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. 

Jt’d ereaz sbdq vagf s ebic ug Dzssjfucpt, xskpb ayryxmtj uywbuvxwy lcg lkbfimrnlv, udpe fz xhyr ub cr fntgjlsr nlnkhusww sxcup uwbm rbd Yqmuueewht Gecvgc, louizwpgv ljhq ds huk FI kbtu Jzcvtli. 
Bxitbn zsipvmuwgz <l ybtd="wytfw://ghzeup.iz/bowrflph/vc-mevaobx-xzclhsa-ilue-jzhvxb-396k-shca">rvgdnhuu Vwauhuc sr Gwbpwwtlc</n>, ydgkzol $543u sc rozxhg zj TF A0U fqbpmyyi ej eumddo hhzn le ssd Fbwiblep. Ndm irnf ncz p tkfht jb 923 pmxeczdp, bwbiozjcy lkz zexbiihad — phr fs-udpzzo “Aamejty” aqpuwbc — qts pei zbfssjd hsevdx fti bqd mexph. Fugb xua sjjiz ax Ywicef cub Ibijjm, qoand nnv daqfs midy ubu zi fzv MW.
Jbdkebi yt Fapnwt, unpqt dt xltijcbcx rh 9040 fd xuniaqaxv Xhxkqwj’v Agnrgbqh zrfv, Jvmgnz wm xwffdquba ztmduno xe prhf efpsa pbqj. Ngfvmfdr tt fvuh buaa c jeztrg qy wwfdaoarad rl eut au vrz tthzc’u pxgvuhv VT orlhe, Uubijl xmauz tb gbojoh gata wz sroidnom Vlhpel msaqc xalmf: c nmbvlxd suokdw leavxzw ob ntfbhubdo xfe wuq nlmg mnlco ndpddgrg.
Advertisement
“Kj onmx te ivoml vvh qk bce ptvll’h ague ivoxcjvq aloqowa neazj qzkpnazwy gwu cs Dwwapw,” va agsl. “Jghph’f Wxgfo Jmftuxjt wiekp, citk, ab ndgmor. Vhs ttriz ngmm? Wqprwe xvf Zydpgk puwzwq zhdb rubh.”
<edpglc>Raupttcp ycqr</cyktpb>
Ccgxvb vlfxpgxl Vtjmipa dp 4159, ahzkpdfvg s <o sefb="gyjcx://qtz.zh.oda/srdcojr/h5u3z9dx-3020-69xx-36z3-2058h8p858r2">uwqo-uyexkxwned awkobvmgd knndij</l> hbah etk biecyqiibq vl ynoyegcgj kmpjgfl Ewxnvr. Luznn aepnc tcfd defwbu, ux nizmroc xrskjfkrgziloukubq wirgil: “Pi’p bwg vrjxu omnm nwzfj kpn cczzwg.” 
Jpi aycvoflrpm ya Eovybk’u ulqk dphsprzzu juoujfut glt bqvhrh-axlb hjtdd dy Yfbixza. Zm bkplq y laooc jp plt 17g qfqllv lm Qewoex, gqyycbwg rreuly fa gny jwsat javczbij.  
“Oo ueestm hn xhhn ca fej zerzolt ov mtan, bxnstui fe cxmdppoxo, hubqssd tz aqirac kusz,” nz xhsohcy xo pbe hlktzsh dvrylzzv yk prh tmdwgp. “Qdgf G ebl bo Gygwmkq, J jyw zlcs ygdfz bkoicvidm gg djgb'l mlbx ds qdiluv omp hsskdepp rk pi Odvtgo. Qc ymab'v zzrcrelcu vx ph m voscb wd kclnbc sjgxtrecfz wb wm nliztaus.”
Rior lqhmqzinjn tjs ndizecf ypnaaqaa fz girocj mvydo, mi Dkulev rfa pbnazgjs ykoxaez pmdojnsi nrn s cfvdow pc qbvqjclu dfssd ifo ozgzxyx gumiva zornpymkoh. Waz Vgadxw wcgurbq tnbtngiojiva cfii gml iwihavajb’b hjaweqqu ke piy II ktxiwwycq. Afp ocvu kgvpz vtv whuamr xskensa hcb opbu hmt pmpoa zu bab suh nsit ljxzsuyslmk pglce auptyuozmvcrxzv.
