In an exciting development in the venture capital landscape, Matt Miller, a former partner at a prominent investment firm, has successfully raised $355 million for his new venture capital firm. This new fund, which aims to support innovative founders across Europe and beyond, has garnered backing from his previous firm, signaling a strong endorsement of his vision and capabilities.
Transitioning to a New Chapter
Last December, Miller made headlines when he announced his departure from his previous firm after a notable 12-year tenure. His decision to establish his own fund was driven by a desire to focus on empowering exceptional founders in Europe, a region he believes is ripe with potential. While the fund has a European focus, it is expected to invest in promising companies on both sides of the Atlantic, particularly in the B2B sector during the Series B and growth stages.
Strategic Operations from London
Although Miller has shifted his base of operations to London, where he relocated in 2021, his investment strategy will encompass a broader geographical scope. This strategic move is designed to leverage the vibrant startup ecosystem in Europe while maintaining connections with the thriving tech scene in the United States.
Building on Past Successes
Before his transition, Miller played a pivotal role in expanding his former firm’s presence in Europe, ultimately joining its London office. His experience and network in the region will undoubtedly serve as valuable assets as he embarks on this new venture. The firm is already making waves, having exceeded initial fundraising expectations, with reports indicating a target of $400 million.
Fundraising Achievements and Future Goals
According to regulatory filings, Miller’s new firm has secured $350 million from external investors, along with an additional $5 million in internal commitments. The firm is actively working to close the remaining $45 million, which will come from founders and other key players in the startup ecosystem. This impressive fundraising achievement highlights the confidence investors have in Miller’s vision and expertise.
Navigating Challenges and Maintaining Relationships
Miller’s departure from his previous firm was not without its challenges, including internal tensions and a controversial incident involving a portfolio company. However, despite these hurdles, he appears to have maintained strong relationships with his former colleagues, as evidenced by their participation as a limited partner in his new fund.
Collaborations and Future Endeavors
During his tenure at his previous firm, Miller collaborated with numerous successful companies, gaining invaluable experience that he will bring to his new venture. His firm is set to join the ranks of other cross-Atlantic venture firms, further enriching the investment landscape and fostering innovation across borders.
As Miller embarks on this new journey, the startup community eagerly anticipates the impact his firm will have on the next generation of entrepreneurs, particularly in the B2B space. With a strong foundation and a clear vision, Miller is poised to make significant contributions to the venture capital ecosystem.