After a decade-long run at one of Silicon Valley’s most iconic venture firms, former Sequoia Capital partner Matt Miller is going solo. And reportedly closing in on a $300 million fund to back Europe’s next wave of AI and B2B startup winners.
According to multiple sources cited by Sifted, Miller’s new fund is expected to close in the coming months. It will be based in London and will primarily lead Series B and C rounds. While keeping capital reserved for coinvestments at the seed and Series A stages. The fund will have a particular focus on AI and enterprise software startups across Europe.
From Sequoia to Solo
Miller confirmed his departure from Sequoia in December 2023 after 12 years at the firm. Stating that his new mission was to build a platform exclusively dedicated to supporting European founders. His exit marks one of several recent moves by high-profile VC partners launching their own funds. A trend also seen at firms like Lux Capital, Peak XV Partners (formerly Sequoia India), and Andreessen Horowitz.
During his time at Sequoia, Miller made several significant bets. He led investments in UK chipmaker Graphcore, which was acquired by SoftBank in 2024 for less than its total fundin. And in Confluent, the cloud data streaming company that went public in 2021. He also briefly held a board seat at Klarna, the buy now, pay later giant. Though he stepped down within two months amid internal tensions at Sequoia, according to reports.
Who’s Backing Matt Miller New Fund?
Miller’s new vehicle has already attracted commitments from institutional investors, endowments, non-profits. And more than 100 startup operators and founders from both Silicon Valley and Europe. The blend of operator LPs and traditional capital hints at a fund designed to combine financial strength with on-the-ground founder support.
Joining Miller in the new venture is Spencer Hemphill, who previously spent 10 years at Sequoia as an accountant and finance manager. He will serve as CFO of the fund.
Miller’s decision to anchor the fund in London aligns with a broader shift as Europe emerges as a serious hub for enterprise and AI innovation. While the region still lags behind the U.S. in capital availability. Investor interest in European deep tech and AI has surged in the past two years, especially as global firms look to diversify outside Silicon Valley.
This new fund could play a major role in filling Europe’s late-stage venture gap, providing vital capital for startups that have scaled beyond product-market fit but need strategic backing to reach breakout growth or prepare for public markets.
As of now, Miller and Hemphill have not commented publicly on the fundraise.
