Matt Miller announced in December 2024 that he was leaving Sequoia Capital after 12 years to start an investment fund focused on European founders. The earlier headlines concerned a reported dispute over Klarna’s board: Miller reportedly tried and failed to remove fellow board member Michael Moritz. By July 2025, TechCrunch had reported that Miller’s new firm, Evantic, had secured $355 million and was still seeking another $45 million.
Why did Matt Miller leave Sequoia?
Miller said he had decided to start his own fund focused on European founders. In a LinkedIn announcement reproduced in search results, he wrote: “After an incredible 12 years with Sequoia, I have made the decision to start my own fund focused on the great founders of Europe.” TechCrunch reported his departure and plans in December 2024.
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That announcement described an entrepreneurial move, not a stated dismissal or a confirmed explanation tied to the Klarna episode. Miller had moved to London in 2021 to lead Sequoia’s European expansion, according to TechCrunch. When he announced his departure, he said he would remain a Sequoia venture partner and continue serving on boards during a transition as he worked out his next steps.
What happened between Miller and Michael Moritz at Klarna?
The headlines referenced in the departure story concerned a reported board dispute at Klarna, the payments company. TechCrunch reported that, after joining Klarna’s board, Miller reportedly tried and failed to remove Michael Moritz, another board member and a prominent Sequoia figure. TechCrunch also reported that Sequoia later apologized for backing the move and replaced Miller on the board with Andrew Reed. The attempted removal and the firm’s subsequent actions should be understood as TechCrunch’s account, not as a reason Miller gave for leaving.
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What was Miller’s plan, and what did Evantic later announce?
Miller’s December 2024 announcement set out his initial ambition: a fund focused on European founders. In July 2025, TechCrunch identified the new firm as Evantic and reported a more specific investment strategy: B2B companies at Series B and growth stages, investing in both Europe and the United States from London.
The difference matters. “Focused on the great founders of Europe” was Miller’s stated plan at departure; the Europe-and-U.S. scope and Series B and growth focus were details in later reporting about Evantic.
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- Funds do not expire but your Visa Virtual eGift Card has a ‘valid thru’ date (9 years from date of purchase). If funds remain after this date has passed, please call the Toll Free number found on your Visa Virtual eGift Card for a replacement card. A one-time purchase fee applies at the time of checkout.
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How much had Evantic raised?
TechCrunch’s July 2025 report said Evantic had secured $355 million, comprising $350 million from external sources, as described in a U.S. regulatory filing, and $5 million in internal commitments. The firm was still seeking another $45 million from founders and other startup ecosystem members at the time.
Those are figures from the July 2025 report, not a verified final fund size. The report does not establish whether Evantic completed that additional fundraising or its operating status in October 2026.
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Timeline
- 2021: Miller moved to London to lead Sequoia’s European expansion, according to TechCrunch.
- Early 2024: Miller reportedly tried and failed to remove Moritz from Klarna’s board. TechCrunch said Sequoia later apologized for supporting the move and replaced Miller with Reed.
- December 2024: Miller announced he would leave Sequoia after 12 years to start a fund focused on European founders. He said he would remain a venture partner and continue serving on boards during a transition.
- July 2025: TechCrunch reported that the new firm, Evantic, had secured $355 million and was still seeking another $45 million.
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