Former Sequoia Matt Miller partner increases $ 355 million for the new fund – with the support of the Sequoia

Former Sequoia Matt Miller partner has already locked $ 355 million for his new VC company, JealousAlso supported by Sequoia, TechCrunch learned.

Last December, Miller announced his departure from Sequoia after 12 years in “Start [his] His own fund focused on the great founders of Europe. ”

Despite the European focus, TechCrunch’s understanding is that Evantic will really invest on both sides of the Atlantic, with an emphasis on B2B companies in Series B and growth stages. However, his activities will be conducted from London, where Miller moved from California in 2021.

Before moving to the United Kingdom, Miller had already pioneered the expansion of Sequoia in Europe and eventually joined the Sequoia European Office in London, where he worked with the first local lease, Luciana Lixandru, who remains there.

Sequoia refused to comment on Miller or the new fund on Monday. TechCrunch also arrived at Miller directly.

Miller’s concentration of funds has exceeded expectations. Initial reports showed that they were increase of $ 300 million For this new venture. Sources close to the subject now confirmed The latest Financial Times Report That the target is $ 400 million and that Sequoia is involved as a limited partner. TechCrunch arrived at Sequoia for confirmation.

Specifically, the new Miller company has secured $ 350 million from external sources, according to US regulatory deposit. Evantic has also received $ 5 million in internal commitments and is in the process of closing the remaining $ 45 million from founders and other members of the starting ecosystem, sources say Techcrunch.

Miller’s departure seems to come mainly from a failed power game at Klarna portfolio. Just before he announced his exit, Miller had tried and failed to eliminate former colleague Michael Moritz from the market board now, pay later Behemoth. Sequoia soon after apologized to support the effort and gave Miller’s seat to another partner.

At the same time, the broader tensions were falling into a sequoia over Shaun Maguire, whose political views have proven divisive both internally and between portfolio founders. The founder of Wunderlist Christian Reber, one of the first founders supported by Sequoia in Europe, expressed his disagreement Back in January with Maguire over the German far -right AfD party. Miller and Lixandru too distracted themselves themselves From the views supported by Maguire, who has since made more controversial comments.

Despite the Klarna incident, Miller seems to maintain good relationships with Sequoia, as evidenced by the company’s involvement as LP in his new business. Miller also remains a business partner at Sequoia and still represents the business in various councils.

During his time at the Sequoia, Miller worked closely with companies such as the Synthes, DBT Labs, Docker, Grafana, Graphcore, Hex and Tessian. He also overlays with the long -term sequoia Spencer Hemphill, who left Miller before and now is Evantic’s CFO.

While technically an American fund, Evantic will now join the Cross-Atlantic business businesses, including Index Ventures and Northzone, who said they were “Doubled the transnational.” Will also be similar in size to the 348 million $ That the Norrsken Foundation, founded by the founder of Klarna, is currently investing in European newly established companies that use “AI for the good”.