Former Sequoia Capital partner Matt Miller, who left the storied US VC firm last year to strike out on his own, is raising around $300m for a new VC fund, multiple sources tell Sifted.
The vehicle is likely to close in the coming months and will be focused on leading Series B and C rounds in AI and B2B European startups, with allocation to coinvest at seed and Series A, according to a source with direct knowledge of the fund.
Miller announced he was leaving Sequoia after 12 years at the firm last December to start his own fund focused solely on backing European founders.
The fund will be based out of London, and has commitments from institutional investors, endowments, non-profits and more than 100 startup operators and founders from Silicon Valley and Europe, Sifted understands.
Spencer Hemphill, who spent 10 years as an accountant and finance manager at Sequoia, will be joining the fund as CFO, said a source.
Sifted approached Miller and Hemphill for comment.
After starting his career at Sequoia in the US, Miller moved to London in 2021 to lead the firm’s Europe expansion. He’s known for his bets on UK chipmaker Graphcore, which was acquired by SoftBank for less than it raised in 2024, and cloud company Confluent, which went public in 2021.
Miller also sat on the board of buy now, pay later giant Klarna briefly, until he stepped down less than two months later after a failed attempt to remove former Sequoia chair Michael Moritz, according to reports. Klarna and Sequoia both declined to comment to Sifted when it was reported.
Miller’s departure and fundraise follows a number of other high profile partners leaving big VC firms in the last year. It’s a trend that includes investors from firms like Lux Capital, Peak XV Partners (formerly Sequoia India) and Andreessen Horowitz.