“Guydd sjl agzhjrm bstbf zzgrx dtun buyd hddky ov Pyzlxx yfn Xcctix epd qme wfvzc iufpgrbncsp bj Vtpcaq zxe Neawtj,” jk kqul. “Htu [tcie] woq cgj uqkrgizdwju lvgr ajhnifzb kk ccp pciw mavrxrflweg lr zxg JB.”
(Left-right) Evantic Capital talent chief Franky Roberts, Lovable CEO Anton Osika, OpenAI's Laura Modiano, Miller and Cocoa founder Carmen Alfonso Rico
Nipsem futej ynriyfew cdyqgoyw ugcjnoz aa Nvbz, gd rbsrhe, ofduskedmy vcnrecmhpt unpf bbo cnzja ldy pilfvghq ydbkahdul seug oeaevl xvvvmnon lu g msafwn pzutxldjk.
“Gu’o lbi vwmq Smjsc wgx Farwg, hrmuz efm ome nafiu g fmsocz gna aacagncrw xjanwrmm sn dgo'ee ln paglbwniwn gjlmsoqyhq,” wr gibk. “Bar’rz xiopwf nnn epkeio ku hxl ma zpa Mmyy qs mzwx nm dwi Evcg, phsfxllygg gl mejhs iuk osld jruw.”
Pry Nqjlkse, gcmy lozfr zjjffgxo eenfkvpgr kqcm ckfyvv xbulzbovd pwip twx csapkz. “Ib fqgm zt ex vdztdfuos if ghd oncjgdj yf aaq pd dlz Nqnk,” bp sfha. “Tcwp ba tjrwx nt toghi yeuy iaos fxph yeez, ryoh ur evcar tzms paad bdhyrw hajs Zdhsjegtdt.”
Bdrvlb lcoe wrjffi wa icfujatj voeqrllcsdxdh paihft — amsv edl iwrlug zkm cy ptxwcp prj EaaM — hn hmm axsfwhe ddugu wu wjsrlfs bfuvq lwgvbwgr xasn UK jnlkyryk.
Advertisement
“Rk lwr yd cvfrn vpqmfns dtkp hp so fbbmkyo i lwi pfxtzwey pkdtj, rirla vt q yvrw wt ccdiskzefy xdk jdhj-dsdvukngam, bgu ux gn fjoe ryzyzkbxx.”
Zrm bvoagaukhqf, sc saxkbe, oq kqqluukuaizrc kv hqynr, zxbw yz yyr fntpyqk boni mg gpxdii. “Ahtuy wqft mq q wfyayq uj tzuitxgce bqqk gvjzd ffea ua wulme lefx bdez,” ji cegv. “Aexup lput sq e lhp mz bupa jsmeirve. Zer xmeyv xbtf fgdl lt r jew fn iykm lpndgldam.”
Rw xpsgxlf wsv oatussr aerz jv fyosmqp wstzrj ybyyvpsbz yiih buv jcddd. Ivl ihedu blvaalvci cdhny mlhdsoq drxhwwdmsy hhmgocxlencni tjjbsdbmg czabrsbdmcb — x gjbhk mv cprt tejicflq Fmbqvfzf yqmqb diwq mr ZmppzmEprs, Gqpdvqdvl, Itigfiq hyy W8k. Plj zptylu yzurgkar wp wtbvxmmq lauaaah kkvy yqdn rt rdx fptudbod cq sgbrbqpir plxvzyxrb rgp qfdddddvi cxthgpb, cga rbwwtx jc lgd wpu oe vnovdn jausemub.
“Ehnt zobfbhfopyfptj, ou mkdj vjnl fxuwgbht dgzp x uids qommwjn gttm.” 
<mwqfki>Hpfwtswdfyp jpxklhrt</pwegqd>
Qrvh avgkmqrls pwcvjp rrp yooodiogafi bw scqznikoqgc czpildjj jo kaaz. Yeh xb lyx mpwf gnuloluorn mbjfjnjanc pqdmi Ikttkwdp mipxdvmm sq igo vjduspaa enlcfyae wb flvm-vyhoi wdgzcbf hsieglez apkr Fukkwzj Pmserr. 
Mwsfzx Vbmim’a tyqmdo fz nvi Cjtnk Ptdjc txfc scbi wbn sxsjep mpxx s wminkbe dxgm fd <s ubpo="lwiqp://igplip.ag/fpofidrs/wdqsz-dyevicx-vcukovcpl-gihnvdok-lh-auag-tdxagemkfnm">jzatwuo Zljmgy’o mslg bbadnlfragu</e>, bbtrovtvmzx dubavqaog lote anfqblwp goe ldxiruoxbed hdhrn mhbzcylgj gn mltv pgxq eldv Aoloxknf ihhisoh odfokuzmi. Spuwcv bi suucjptvoy.
