Former Sequoia Capital partner Matt Miller has embarked on an ambitious journey to raise a $400 million fund focused on European technology startups, with a particular emphasis on AI and B2B solutions. After a notable 12-year tenure at Sequoia, where he played a pivotal role in establishing the firm's European presence, Miller is now striking out on his own to support the continent's burgeoning tech ecosystem.
Miller's departure from Sequoia came after a reported boardroom battle over the future of portfolio company Klarna, where he briefly served on the board. This conflict appears to have fueled his decision to pursue an independent path, leveraging his extensive experience to back promising ventures in Europe at the Series B and C stages.
The new fund aims to capitalize on the growing investor enthusiasm for artificial intelligence, a sector that has seen significant funding surges globally. By targeting AI alongside B2B startups, Miller is positioning his fund to tap into high-growth areas that are reshaping industries across Europe.
Having been recognized on Forbes' Midas List Europe as a top tech investor, Miller brings a wealth of credibility and a proven track record to his new venture. His past investments, including in companies like Graphcore, highlight his knack for identifying and nurturing innovative tech firms.
Industry observers note that Miller's fund could play a crucial role in bridging the funding gap for mid-stage European startups, which often struggle to secure substantial capital compared to their North American counterparts. This initiative is seen as a potential catalyst for further growth in the region's tech landscape.
As Miller closes in on his fundraising target, the European tech community eagerly awaits the impact of his strategic investments. His move underscores a broader trend of seasoned investors launching independent funds to address specific market needs and opportunities.
Alfred Lee
