Good morning Mark,

When Sequoia Capital partner Matt Miller announced he was leaving the storied US firm in December to launch his own Europe-focused VC fund, the region’s tech sector took notice. 

Now Sifted has learned that Miller is likely months away from closing the fund — with a target of $300m. It’ll be focused on leading Series B and C rounds in AI and B2B European startups, with allocation to coinvest at seed and Series A, according to a source with direct knowledge of the fund.

Elsewhere today:

• Wayve inks first major commercial deal with global carmaker
• 65 UK & Ireland startups just outside the Sifted 100
• German tech leaders cautiously optimistic about new coalition agreement’s startup measures

The secret to scaling fast (without breaking what matters)

👀 Former Sequoia partner Matt Miller is raising a $300m fund, sources say. 

🇩🇪 Germany’s Christian Democrats (CDU) sealed a coalition deal with the Social Democrats (SPD) on Wednesday, unveiling a 146-page doc filled with measures to boost the country’s startup scene. It includes proposals for billions more funding for late-stage companies and a slashing of red tape.

🦄 HR platform Jobandtalent has raised a €92m Series F and is doubling down on building a suite of AI agents. The round cut the Madrid-based unicorn’s valuation by €800m.

🚘 Autonomous driving startup Wayve has announced its first major commercial deal, which will see it install self-driving software in vehicles made by Japanese carmaker Nissan.

🤑 Berlin-based VC firm Revent, backer of AI-powered hospital platform Avelios Medical and carbon credits startup Sylvera, has closed its second fund of €100m. Here’s where it wants to invest.

🔦 A couple of weeks ago we released our ranking of the 100 fastest-growing startups in the UK and Ireland — but outside the main spotlight are a number of companies with impressive growth numbers that just missed the cut.

🔥 Open source is hot right now — but Europe is missing out according to a new report by French VC Serena. It found that commercial open-source startups deliver huge value for investors (think billion-dollar exits), yet only 25% are headquartered in Europe compared to 65% in the US.

🪫 The bankruptcy trustee for Northvolt is trying to sell the embattled Swedish battery maker’s assets but who could realistically cough up the money and make it a success? 

• This article first appeared in Sifted’s climate tech newsletter — which drops the latest news and analysis from the sector into inboxes every Thursday. Not on the list? Sign up here. 

Sifted 100: UK & Ireland Leaderboard

Dive deep into the UK and Ireland’s fastest-growing startups, as we explore the market forces driving growth across the ecosystems. Hear firsthand from the founders featured on our ranking so you gain insights into what it takes to grow at speed.

London-based Incident-io, an IT incident management platform, raised $62m in Series B funding. Insight Partners led the round and was joined by investors including Index Ventures and Point Nine.

London-based TransFicc, an e-trading company for banks and asset managers operating in fixed income and derivatives markets, raised $25m in Series B funding. Citadel Securities led the round and was joined by investors including BlackFin Tech.

Copenhagen-based Sparrow Quantum, a supplier of photonic quantum chips, raised €21.5m in Series A funding. PensionDanmark led the round and was joined by investors including Export and Investment Fund of Denmark, Novo Holdings, 2xN, Liftt and the European Innovation Council.

Berlin-based Rulemapping Group, a rule-based AI platform for automating bureaucracy, raised €12m in funding. Sprind and Hidden Peak Capital participated in the round.

Paris-based Klara, which provides employee skills management and workplace-based training for frontline workers, raised £8.5m in funding led by Endeit Capital.

London-based Treble Peak, which provides digital infrastructure that simplifies the onboarding and investment process in private equity markets, raised £5m in funding. René Beltjens, Tor Erland Fyksen and Just Arne Storvik participated in the round.

Berlin-based Rematiq, which has developed a platform that automates product compliance in the medtech sector, raised €5.4m in seed funding. Project A led the round and was joined by investors including Boris Lokschin and Timo Fleßner.

London-based Damisa, a cross-border stablecoin payments platform, raised £2.25m in pre-seed funding. Fuel Ventures led the round and was joined by investors including Ewor, Greyhound Capital and Mark Ransford.

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