Notion Capital
Notion Capital (FCA FRN 784032, Notion Capital Managers LLP, Companies House OC364955) is a London-based early-stage venture capital firm founded in 2009 by operators who previously built and sold MessageLabs, a cloud security business, to Symantec for over $700 million. The firm focuses on European B2B SaaS and fintech companies, investing from Series A through Series B in enterprise software, cloud infrastructure and financial technology. It has raised five flagship venture funds and three growth follow-on vehicles, totalling over $1 billion in AUM, and backs companies across the UK, Germany, France, the Netherlands and broader Europe.
Key facts
Recent exits
Coverage notes
6 funds tracked, 36 portfolio companies (20 active · 16 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Notion Capital has raised, with its portfolio companies. Hand-checked from public filings.
Notion Capital Opportunities IIIGrowth2025 · 1yr€114M4 active
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Black Forest Labs | AI/ML | Germany | 2025 |
| Nelly | HealthTech | Germany | 2025 |
| Resistant AI | AI/ML | Czech Republic | 2025 |
| Upvest | Fintech | Germany | 2025 |
Notion Capital VVC2023 · 3yr€300M8 active · 1 realized
Unrealized
8 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Aikido Security | Cybersecurity | Belgium | 2024 |
| Arqit | Cybersecurity | UK | 2023 |
| Aslan | Fintech | UK | 2025 |
| Cogna | Software | UK | 2024 |
| Isembard | Industrials | UK | 2025 |
| LegalFly | LegalTech | Belgium | 2024 |
| OpenTrade | Fintech | UK | 2025 |
| Treefera | ClimateTech | UK | 2025 |
Notion Capital IVVC2019 · 7yr€205M2 active · 3 realized
Notion Capital IIIVC2017 · 9yr€129M4 active · 4 realized
Unrealized
4 heldRealized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Hazy | AI/ML | UK | 2018 | 2024 | Trade Sale | – | |
| StatusToday | HR Tech | UK | 2018 | 2020 | Trade Sale | – | |
| Unbabel | AI/ML | Portugal | 2016 | 2025 | Trade Sale | – | |
| Virtualstock | SaaS | UK | 2017 | 2025 | Trade Sale | – |
Notion Capital IIVC2013 · 13yr€92M1 active · 5 realized
Realized
5 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Currencycloud | Fintech | UK | 2012 | 2021 | Trade Sale | – | |
| FullCircl | Data & Analytics | UK | 2014 | 2024 | Trade Sale | – | |
| GoCardless | Fintech | UK | 2016 | 2025 | Trade Sale | – | |
| Trustev | Fintech | Ireland | 2013 | 2015 | Trade Sale | – | |
| Wercker | DevTools | UK | 2014 | 2017 | Trade Sale | – |
Notion Capital IVC2009 · 17yr€46M1 active · 3 realized
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Tradeshift | SaaS | Denmark | 2011 |
Realized
3 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Brightpearl | SaaS | UK | 2011 | 2022 | Trade Sale | – | |
| NewVoiceMedia | SaaS | UK | 2011 | 2018 | Trade Sale | – | |
| Shutl | Logistics | UK | 2011 | 2013 | Trade Sale | – |
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About Notion Capital
Notion Capital is Europe's leading pure-play early-stage business software investor with more than $1 billion of assets under management as of December 2024, headquartered in London at 91 Wimpole Street. The firm was founded in 2009 by former SaaS entrepreneurs and operators (founders of MessageLabs/Star) and operates as a partner-owned LLP (Notion Capital Managers LLP), FCA-regulated. Notion has completed 147 plus investments to date with 33 acquisitions and 1 IPO cumulatively.
Investment thesis
Notion Capital deploys capital through approximately eight funds (Notion Capital V closed 2025 at €300 million, Opportunities III growth fund $130 million 2025), targeting early-stage (seed and Series A) European business software plus an Opportunities growth-fund series, supported by the Notion Platform scaling framework. Sector focus spans SaaS, Services-as-Software (AI-driven), software in the real world, fintech, cloud and B2B enterprise software. Geographic deployment is Europe (UK and Continental Europe), London-based. The platform is run entirely by ex-founders and operators.
Recent activity
Recent realised exits include language-AI and SaaS (2025). Recent acquisitions include a cybersecurity SaaS scale-up reaching unicorn status (2026), manufacturing and industrial software Series A+ (2026) and manufacturing-tech seed (2025). The platform continues active deployment of Notion Capital V and the Opportunities growth-fund series. Detailed buyer names and multiple data available on Pro at €29/month.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
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