Former Sequoia partner Matt Miller raises $355M for new fund — with Sequoia’s backing

Former Sikoya associate Matt Miller has already closed $ 355 million for the brand new VC, ConfinedAdditionally supported by Sequoia, realized Techcrunch.

Final December, Miller introduced His departure from Sikoya After twelve years “to start out [his] The particular fund centered on the nice founders in Europe. ”

Regardless of the European focus, the understanding of Techcrunch is that Ivantic will really make investments on either side of the Atlantic Ocean, specializing in B2B corporations in phases B and phases of progress. Nonetheless, its actions shall be produced from London, the place Miller moved from California in 2021.

Earlier than shifting to the UK, Miller had already led Sikoya’s enlargement in Europe and finally joined the European Sikoya workplace in London, the place he was working facet by facet Local rental, Luciana LixandroWho stays there.

On Monday, Sekoya refused to touch upon Miller or the brand new field.

Miller donations have exceeded expectations. Preliminary stories indicated that Miller was 300 million dollars collected For this new undertaking. Sources near the matter now assist The latest Financial Times report The purpose is $ 400 million and that Sequoia is taking part as a restricted associate. Techcrunk has communicated with Sequoia to substantiate.

Particularly, the brand new Miller firm acquired $ 350 million from exterior sources, in line with the American organizational file; Ivantic has additionally acquired $ 5 million of inside obligations, and it’s about to shut the remaining $ 45 million of the founders and members of others within the ecosystem to start out working.

Miller’s departure seems primarily from the failed energy of the Claric pockets firm. It was not lengthy earlier than he introduced his launch, and in line with what Miller tried and didn’t overthrow Former colleague Michael Moritz from the Purchase-Pay-Later Board of Administrators. Sikoya shortly after I apologize To assist the try and gave the seat of Miller’s board of administrators to a different associate.

On the similar time, the broader tensions had been seen in Sikoya on associate Sean Maguire, whose opinions have confirmed to be internally disagree and among the many founders of the governor. The founding father of Wunderlist, Christian Riber, one of many first founding founders of Sequoia in Europe, Express his dispute Once more in January with Maguire on the German extremist proper occasion earlier this 12 months. Miller and Lixandru additionally We distance themselves From the views of Maguire, which has because it has More controversial comments.

Regardless of the klarana incident, Miller appears to take care of good relationships fading, as it’s clear from the corporate’s participation as LP in its new undertaking. Miller additionally stays a associate in Sikoya and continues to symbolize the corporate in lots of boards.

Throughout his time in Sequoia, Miller labored carefully with corporations together with Confluent, DBT Labs, Docker, Grafana, Graphcore, Hex and Tessian. He additionally interfered with the Sikoya worker way back Spencer Heimville, who left earlier than Miller and now stated IVANTIC’s monetary supervisor.

Whereas technically an American fund, Ivantant will now be part of the ranks of the undertaking corporations throughout the Atlantic together with Index Ventures and Northzone, which he stated was it “Double Transatlantic.” It would even be related in dimension with $ 348 million The Norsken Basis, which was established by the founding father of Klarna, is investing in European startups that use “AI for good”.