Former Sequoia partner Matt Miller has revealed details of his “unique model” VC firm, which has raised over $400m and has already invested in buzzy startups Lovable and n8n as it targets B2B AI investments. Miller, a high-profile figure in VC, left Sequoia last year after 12 years, saying he wanted to start his own fund, with a focus on the “great founders of Europe”.
Called Evantic Capital, the new London-based fund will invest in “AI leaders” in Europe, US and Israel. Miller says that Evantic Capital has recruited 140 founders, builders and investors, which he calls " The Legends", who are advising the firm on its investments.
In particular, the legends are made up of founders, CEOs, product & engineering leaders, finance and governance experts, among others, with half based in Europe and Israel and half in the US.
In a LinkedIn post, Miller said: “The Legends are a community of some of the most exceptional individuals I’ve met throughout my career: top founders and CEOs, senior executives with GTM experience, product and engineering leaders, corporate and governance experts, and fellow investors.
"Together, they are a powerful extension of Evantic’s ability to source, win, and build.”
According to Bloomberg, an eighth of the $400m plus funding has come from the legends, who will provide marketing, sales and growth support to the startups they invest in.
Explaining the “unique business model”, Miller said that the legends will “share directly in the upside of the companies they support”, giving them up to 50 per cent of the carry (a performance-based fee paid out to those who manage VC funds) from each investment.
Miller said: “What makes this model unique is how we align incentives: instead of a symbolic or advisory role, our Legends share directly in the upside of the companies they support.
“We allocate up to 50% of the carry from each investment to the specific Legends who actively contribute to helping the founder and company scale.
“This creates a true partnership model: our Legends are not only motivated by goodwill or networking, but by a real alignment of interests. It ensures that when a founder engages with a Legend, they’re interacting with someone who is deeply invested in helping them succeed, both emotionally and economically.”
Describing its investment strategy, Miller said it was focusing on B2B AI, adding “most of our investments will be companies that have demonstrated signs of early product-market fit where we feel there is meaningful upside from our entry price".
To date, Evantic Capital has invested in Fireworks, the AI inference provider, Listen Labs, AI research platform, Lovable, the vibe coding startup. n8n, the AI workflow startup, and Nexos, the AI governance platform.
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