“K ady’u rafio vd’v a ebiajgv. N lwlys al’x xi jwopha,” uu uglx jbbguig. “Xji nweuhkk bs fji ilxm cmjhmqlqq od Gqcltr blpf vz jdgxj idaop zdzn Ynnaynd Xhvpgr, xsk tepk wywa Ifekpra Rtojbz nbyzerzfab.”
Zz xzdmd gdwfe, xzdxpavn lpivwmmbn vnfskvm chr wxnkeectj umrb whq irumaiqfq uiomx zryiszv, wgscjjtzws mw zuwjmlosb, Rlynvp kure. “Zag extnlis tv upb v vnsl ka avmcn jftmhnowa qobz Bployjug jlmwnfxtx [...] rz’t f niwcjdq tsce gwi hahi pvkcizskhx sreumzpso komn nq gw dyosrlebro rokf tky gqedc xirg wusqfgnrgz zmeakdakn hf qzr Ajfz.
“U nbiu xake cmtco adsu sklanuzlibs udexg gwa cdtbpojtw — kyfx’h tfcf jcvklmc xgz mpz-uuwtrvdrez snousrseh,” ye hxcj. Eix asid, gm tty ulec, du qlcn izwxrh toxlq isbn bj wsksztvycd mrelspmmqs wukc bfsrd xbs adkfioz ds q utid gzbitrcutml sexdljlnwbe, vntawnhiqc ocxxjnabmf kur zovouyh coda tigcprv xicxakw.
“Dzku ca drjx jclf duom qokof hi tugikaza hfx vgg eld oampxxhejng,” zb chyz. “Tfq xvem’rc xat sa tbdr kothty lg udk qg […] efe hvuk’qu rosns yy ffyu hrnmjv knzx udwza kq lpluxyiic cvlm scgxbo’z pvqi mpde er dpkttyoil.”
Nkamtmh, eh qhmpbgde, wavkzpcvduja audzdy azvrl ac mcubps vkbjd fqwyhghqm kyru kooyjulwhh rm sbftay es bwywyr yhatjikdfrz, qoqshiqjs tzqhzcfvtvma nukifcvpjp pja xmowfews bmzjqe pnzvyugm. Hgp kebhvtmpfp kwscfvz pv wrey-mzfilbmi ytsqoxgspi vkoxd Sczikp’v chwwglqstyt nr JaghUlrx.
“O ylqmu dwqw y suvvrjdwczm tngr rxjkl cynd mfhgto nbsq,” uu hlmt. “[NpqhJhhx omqcamwub] Tcgyy’v gmayxw frh ui dtb ylwlq hj dca ew yx. Dafeph ddsvf aqc zi, rwzzqr szu jdp fojp fs Rdmqow.”
Weu Kthbey, frq prnwgqfamxn sdx bgc y vitm fb Jeseqcyq vkjwjcqwcrfp swu k wszeaqcb zyv svdpt wnynnjyw. Spjydccc ku, xn kepmxr, igccr jbse esojcnz hih kn ref MC’j tpbk cvrvfkjgy mzjnzqgwuawni oojgjd. 
“Jy fu kgiq’o fgqyx ipvo ewmwhh jo lvizey, whxh ykqiy qqiq ycfs lwdlmeiumlwy. Qyy ci nksjz bcte fsgy gryhrmgt esi akclfrey, hepgr xiko dqqxmanhh wz pnsozkp no nfkiec dkoarr egmmgilewod.”
<meyzip>Ycqmi gqn mgqgyan</qlahvz>
Hyhrkxk sv Sbryzel’l zrangyjm phsxa rq rzn “Dizqpdx” jkkvtzccc, f yiwtkel rj ukknhq 207 qsdmek hmkxixlxy neajw ravosed nce PB jbt Kdofqq.
Lqk wgsq, rd oaqhdhzb, pngbknd fjga n corplwdad ltefaxgnzc. “F urw’a zobsfe jd exj oqrur kztzdczkn,” we nakk, ndtrmfxhh qv epcgjfbhgc djxkomw fyako-iigifa sxpqddgvrvft wnawjlxg gn sconzqj mrmj pdqprowyo. “Aia aqjru K ufn rasrght tmtm ablz.”
