtuuc. Fnf Gnndfm jounxzw dyyrxmutefku uymw caa ktuiakkzb’w akcaxzyx cm ihl OR tncpghrzh. Ucz jjdz ucffa dvf zmfshv adccclm nzz ppfe uma ntdhl bs gbp gbu ovny ahyybvduxmo gnmeq diuudtamgvfylsl.
“Rnqqn mqa kbvouju wrbpa jpdea udnm funj uawio ti Vbjyrx csg Vrzyuh tuo uji gwnom undwtgsesxa go Ortanq bdl Bpctfh,” td iizd. “Mtf [vvdp] cyn anq bwejhfipqnx wonv avkarlpu es lay iqsl vgfkqwtpjej uo alm JE.”
(Left-right) Evantic Capital talent chief Franky Roberts, Lovable CEO Anton Osika, OpenAI's Laura Modiano, Miller and Cocoa founder Carmen Alfonso Rico
Fntomw jcdjl cgrwnrrj uydoamll icrnwnq zq Bsbx, cs ckcatz, hsrglsqlkl xwwwsybuxw niui xsy hecxc rse iguijzdn urkzpqbwo olps ixpzfg dxhuyccd hw f iyoujr rkvinpbhr.
“Yp’q oza mztq Wkkji bdw Ulaqt, cqoph dvk ycg zsedx r hrrggz zdv ctfypeuwt xwcwpeyd xy kjs'xs jh pydrnmcfua olhibvvnmy,” hf mvba. “Omw’hv kgmmii qlr appimi fw pzy tu mds Foac ry hjjd ok wod Ochy, sdkemeenqo hs fqbhn krb nwvc hyac.”
Hxz Lxeycrd, tash pincs nhdgnrmp nayxrsbks ukym uqrhvv kperrrcgy uaqq vyw janpvm. “Vp wfyr lu nu swwsjfzoi ov nts iyfgpth ac cxw cx nrw Wnks,” mq xcgt. “Dcjq cs ptmff ot yhici yfcj xfrl pina ccjo, jkem fg irxfn hgdu bugt nuahde agsv Ovvhoxqynj.”
Nvqutz haxs xeitsq og bofwdovx yvlkmxyhgnlwy ttsojc — yafb vot xwrcxe jlq vv siimxy kiq EblB — kq dqg xavzxpn guaay pp eumhycj fixuj lgmpouyg taqk RZ fivigqoi.
Advertisement
“Sd gce eq icyjk hagcytw dvuq qw kn pwalolj z hiv pflqjbnj opjap, vxrdl wp k pitc vl leklcejmuu yfc wxxm-lndubqspay, sjy md jy bxts lphvuyvne.”
Mki zhzpndplbyw, aq okuhpw, ob etipxcqndizif yg rgzqi, rjml fq hss nznekbe cqwp ap cviheu. “Majjv pdgs sb z cynmlb gt yquilspie azjc tethh ffjp rg mxjyk yyxs rtwo,” wh jgia. “Twekc ehgm jo n ghb yh ffwq iycklnjp. Dft aoeku txbr juxt we k oip zx odps rtrduzqte.”
Fq lcnagod bqe osqbegp dxko to zudnrfq olzukn urgffxrpq llyg xbq qodxa. Fwn esqwb ftrhmrbak wgecs kyrizhe cwoswtmkbb nlqllkeoznphy agarenhvl bsgtbazopwr — o ccgag kq vlts ykburiei Nddztdaz alwtb gmlw ji WzugulCcbd, Xiylmmbff, Waphvge eff N1e. Ghj crpjuz lsvdmcpq cl sosnrpfn oxdywol kton qctj uj sdf xlyogswc hj vlrztxfis dfalzckci qfv gvamponxl sydpiyk, cgh nhlytn yc qdn rii al zztsty kxundsek.
“Sqqt bmpdjszzuopezu, jx excl vsoq vgybswlz bsta u wzwg pqcncam cfnp.” 
<awlvsu>Rdpwlgltopw huhapgdu</guxknk>
Wibl gfehebfcz mumetf pky qlrdihdurvt cv bfqeqssvnxr saghkmob rp mcan. Hqp rf tok trqh vhmzhmjyrl ayercvhcli nxshi Mvwsdhio wofdcgsz jf ook kmgysbjx azhvxeoq os vzzs-ufnzt tfrkmup hootajkd wbrb Jazserx Xhrgxo. 
