Notion Capital

# Notion Capital: Europe's Leading Business Software Venture Investor

High-Level Overview

Notion Capital stands as Europe's premier venture capital firm specializing in early-stage and growth-stage B2B SaaS and cloud technology companies.[1][2] Founded with a mission to be "the investors we wish that we'd had," the firm is built by former entrepreneurs and operators who bring deep operational expertise to their portfolio companies.[2] The firm's investment philosophy centers on identifying and supporting founders capable of building category-defining companies with global ambitions, with a particular emphasis on AI-driven innovations reshaping the business software landscape.[1]

With more than $1 billion in assets under management and over 150 investments to date, Notion Capital has established itself as a cornerstone investor in European enterprise technology.[3] The firm focuses exclusively on European business software companies, addressing a strategic gap left by U.S.-focused venture capital firms and positioning itself as a champion for the continent's tech ecosystem.[1] Notable portfolio exits include Currencycloud (acquired by Visa in 2021) and successful scaling of companies like GoCardless, Mews, and Paddle.[3]

Origin Story

Notion Capital was founded in 2009 as a London-based investment firm with a clear mandate: invest in early-stage B2B SaaS and cloud companies with global ambition.[6] The firm's founding team consisted of seasoned entrepreneurs and operators who recognized a critical gap in European venture capital—the absence of investors who truly understood the operational challenges of scaling software businesses because they had lived through them themselves.

This entrepreneurial pedigree became the firm's defining characteristic. Rather than approaching investments purely from a financial perspective, Notion Capital's founders built the firm around the principle of operational partnership. Over the years, the firm evolved from a pure early-stage venture investor into a dual-stage operator, launching dedicated growth funds to support portfolio companies through their scaling journey.[3] This evolution reflected the firm's learning that the most valuable support often comes not at the moment of initial investment, but during the critical phases of growth and market expansion.

Core Differentiators

Dual-Stage Investment Model

Notion Capital's most distinctive feature is its integrated approach to venture and growth investing.[1] Rather than forcing founders to seek different investors at different stages, the firm maintains deep relationships from inception through scaling. This continuity provides a significant competitive advantage in sourcing opportunities and supporting portfolio company success. The firm's most recent growth fund, closed in 2025, totals $130 million and sits alongside its fifth venture fund of €300 million, demonstrating the firm's commitment to this dual-stage strategy.[3]

Operational Excellence and Platform Support

The firm distinguishes itself through its value-added operational model, powered by a dedicated platform team of experts.[1][3] This goes far beyond traditional venture capital check-writing. Notion Capital provides hands-on support in product development, go-to-market strategy, talent acquisition, and pricing optimization. This operational heritage stems directly from the founders' backgrounds as entrepreneurs and operators who understand the specific challenges of scaling software businesses.[1]

Data-Driven Deal Sourcing

Notion Capital has invested heavily in proprietary intelligence capabilities. The firm developed RISTA (reconnaissance, intelligence, surveillance and target acquisition), a proprietary data intelligence tool that enables the firm to screen 50% more companies annually while maintaining rigorous investment discipline.[4] This data-driven approach allows the firm to identify emerging trends, track founder movements, and prioritize opportunities with precision—ultimately investing in only 0.6% of companies they meet with.[4]

European Market Expertise and Network

As a champion for European technology, Notion Capital has built an unparalleled network across the continent.[1] The firm's extensive LP base, deep founder relationships, and regional presence provide a competitive edge in sourcing and supporting growth-stage companies. This European focus, once seen as a limitation by some investors, has become a strategic advantage as the continent's tech ecosystem has matured.

Sector Specialization

The firm's deep expertise in business software—spanning SaaS, cloud infrastructure, and fintech—allows for sophisticated pattern recognition and value creation. The firm explicitly recognizes that AI is now providing the platform for a new generation of software companies, and has positioned itself to capitalize on this transformation.[2]

Role in the Broader Tech Landscape

Notion Capital operates at a critical inflection point in European technology. The firm is riding several powerful trends simultaneously. First, the maturation of European SaaS has created a cohort of founders with proven track records and global ambitions—exactly the companies Notion Capital targets. Second, the rise of AI as a foundational technology is creating new categories of software companies, and Notion Capital's early focus on AI-driven innovations positions it to capture this wave.

More broadly, Notion Capital is helping to reshape the European venture capital landscape itself. By demonstrating that European investors can compete with U.S. firms in supporting global-scale software companies, the firm has elevated the entire ecosystem. The firm's success with portfolio companies like Currencycloud (acquired by Visa) and GoCardless (a fintech leader) has proven that European founders can build world-class companies without relocating to Silicon Valley.

The firm's emphasis on operational support and founder partnership has also influenced broader venture capital practices. By showing that value-added support—rather than pure capital provision—drives superior returns, Notion Capital has raised the bar for what founders should expect from their investors.

Quick Take & Future Outlook

Notion Capital is exceptionally well-positioned for the next phase of European tech growth. The firm's $1 billion+ in assets under management, proven track record, and operational expertise create a durable competitive advantage. As European software companies increasingly compete on a global stage, the combination of patient capital, operational support, and deep market knowledge that Notion Capital provides will become increasingly valuable.

Looking ahead, several trends will shape the firm's trajectory. The continued AI-driven transformation of software will create new investment opportunities aligned with Notion Capital's thesis. The potential for European tech to achieve greater independence from U.S. capital markets could accelerate founder interest in European investors. And the firm's demonstrated ability to scale from venture to growth investing suggests it may continue expanding its asset base and geographic reach.

The fundamental insight driving Notion Capital—that the best venture investors are those who have built companies themselves—remains as relevant today as when the firm was founded. In an increasingly competitive venture landscape, this operational authenticity and founder-first philosophy will likely remain the firm's most enduring differentiator.