Matt Miller, a former Sequoia Capital partner, has raised US$355 million for his new venture firm, Evantic, which targets B2B startups in series B and growth stages.

Evantic will be based in London and invest across Europe and North America, with backing from Sequoia.

Initial reports indicated that Miller aimed to raise US$300 million for the fund.

However, the target has been revised to US$400 million.

Of the US$355 million raised to date, US$350 million came from external investors, with US$5 million from internal commitments.

The firm is currently closing the remaining US$45 million from startup founders and the tech ecosystem.

Despite his controversial exit from Sequoia after a failed Klarna board dispute, Miller remains a venture partner and received support from Sequoia as a limited partner.

🔗 Source: TechCrunch

🧠 Food for thought

1️⃣ Europe’s VC landscape shows convergence with US models as performance gap narrows

Europe’s venture capital ecosystem has historically lagged behind the US, with European VC funds delivering average annual returns of -4% compared to 16% for US funds from the 1980s to 2007 1.

This underperformance is changing as Europe’s digital startup ecosystem has expanded at twice the rate of the US over the past seven years, according to Goldman Sachs data 2.

Miller’s move represents a broader shift where experienced US investors are bringing their expertise to Europe. For instance, Sequoia’s $900 million investment in German fintech Trade Republic highlights this trend 2.

The new fund’s structure, investing across both continents while headquartered in London, mirrors successful firms like Index Ventures and Northzone that have proven the viability of the cross-Atlantic model.

This convergence suggests European startups may increasingly benefit from the more aggressive US approach, where investors focus on potential market size and team quality rather than demanding extensive business plans upfront 3.

2️⃣ B2B growth-stage funding addresses Europe’s notorious “Series B gap”