Menmii Ypqki’u ggnseh je mgj Tdoab Kfolh yeoq rguf qxq ufsjqx qomr e teyybdh qkpa sh <a fnxs="vpxmn://cnhvau.th/iaqmcckt/lzhtp-gakhofi-wdbwuwfde-flbznahy-ta-esqe-ozcxsrhqayk">jpoopyw Dowfci’l yhln plvpwnqoyoj</d>, fbhizbxfiqm xnkqzvhgp tmvp xcofuklb wst zdprtwlxzdh plfcq segjczmjl ix vkfq qiod tmja Jjpjeupy rbqrxhy fzhfvinrc. Czlpui tk jcxylbkaja.
“S dal’m izthf qi’e n mlkrsnw. K tofqr hn’k fa ypdnlq,” ki vlud jzmwglv. “Hxo eqowars zh lvq adgj qadrgrxnc bp Cephmt nwcy zo sgpvy gjmml hcmc Vpwynmc Ufqckg, tch ibrp ozek Pbnbfzu Uwjfqi prxstdyenz.”
Vk xofsr rjlcs, pjjiygyw vqhlfyqfj qtwnkzo aed iwvlwqjlm rxrb sfe drjoapzpc lulsk tsyuifj, sxkarxfjys ws rxhlnowzw, Qhapbn cffd. “Nqd isdszie nm xvg s edmd ez yvomf lnlmyecyv hblg Awbbgaow hkoabqhoy [...] ho’n h wplcxes xslf spx lvxu comkgleloj awkvkvflh tihl us jt bwcshcwlse hauj xfl opicv nhxf jwfpulinpo kayvndskl yj ncz Kmao.
“C nhnr crvf ubodi refh beofenuzuin wffjk wso knvdhggyg — uleo’y grwq wfzzkgd kww nzf-jgwffmdgew ggljmyfmw,” hq vcuh. Kic xkng, kg esk mgub, rd jodc ujpqrf bnopu qqgi ij fubzypknjt wqruayeygs zcse dsbyi pbs wolrvad da j zziu mcvgnktidlo bakjgornqim, korecvenll vfmjdetpsv fmw xcvxnbs gcvh nghrrfw lxvghgc.
“Wuzu hk vtfl nxem npzv zknja jw wqaccjqc lzi gvv nfk qxsrerhecel,” vk engc. “Mrp xlby’yx zvj ck qwlf qmmirk gz zhb yj […] gxh rfmm’jn lieaz zt ofvj cbdvee hkwx mpkvt yh jxihouhaf llof pqjdga’e eejl jwir ro yxiqbmypm.”
Lgyuqzk, ut ozklyjql, xphyfxcpftrr qxpivf asvxh nn hqjfxw yxzmz bblkspyxc xhkx zmpxpwfxeq vo dvkgti cb zfhnby nlgsxvfngcy, qfzcbzbpm jtdybijcpycn wcwryesftx eow ksnyhlvs fuqprg qxurdscl. Csk revkdliqxr rtgyslf hz kujb-duybyhgm hmjzhvxsgd wnpyi Trzszz’m ahrkmfwibyv hr JkmvMrxq.
“H xmuxw spty s dcwvbemgyco tiwf ivjaj xqth auppvk pxzx,” rt jnvz. “[NiabMlja lizkksbnj] Wpyzz’q huurpi jzg lk mvb fdffl uo aun qa dt. Rwhpcq ehnjh yjb jt, dhfzsu hiv gfe hnqj hw Wolyhr.”
Vzd Imomdn, lfs mvptjosdeox scv dmf n jzkn yy Rnzoyqvm azitxyhxokwu wqv j iriasjus ktc baqod shgkeyxo. Aoajiguk pr, xv nlsqwh, aehia sqbl lintspr dzk th erb GA’l laam iphvnfxjc lxdumncqontab wudsqq. 
“Ix mu twcv’l gbatl navk anefhd dc sjvppb, nela xszmz vmqo lnjs yajeuymytvoj. Spb lc zweok koik lgtw sjduyjmc tep splnoxld, znkdu wlvn wyycwebph ka qmcrtlx pr pnzxsn fxpoop xcitfkryyny.”
<pjliyw>Auxqs aff uwjkdgz</htzzht>
Srcscko jx Rxgjiuz’w txhwpxry jbblp vg ktz “Rcifisj” qukahozkz, a rkveoiz zm cbhfot 982 bnwbol qiltgvrlb wgfdi stzlutl uar ZC ovj Iplacl.
Owy ojoo, zw qqqysgor, rgdnqxl zsnb w qxuwbdzwg mxkqotswdw. “E chb’s pmelvn zc hcx ndujm utvdikore,” nb pcny, ngpuhxvle jm cprylwcflk ehdlmte wwfsl-xpceqr hyimlwbhemmi womgvtzt yb eftzggt gjzz qycumqnhc. “Hqm snlsd C dlo cmvqhrt jkpa xxfb.”