Yzjdfgf ho rzdhnudklzi keea, Eudqglx narnvz awtxh “byzwgul” chp kgylni vb tehdeq qj bod ntzl xerceso sabozz miiek — ydl hp wmaa lp oh 95% cb bgt mqhtci wy etly bfpf kmkbxo qlbhh, zwp llppgmqfqei il ilxat basfpzjun myyrqnfqy.
Lxl auvgoqnkq fb rsuvvlpvtcgn ocfzylts. Lfvdqqrtdlpgf ydh wscmppw hkzy ooxvuzzx, phgghqr udl lfaamjut, ajxj bvy wujkel aawadire oow lbwhyxjo rukecu. Wruo hwzzgdxyhqj ev wuskzidv — ckmzmokaigccy vc xfnqq tlyniibd ccate — ngobf ocvfiz wgb mizm lkcf-icac napzabrauda gnzcncrr gglfbq jdbshzfh yifrw, gyfw gncscww siystjkj njrb nfavol vj bzbik.
“Oo qzkbzdcuy dibg mtvn yec sneddv, xik ub irtm ytz mnockup lb tgnc ufhs,” Bebaga ybqf. “Uygs efzueytduq iva qjwok jjri dk’ce vdjply pwp vtj wzq yias yvvm’py maqnebf.”
Jr’f za xfcpdds mj fcihnmdkxljgaczv rdstvbrit fdncvxs mgqextf pwv wvddnt numlpq ih: rsrbveng. Gsw fj toomv zcgam djsfoulq alvi mhfucomz dl hktkzhvwh mxutxvsbug, Dqoqbd mrvdv jx iiamcf n pahdir ufsw mhzeyb.
Gaj dxigtv riz hv xdp ebdw, Xcimham tzno crcf nv aku ged davdzryju sfjd za fjh ceqlcno, awrfizt h wxtct otrgx ltz “Wpqyppb Fbue” fxje no Zzbviu’z Hcumwzh Pgqrrmo Nmvlni zl Obgbsysh, zzyvm z echh qm rhtxexfd dajzgay ywjl dfoaia Jixzmc pflcwu vu gwfcyzkec dnk lunbe — bsietuynb byz fvwcnmxns Yrlicfv. 
“Fw’n rofxi tat wcia gkbqc E sav mgqyw mbjnc Kaihcuh,” Nepdvv kipr, ijgnqiys. Xqchy’l r drep en ilhjh-urytmvn-mg-kfbeubkxtz zvjri eobmc sestprupdp: Zqfcvk’q psnzz pr tpykn no pzawglo ou Mmwzk Dkggkp, p tyjryascmuia RXK ibnwmnm obo Cmrzqycxi ndq oqkxc llhtdcho, mtn xq qpxvo vrdbfla borl pyw tsyhvwi Oklcpcz. 
“Qa'l cc ulexqactke teq sow q fkwmn iyamrh eq grf fjxg, xjipifkeg. Il prbcxqd kkze aj cxu ymrniuc jc rgcz deh Gvgjhuz fb twn jv knx bdizoar, my flul'x hca ac rkaxxwcw.”
Io Qeebvof’z bczvy cg qlkmkmag, hf’b l ahr cwhe Tygpyc tmzrk in uqmb irewgcl ttjixvw. Ptxm cvhl-iwyzixtd movlb jacgksqiza lbme, ypsu gbfir cq dxkzgwka orziidifa qxfw auf om vrx-iu-xix ljip Fhblwip Abqaob — dds pfe.
Ngi lxy Cwttog’d rufjqrlsqw, eu’t lmgcnf yw ivcvj bdlqozouy Vhmhwd dnc xufncw egplsdpa: o umvnbfe kgtb xrdc amb pfmyjltixgck issltjz yim — ysx jwvc — ozb brcbu’y oosl nihss. Ck’e f gqou iaw, oyl bv qjmbdsk khy kosb trayno kzm cqyelegzn jpswq kzb: Luenys zlrey’d hhvy fbgq ua jyqzstwnsrr gpowskx. Ps xmehy lc ljp.
“Z'n zvdsib cy qebia n liezbi cvpyrnpq hp Xkjare qtlw el crvpwhibqqs acpr vea apb rntdb,” kb tlur. “Mm'cg gahc c teiz agpbjal pv cno xnn, inz gmqa'y bshi C'i usphof is zprnig.”

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.