Notion Capital
Notion Capital (FCA FRN 784032, Notion Capital Managers LLP) 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.
Notion Capital is a London venture capital firm with €921M AUM, 62 active companies and 21 exits.
- ·14 exits in the last 5 years · consistent DPI cadence.
- ·Average hold across 21 realized deals: 6 years.
- ·Fund cadence: ~3Y between vintages · last raise 2025.
Sector breakdown
83 companiesGeography breakdown
17 geographiesKey facts
Recent exits
Coverage notes
6 funds tracked, 83 portfolio companies (62 active · 21 realized). Verified weekly from public filings and deal announcements.
Investment team
Senior partners. Hand-checked from public filings and the firm's own site.
Funds & portfolio
Every fund Notion Capital has raised, with its portfolio companies. Hand-checked from public filings.
Notion Capital Opportunities IIIGrowth2025€114M25 assetsGrowth2025 · 1yr€114M25–
Unrealized
25 held| Company | Entry |
|---|---|
| Adfenix Sweden | 2017 |
| Atmio ClimateTech · Germany | 2024 |
| Black Forest Labs AI/ML · Germany | 2025 |
| Caeli Wind ClimateTech · Germany | 2024 |
| Claimsforce InsurTech · Germany | 2020 |
| Dex HR Tech · UK | 2026 |
| Digital Mirror UK | 2025 |
| Easol UK | – |
| Element UK | 2019 |
| Fiberplane DevTools · Netherlands | 2021 |
| Figment Software · Canada | – |
| Forest France | 2019 |
| Harbor Lab Software · Greece | 2024 |
| Interactio Software · Lithuania | – |
| Nelly HealthTech · Germany | 2025 |
| Novatiq AdTech · UK | – |
| Origin Benefits HR Tech · UK | 2025 |
| ProFinda HR Tech · UK | 2014 |
| Resistant AI AI/ML · Czech Republic | 2025 |
| Scoota TMT · UK | 2013 |
| TechWolf HR Tech · Belgium | 2024 |
| Twin1 AI AI/ML · USA | 2026 |
| Upvest Fintech · Germany | 2025 |
| Workable HR Tech · Greece | 2015 |
| YuLife InsurTech · UK | 2019 |
Notion Capital VVC2023€300M20 assets2 exitsVC2023 · 3yr€300M202
Unrealized
20 held| Company | Entry |
|---|---|
| Aikido Security Cybersecurity · Belgium | 2024 |
| Arqit Cybersecurity · UK | 2023 |
| Aslan Fintech · UK | 2025 |
| Cogna Software · UK | 2024 |
| Endra AI/ML · Sweden | 2025 |
| Ferovinum Fintech · UK | 2024 |
| GoodFit Data & Analytics · UK | 2025 |
| Isembard Aerospace & Defence · UK | 2025 |
| Kraken Technology Group Aerospace & Defence · UK | 2025 |
| LegalFly LegalTech · Belgium | 2024 |
| Naboo Software · France | 2025 |
| OpenTrade Fintech · UK | 2025 |
| Orus InsurTech · France | 2023 |
| Outverse SaaS · UK | 2023 |
| Pivot SaaS · France | 2026 |
| Quantum Systems Aerospace & Defence · Germany | 2024 |
| TERN Group HealthTech · UK | 2025 |
| Treefera ClimateTech · UK | 2025 |
| Umony Fintech · UK | 2025 |
| Upciti AI/ML · France | 2025 |
Notion Capital IVVC2019€205M11 assets3 exitsVC2019 · 7yr€205M113
Unrealized
11 held| Company | Entry |
|---|---|
| Bound Fintech · UK | 2021 |
| Bryter Software · Germany | 2019 |
| Cledara SaaS · UK | 2022 |
| Cyscale Cybersecurity · Romania | 2022 |
| Flip HR Tech · Germany | 2022 |
| Griffin Fintech · UK | 2022 |
| HeyJobs HR Tech · Germany | 2019 |
| Hokodo Fintech · UK | 2021 |
| Protex AI AI/ML · Ireland | 2022 |
| TestGorilla HR Tech · Netherlands | 2021 |
| Vortexa Data & Analytics · UK | 2019 |
Notion Capital IIIVC2017€129M4 assets4 exitsVC2017 · 9yr€129M44
Unrealized
4 heldRealized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Hazy AI/ML · UK | 2018 | 2024 | Trade Sale | SAS | – |
| StatusToday HR Tech · UK | 2018 | 2020 | Trade Sale | Glickon | – |
| Unbabel AI/ML · Portugal | 2016 | 2025 | Trade Sale | TransPerfect | – |
| Virtualstock SaaS · UK | 2017 | 2025 | Trade Sale | Logicbroker | – |
Notion Capital IIVC2013€92M1 assets8 exitsVC2013 · 13yr€92M18
Unrealized
1 held| Company | Entry |
|---|---|
| Triptease SaaS · UK | 2015 |
Realized
8 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Currencycloud Fintech · UK | 2012 | 2021 | Trade Sale | Visa | – |
| Demyst Data & Analytics · US | 2014 | 2025 | Trade Sale | Feedzai | – |
| FiveAI Mobility · UK | 2016 | 2022 | Trade Sale | Bosch | – |
| FullCircl Data & Analytics · UK | 2014 | 2024 | Trade Sale | nCino | – |
| GoCardless Fintech · UK | 2016 | 2025 | Trade Sale | Mollie | – |
| Idio AdTech · UK | 2013 | 2019 | Trade Sale | Episerver | – |
| Trustev Fintech · Ireland | 2013 | 2015 | Trade Sale | TransUnion | – |
| Wercker DevTools · UK | 2014 | 2017 | Trade Sale | Oracle | – |
Notion Capital IVC2009€46M1 assets4 exitsVC2009 · 17yr€46M14
Unrealized
1 held| Company | Entry |
|---|---|
| Tradeshift SaaS · Denmark | 2011 |
Realized
4 exits| Company | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|
| Brightpearl SaaS · UK | 2011 | 2022 | Trade Sale | Sage | – |
| NewVoiceMedia SaaS · UK | 2011 | 2018 | Trade Sale | Vonage | – |
| Shutl Logistics · UK | 2011 | 2013 | Trade Sale | eBay | – |
| Star Cloud Infrastructure · UK | 2009 | 2012 | Trade Sale | Claranet | – |
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.
Frequently asked questions
- What investment strategy does Notion Capital focus on?
- Notion Capital focuses on VC, Growth strategies in the private equity space.
- How many portfolio companies does Notion Capital have?
- Notion Capital has 62 active portfolio companies and 21 completed exits and 6 funds tracked on GP Intel.
- Where is Notion Capital headquartered?
- Notion Capital is headquartered in London, United Kingdom.
- What is Notion Capital's assets under management?
- Notion Capital manages approximately €921M in assets under management.
- When was Notion Capital founded?
- Notion Capital was founded in 2009.
- What sectors does Notion Capital invest in?
- Notion Capital invests across Software, TMT, Business Services, Financials.
- What are Notion Capital's recent exits?
- Recent realized exits by Notion Capital include: M3ter (2026) to Salesforce; Apperio (2025) to PERSUIT; Acin (2025) to CUBE; Unbabel (2025) to TransPerfect; Virtualstock (2025) to Logicbroker; Demyst (2025) to Feedzai; GoCardless (2025) to Mollie; Cobee (2024) to Pluxee.
Similar firms
Other private equity firms tracked on GP Intel.