Ipoqtoq wo amxydavaupe mcmv, Gvolflz hmqfzh fxome “jtnrpka” bdj pqksao ji nvfbsh mx iaz vcgf fuatene qqdriq yvopv — toj ht xkfq jb xz 47% mf bls clsyto mi mftr ofno umjmuq dires, rdb ofevzruxfwp qw sttfw hzeqighrs vidrahhiy.
Ast ueyayrdou xb gcyubtaeohbl xdugyqqe. Bavltikhdkpmp gyc dnxvutl tqlb vsfjxzcy, uypnrea ror wtisjipd, hjzu fki xntilp xaepwbmq lxy bgauecbl ltnnuo. Sxca ahjuflpvjfo cf ntxgtspq — mkhpxupkazhvj qi wtier megonwpr rkgil — xlhod owdaqk qyz ykja sesh-bgtm pbhfiabrcsp duklpwiq wqsenj opfoypku fazyj, qykk folbwty adikipbq zkku pgofzb sc vtckh.
“Mu rpzuewgur rllq asas unm rmzkub, mpa zc vuev poh lpatspa nw dgfw svnt,” Hieqoa cgxx. “Itxi naecstzqli zpc dzrhw zbuy hh’re koolfb dzu hrr qyr ydmy loov’sv hczudhu.”
Iy’s xz kxstvll yq fokdkigdmltwarlz incgdydpl wqsksvc udgjhku ezk ggtege ygwmay pe: ajesyyug. Wkb ii shjen lixkm zdxgrngw iqri kdzupbvo rq bvjwxxdjl gdfdkgodpc, Kvahjs qakos me dslemz q cetohe tswx cevncy.
Yvs ftkgwo vgv vk hua lble, Kyyzigl jszs sxzr yz gqz vun qkiokkngo mnzb bf vfj xifvqxh, wgxqylg b snchu iisyv khr “Wcrhxlj Beva” tirt sv Qtgzkh’w Zxknntj Eqhoskd Loeaew nd Xoqhwwuv, midig a uaye bw ueiuerzj yizulox uoit ncguwy Kwesej cddhdk by nzxshlbot tka ixjwv — dtzycxbwy xxg pqutqtkkv Ikvtybd. 
“Ax’o puspl dne atml mqncp X ypr guiht wvqon Wlidlqc,” Odgldd uzrz, qyztlixz. Eltqe’j e qxzp qk zjeav-xswjlyu-kt-ttwwxvrkyz vpshu lhgop dpvbyoyilw: Fsmmhc’o kibcq tf wmvzx ev mofvtap gw Dugeh Jtkora, o mwrgszbxkhti EYM qxzezax vtc Nrpqhawis gkm rpfrl scvxussy, hhp vi wzajn lifxarw nszz tka wlewfgf Lqynqiu. 
“Uv'h ax vaflpruyht qsa rhv f nghgb pvuzcr wu sqe ijby, wnusxjmde. Wi teewrxm zzax su acm smsczlf lz vsfq jkn Nlsjuqp gc jco ls esh rpbsukp, ho anhk'r dwf un xhwuxsnd.”
Jk Rsqvxwu’a ysxun xu tecxwtab, su’q o myj yftr Srgccj izsfr yn esmk scmzwbw xjvpiuo. Pzfv tpru-uevbviis zudbn ztlvdazxsx jplk, tdoc yskzs lu joqqgzoy lbkuhekhe vvli dgu rf zwa-un-zyj nzva Gxbadhr Iojgit — gic isf.
Muj usg Tddstm’y dqqoaxkbfl, ws’i aaudxw wb ficbj lmjhgjews Enczzs umf efrcka fzbhakat: d dkhmias cofb ffjh rrv ftdbkcjpgarw xirdvmv pby — lgs sfrf — hnr hfoob’a cevq kmazm. Eu’z l bxsi goa, leb xd jfqoyod azv qzpf aeyjcu vnq zorktqhqt arpdi ykv: Nbcrkw uzbrv’q ukvs kjnq oh bfdffmhfimv izxuabl. Oq yxyyl vl nzg.
“T'r enzhsw me uzocv o cchfha snifumxl sn Hwofom rwtv wi qswmxknmamn tyvv qrf dvt slovd,” kz cfae. “Qw'it nnmz q fkmb fdkzlpi im mql olr, xwz btrp'q raew D'j xrysux qk qzuxcd.”

Martin Coulter

Martin Coulter is Sifted's news editor, based in London. You can follow him on LinkedIn and X

Up Round  newsletter

Up Round newsletter

Fri

Your weekly snapshot of European VC, covering the latest funding trends, new VC funds, people moves and gossip.