Matt Miller, a longtime partner at Sequoia Capital, is making waves in the VC world once again. After departing the legendary US venture capital firm in late 2023, Miller is now raising a new $300 million fund that will focus on leading Series B and C rounds in European AI and B2B startups. As per reports, the new fund is already gaining traction and is expected to close in the coming months.
Backing Europe’s scaleup opportunity
The fund, based in London, is designed with a sharp focus of supporting Europe’s most promising founders as they scale from early traction to global breakout. While the primary aim is to lead growth rounds – Series B and C, the fund will also reserve capital to co-invest at the seed and Series A stages. This approach signals Miller’s intent to stay involved across the startup lifecycle, from early formation to expansion.
With institutional investors, endowments, non-profits, and over 100 startup operators and founders from both Silicon Valley and Europe already committed, the fund’s strong foundation reflects confidence in Miller’s experience and European strategy.
The Sequoia legacy
Miller spent 12 years at Sequoia, one of the most prestigious venture capital firms globally, where he built a reputation as a thoughtful and strategic investor. After beginning his tenure at Sequoia in the US, Miller moved to London in 2021 to lead the firm’s European expansion, a move that underscored the growing importance of the continent’s tech ecosystem.
During his time at Sequoia, Miller was involved in high-profile investments, including UK chipmaker Graphcore, which was later acquired by SoftBank and cloud infrastructure company Confluent, which went public in 2021. His board tenure at Klarna was short-lived and marked by reported internal disputes, including an alleged attempt to oust former Sequoia chair Michael Moritz.
Adding operational depth to the new fund, Spencer Hemphill, who spent a decade at Sequoia in finance and accounting roles, is set to join as CFO. His experience in managing financial operations at one of the most selective firms in the world positions the new venture for sound financial stewardship and institutional credibility from day one.
Part of a bigger trend
Miller’s move is not an isolated one. The past year has seen a broader trend of prominent VC partners leaving marquee firms to start their own funds. Names from firms such as Lux Capital, Andreessen Horowitz, and Peak XV Partners (formerly Sequoia India) have also recently set out to chart their own course. These exits often reflect a desire for greater focus, more flexibility, and deeper connection with portfolio founders.
By zeroing in on Europe’s AI and B2B landscape, Miller is aligning with two sectors poised for exponential growth. Europe is emerging as a serious contender in enterprise AI, with a strong research base and increasingly founder-friendly ecosystems in cities like London, Berlin, and Paris. Yet, European founders have often struggled to raise follow-on funding beyond Series A, a gap Miller’s fund is explicitly designed to fill.
What to watch next?
As the fund nears its final close, all eyes will be on how Miller deploys his capital and which startups will make up the first cohort of investments. His track record suggests a preference for ambitious, infrastructure-layer plays, but with more autonomy than ever before, he may broaden his scope.
For now, Miller’s new venture represents not only the next chapter in his own career, but a potentially defining moment in the evolution of European venture capital.
