Former Sequoia partner Matt Miller is said to be raising around $400m for a new VC fund focused on European tech, according to reports.
Sifted previously revealed how Miller, who left the firm following a boardroom battle over the future of portfolio company Klarna, aimed to raise at least $300m for a fund focused on European AI and B2B startups at Series B and C stage.
Citing sources familiar with the matter, the Financial Times on Sunday reported Miller had already secured $355m from institutional investors, with the aim of raising around another $50m.
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 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.
Sifted approached Miller for comment.
