Posted: 9:00 PM PST · December 19, 2024
Connie Loizos
Sequoia’s Matt Miller Exits Firm to Build New Venture
After a 12-year tenure at Sequoia Capital, partner Matt Miller is leaving the esteemed venture capital firm to establish his own new venture focused on European founders. In a surprising move, Miller announced his departure via email on Wednesday, stating that he will remain a venture partner with Sequoia and maintain his board seats while finalizing the specifics of his next endeavor.
A Sudden Departure? Not Quite
While some may be shocked by Miller’s decision to leave Sequoia, few were taken aback. In fact, rumors had been circulating for months about Miller’s potential departure, with sources suggesting that he had grown increasingly frustrated with the firm’s leadership and policies. Specifically, Miller’s high-profile spat with former colleague Michael Moritz earlier this year may have hastened his exit.
Klarna Controversy: A Turning Point?
In January 2024, Miller joined Klarna’s board of directors, but his tenure was short-lived. After a reported power struggle between Miller and Moritz, Sequoia apologized for supporting the move, replacing Miller with another investor, Andrew Reed. This controversy may have marked a turning point in Miller’s career at Sequoia.
A New Venture Takes Shape
Miller’s new venture will focus on supporting European founders, building on his experience and connections established during his time at Sequoia. The exact details of the new firm remain unclear, but sources suggest that it will be based in London, where Miller has been working closely with local VCs.
Support from Colleagues
Miller’s departure has sparked an outpouring of support from his colleagues in the VC community. London-based VCs such as Saul Klein, Tom Hulme, Mattias Ljungman, and Luciana Lixandru (also a Sequoia partner) congratulated Miller on his new venture.
A Legacy at Sequoia
During his 12-year tenure at Sequoia, Miller played a significant role in shaping the firm’s European strategy. He relocated to London in 2021 to lead the expansion efforts and establish connections with local startups. Despite the controversy surrounding his departure, Miller leaves behind a lasting legacy at Sequoia.
A New Chapter Ahead
As Miller embarks on this new chapter, it remains to be seen how successful he will be in establishing his own venture. With his extensive experience and network of contacts, he is well-positioned for success. One thing is certain: the departure of Matt Miller from Sequoia Capital marks an exciting turning point in the world of venture capital.
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