Evantic Capital: Matt Miller’s $400M Venture to Reshape AI & B2B Investing

In late 2025, former Sequoia Capital partner Matt Miller unveiled Evantic Capital, a bold new $400M venture fund poised to reimagine growth-stage investing in AI and B2B software. Evantic’s launch isn’t just about capital — it’s about creating a synergistic “founder + investor” ecosystem, with at least 50 % of carry (profit share) allocated to ecosystem participants who actively support portfolio companies.

Background

Miller spent 12 years at Sequoia Capital, helping to shape European strategy and backing notable companies such as Graphcore. Despite his departure in 2024, Sequoia has returned as a limited partner in Evantic, signaling confidence in his next chapter.

Europe and other global markets have long struggled with a shortage of growth capital for later-stage AI and SaaS companies. Evantic aims to close that gap, bringing both strategic funding and operational expertise at a crucial moment for startups navigating tougher capital markets.

Fund Strategy

1. Target Stage: Primarily Series B / growth stage, with optional flexibility for Seed and Series A.
2. Sectors: B2B, AI, developer infrastructure, cybersecurity, and ML platforms.
3. Geography: Europe, U.S., and Israel, allowing cross-border scale plays.
4. Structure: Up to 50% of carry per portfolio company will be allocated to active ecosystem contributors — founders, operators, and advisors who help startups grow.

This carry-sharing model redefines the traditional venture structure and builds stronger alignment with operators. A network of over 140 founders, operators, and investors has already committed to support Evantic’s portfolio.

Fundraising & Team

1. Raised $355M of $400M target as of mid-2025.
2. Backing includes institutional LPs, leading tech executives, and Sequoia itself.
3. Spencer Hemphill, formerly at Sequoia, joins as CFO alongside a team of seasoned operators.

Portfolio Highlights

Evantic has already started deploying capital into high-conviction bets:

1. N8n – Workflow automation / SaaS
2. Lovable – Developer tooling
3. Nexos.ai – AI-powered cybersecurity (Lithuania)
4. Fireworks AI – Machine learning inference (U.S.)
5. Listen Labs – AI research and tooling
6. 
   

These early investments showcase Evantic’s commitment to B2B infrastructure and its global approach.

Why It Matters

Evantic Capital is more than just another venture fund. By integrating a carry-sharing model, it empowers contributors outside the traditional GP–LP structure and could spark a shift in how venture capital aligns incentives.

For founders, Evantic offers both capital and an ecosystem of seasoned operators.

For LPs, it represents a bold experiment in incentive design, one that could influence the broader industry if successful.