Matt Miller, a former partner at top-tier venture firm Sequoia Capital, is gearing up to raise a $300 million fund aimed squarely at Europe’s AI and B2B tech ecosystem.
After exiting Sequoia Capital in late 2023, Miller is now charting his own course with a fund designed to lead Series B and C rounds, while also reserving capital for select seed and Series A opportunities.
Backing Europe’s Next Wave of Scaleups
Based in London, the new fund is tailored to help European startups scale beyond early traction and into global markets. It’s already attracting major institutional backers, including endowments, non-profits, and over 100 startup founders and operators from both Europe and Silicon Valley.
Matt Miller’s vision is to plug a critical gap in Europe’s venture ecosystem: post-Series A growth capital. His strategy reflects rising global interest in Europe’s maturing startup scene, especially in sectors like enterprise AI and deep tech.
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A Sequoia Legacy with European Roots
During his 12-year run at Sequoia Capital, Miller led investments in companies like Graphcore (acquired by SoftBank) and Confluent, which went public in 2021. After relocating to London in 2021, he spearheaded Sequoia’s European expansion.
Joining him on this new venture is Spencer Hemphill, a decade-long Sequoia finance veteran, who will serve as CFO, bringing operational depth and credibility to the fund’s management.
Part of a Bigger VC Trend
Miller joins a growing cohort of seasoned VC partners launching their own firms. Recent breakouts from Lux Capital, Andreessen Horowitz, and Peak XV Partners echo a broader industry shift toward smaller, focused funds with hands-on operator experience.
“Europe has world-class research and talent, but many founders hit a funding wall after Series A. This fund is designed to change that,” Miller said.
What’s Next?
The fund is expected to close in the coming months. While Miller is known for backing foundational infrastructure plays, his newfound autonomy could see a broader range of bets across verticals.
As Europe positions itself as a global innovation hub in AI and software, Miller’s fund may play a pivotal role in defining the next generation of breakout European tech champions.
