The first Sequoia Partner Partnert Miller has already locked $ 355 million for his new VC company, EnoctanticSequoia also supports, TechCrusch learns.
In December, Miller announced Her departure from sequoia After twelve years “start (his own) funds focus on famous European builders.”
Despite European focus, TechCrunch understands that enoctic actually invests on both sides of the Atlantic, with a study of B2B companies in B2B stages. However, its activities will be held from London, where Miller moved from California in 2021.
Before moving to the UK, Miller has led Sequoia’s expansion in Europe and eventually includes the European office in London, where he worked at first Local Rate, Luciana Lixandrustaying there.
Sequoia on Monday refuses to comment on Miller or to new funds.
Miller fundroising has exceeded expectations. Initial reports show that Miller raise $ 300 million for this new activity. Sources close to the item now The new financial report report that the target is $ 400 million and that sequoia is engaged as a limited partner. TechCrunch has reached Sequoia for confirmation.
Specifically, Miller’s new company earns $ 350 million from external sources, each US regulation filing; Evantic also receives $ 5 million in internal commitments and in the process of closing the remaining $ 45 million from founder and other members of the Startup ECOSISTS, TechCrunch.
Miller’s departure appears mainly from a Failed Portfolio Company Company Klarna. Didn’t take long for her to go out, Miller was reported tried and failed to outt former companion Michael Moritz from the Board of the Buy-now-pay-in late behemoth. Sequoia Soon apologize For the support of the test and gave the board to the Miller’s board to another partner.
At the same time, the wider tensions of Sequoia in Partner Shaun Maguire, whose views have proved to be divided inside and the portfolio founder. Wunderlist Founder Christian Rever, one of the first builders who support Sequoia in Europe, expressed his disagreement Back in January with Maguire in the German coming party last year. Miller and lixandru too turns off themselves from the views that Maguire supported, which has been previously makes more controversial comments.
Despite the incidence of Klarna, Miller appeared to maintain good relations Sequoia, as confirmed in the company’s participation as an LP in his new activity. Miller also remains with partners in Sequoia and continues to represent the company on several boards.
During his time in Sequokia, Miller works well with companies including confluent, DBT labs, graffana, graphcore, hex, and tussi. He also overlooked the Sequer Spencer Sequer Hemphill, who left before Miller and now reported CFO’s CFO.
While the US Technical Fund, the evantic will now participate in the rank of cross-atlantic venture firms including indexes and Northzone indexes, the latter says it is “Doubles in transatlantic.” As well as this is the size of $ 348 million That the Norsken Foundation, built by Klarna builder, invested in European starts using “AI for good.”
