Matt Miller, formerly a partner at Sequoia, has introduced Evantic Capital, a venture capital firm with a distinct focus on nurturing B2B AI initiatives. Based in London, Evantic has successfully raised over $400 million and commenced investments in promising startups like Lovable and n8n, aiming to extend its reach across Europe, the US, and Israel. Miller’s departure from Sequoia after 12 years signifies a new chapter as he seeks to support “great founders of Europe” with a unique model of venture capitalism.
While Sequoia has traditionally pursued a wide range of investments across various sectors, Miller’s Evantic Capital targets a specialized niche within the AI domain. This strategic specialization represents a shift from the broader market focus commonly seen in large venture firms like Sequoia. Miller’s decision to enlist a network of 140 elite individuals, dubbed “The Legends,” as advisors to the firm further distinguishes Evantic’s tactical approach and reflects an innovative method of integrating valuable insights into VC endeavors.
What is the Unique Model?
Evantic Capital employs a unique business model where “The Legends” play a crucial role in driving the firm’s success. These advisers consist of accomplished founders, CEOs, product leaders, and experts spread evenly across Europe, Israel, and the US. Their association with the fund involves not just advisory positions but a stake in the outcomes of their guidance.
How Do The Legends Benefit Directly?
Evantic’s model offers “The Legends” a direct share in the economic benefits derived from their contributions. Miller highlights that up to 50% of the carry from each investment is allocated to these legends, who actively aid founders in scaling their businesses.
“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,”
states Miller, reflecting on the partnership-like structure the firm seeks to establish.
Miller emphasizes that this structure ensures that engagement with The Legends isn’t just performative or ceremonial.
“This creates a true partnership model: our Legends are not only motivated by goodwill or networking, but by a real alignment of interests,”
Miller asserts, underscoring a shared economic and emotional investment in the startups’ success.
Evantic’s investment strategy is driven by a focus on B2B AI ventures, concentrating on startups with early signs of product-market fit. Recent investments include Fireworks, an AI inference provider, and Nexos, an AI governance platform, indicating Evantic’s interest in facilitating scalable AI solutions.
Evantic Capital’s approach, compared to traditional VC frameworks, reveals a significantly collaborative and community-oriented business model. By integrating industry experts directly into the financial success equation, Evantic not only aligns mutual interests but also boosts operational and strategic guidance for emerging enterprises, promising a more involved venture capital landscape.
As the venture capital ecosystem continuously adapts to meet the evolving needs of technology startups, firms like Evantic, with specialized frameworks, are likely to influence the wider industry practices. By redefining how value is distributed among stakeholders, Evantic could potentially pave the way for new trends in venture capitalism, offering insights into sustaining and optimizing business relationships in competitive markets.
