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Matt Miller’s new venture firm, Evantic, had secured $355 million as of TechCrunch’s July 14, 2025 report. That was a fundraising snapshot against a $400 million target—not the later reported final total: Axios Pro Rata reported in October 2025 that Evantic raised $400 million for its debut fund. TechCrunch also reported that Sequoia participated as a limited partner, though Sequoia declined to comment to the outlet.
How much did Matt Miller raise for Evantic?
TechCrunch reported on July 14, 2025, that Evantic had secured $355 million. The outlet said that figure comprised $350 million from external sources and $5 million in internal commitments. It also reported that Evantic was working toward a $400 million target, with $45 million still to raise from founders and other members of the startup ecosystem at the time.
Those figures describe progress at the time of the July report. In October 2025, Axios Pro Rata later reported that Evantic raised $400 million for its debut fund. The amounts are not contradictory: one is an earlier fundraising snapshot and the other is a later reported total. The Axios report does not independently document the closing mechanics or identify the fund’s full list of limited partners.
| Figure | What it describes | Source and timing |
|---|---|---|
| $355 million | Commitments secured by Evantic | TechCrunch, July 14, 2025 |
| $350 million | External commitments within the July snapshot | TechCrunch, July 14, 2025 |
| $5 million | Internal commitments within the July snapshot | TechCrunch, July 14, 2025 |
| $400 million | Fundraising target Evantic was pursuing in July | TechCrunch, July 14, 2025 |
| $45 million | Amount TechCrunch said remained to be raised toward that target in July | TechCrunch, July 14, 2025 |
| $400 million | Debut fund raise reported later | Axios Pro Rata, October 2025 |
Was Sequoia an investor in Evantic?
TechCrunch reported that Sequoia was participating in Evantic as a limited partner, or LP—an investor in the fund rather than necessarily an investor in any one portfolio company. The same story said Sequoia declined to comment when TechCrunch sought confirmation. The later Axios report of a $400 million debut fund does not provide an independently documented LP list, so Sequoia’s role should be understood as TechCrunch’s attributed reporting, not as a publicly confirmed complete roster of investors.
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What is Evantic’s investment focus?
Miller’s stated focus: European founders
In his December 2024 LinkedIn departure announcement, Miller said: “After an incredible 12 years with Sequoia, I have made the decision to start my own fund focused on the great founders of Europe.” He also said he would remain a Sequoia venture partner during a transition period and continue serving on boards while determining the specifics of his next step.
TechCrunch’s report: investing across the Atlantic
TechCrunch reported that Evantic planned to invest on both sides of the Atlantic, focusing on B2B companies at Series B and growth stages, and would operate from London. That is the outlet’s account of the firm’s planned approach; it is not a published Evantic investment policy in the cited material. A European founder focus and a transatlantic investing footprint can coexist: the former describes Miller’s stated orientation, while the latter describes the strategy TechCrunch reported.
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Why did Miller leave Sequoia?
Miller announced his departure after 12 years at Sequoia. TechCrunch reported that he helped lead the firm’s European expansion from its London office and had worked with Confluent, dbt Labs, Docker, Grafana, Graphcore, Hex, and Tessian.
TechCrunch also discussed reported tensions around Klarna’s board, including an unsuccessful attempt to replace Michael Moritz. The outlet characterized those tensions as appearing to be a primary factor in Miller’s departure. That is TechCrunch’s interpretation, not a motive Miller confirmed in his public announcement, which framed his next step as starting a fund focused on European founders.
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