Matt Miller, once a key figure at Sequoia Capital, is stepping into the spotlight again—this time with his own bold vision. After departing Sequoia in late 2023, Miller is now in the process of raising a new $300 million venture fund, targeting Series B and C investments in European AI and B2B startups. Early signs suggest strong investor interest, with the fund expected to close in the coming months.
Backing Europe’s Growth-Stage Startups
Headquartered in London, the fund is laser-focused on helping high-potential European startups scale beyond early traction. While the fund will primarily lead Series B and C rounds, it will also reserve capital for opportunistic co-investments in seed and Series A stages. This signals a commitment to supporting companies through their full growth journey—from product-market fit to international expansion.
Miller’s new fund already boasts a strong backing network, with commitments from institutional investors, endowments, non-profits, and more than 100 startup operators and founders across Silicon Valley and Europe. This deep bench of support highlights broad confidence in Miller’s track record and strategy.
A Sequoia Legacy with European Roots
Miller spent over a decade at Sequoia Capital, one of the world’s most prestigious venture firms. He initially worked in the U.S. before relocating to London in 2021 to lead Sequoia’s European expansion. His move reflected a growing belief in the region’s tech potential—and a bet that Europe could produce global winners.
During his Sequoia tenure, Miller was involved in major deals including Graphcore, the British AI chipmaker later acquired by SoftBank, and Confluent, which successfully IPO’d in 2021. He also briefly served on Klarna’s board, a stint that drew headlines due to internal conflicts involving Sequoia veteran Michael Moritz.
Now, Miller is bringing that same experience to his own venture. He’s joined by Spencer Hemphill, a former Sequoia finance lead, who will serve as the fund’s CFO. Hemphill’s background adds operational credibility and financial discipline—vital for attracting large-scale limited partners.
A Broader VC Shift
Miller’s move is part of a growing trend in the venture capital world. Over the past year, several top investors from firms like Andreessen Horowitz, Lux Capital, and Peak XV Partners (formerly Sequoia India) have launched their own funds. These shifts often reflect a desire for greater autonomy, strategic clarity, and closer founder relationships.
But what sets Miller apart is his specific focus on Europe’s enterprise AI and B2B startups—two verticals with massive untapped potential. While Europe is rich in technical talent and research excellence, many startups still struggle to raise growth-stage capital. Miller’s fund is positioned to fill this critical funding gap.
What Comes Next?
With the fund nearing its final close, attention is now turning to how Miller will deploy his capital. Based on past investments, he favors infrastructure-level plays and deeply technical teams. But with full control over this new vehicle, he may take a broader view—perhaps investing in platforms, applied AI, or vertical SaaS plays.
Whatever direction he takes, this new chapter marks a significant moment for European VC funding. Miller’s fund could become a defining force in scaling Europe’s next generation of category leaders—especially in sectors like AI, cloud infrastructure, and enterprise software.
In a landscape where many promising European startups still lack late-stage funding support, Miller’s entry may just signal the beginning of a new era.
