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Notion Capital

Notion Capital

London, United Kingdom·Founded 2009··notioncapital.com

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.

AUM
€921M
Funds
6
vintages 2009–2025
Portfolio
62
Exits
21

Notion Capital is a London venture capital firm with €921M AUM, 62 active companies and 21 exits.

Key takeaways
  • ·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 companies
Fintech
13 · 16%
SaaS
12 · 14%
HR Tech
10 · 12%
AI/ML
8 · 10%
Software
6 · 7%
Cybersecurity
4 · 5%
Data & Analytics
4 · 5%
ClimateTech
3 · 4%

Geography breakdown

17 geographies
UK
45 · 54%
Germany
10 · 12%
France
5 · 6%
Netherlands
3 · 4%
Belgium
3 · 4%
Ireland
3 · 4%
Sweden
2 · 2%
Greece
2 · 2%

Key facts

HQLondon, United Kingdom
Founded2009

Recent exits

M3ter

Notion Capital sold M3ter to Salesforce in 2026 after 3 years.

Apperio

Notion Capital sold Apperio to PERSUIT in 2025 after 2 years.

Notion Capital sold Acin to CUBE in 2025 after 5 years.

Unbabel

Notion Capital sold Unbabel to TransPerfect in 2025 after 9 years.

Partners

Stephen ChandlerManaging Partner
Jos WhiteGeneral Partner
Chris TottmanGeneral Partner
Patrick NorrisGeneral Partner
Itxaso del PalacioGeneral Partner

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.

Stephen Chandler
Managing Partner
Jos White
General Partner
Chris Tottman
General Partner
Patrick Norris
General Partner
Itxaso del Palacio
General Partner

Funds & portfolio

Every fund Notion Capital has raised, with its portfolio companies. Hand-checked from public filings.

6 funds
Notion Capital Opportunities III
Growth2025€114M25 assets

Unrealized

25 held
CompanyEntry
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 V
VC2023€300M20 assets2 exits

Unrealized

20 held
CompanyEntry
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

Realized

2 exits
CompanyEntryExitTypeBuyerMOIC
Apperio
LegalTech · UK
20232025Trade SalePERSUIT–
M3ter
SaaS · UK
20232026Trade SaleSalesforce–
Notion Capital IV
VC2019€205M11 assets3 exits

Unrealized

11 held
CompanyEntry
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

Realized

3 exits
CompanyEntryExitTypeBuyerMOIC
Acin
Fintech · UK
20202025Trade SaleCUBE–
Cobee
HR Tech · Spain
20202024Trade SalePluxee–
Glofox
SaaS · Ireland
20192022Trade SaleABC Fitness Solutions–
Notion Capital III
VC2017€129M4 assets4 exits

Unrealized

4 held
CompanyEntry
Dixa
SaaS · Denmark
2020
Mews
SaaS · Netherlands
2018
Paddle
Fintech · UK
2017
Panaseer
Cybersecurity · UK
2017

Realized

4 exits
CompanyEntryExitTypeBuyerMOIC
Hazy
AI/ML · UK
20182024Trade SaleSAS–
StatusToday
HR Tech · UK
20182020Trade SaleGlickon–
Unbabel
AI/ML · Portugal
20162025Trade SaleTransPerfect–
Virtualstock
SaaS · UK
20172025Trade SaleLogicbroker–
Notion Capital II
VC2013€92M1 assets8 exits

Unrealized

1 held
CompanyEntry
Triptease
SaaS · UK
2015

Realized

8 exits
CompanyEntryExitTypeBuyerMOIC
Currencycloud
Fintech · UK
20122021Trade SaleVisa–
Demyst
Data & Analytics · US
20142025Trade SaleFeedzai–
FiveAI
Mobility · UK
20162022Trade SaleBosch–
FullCircl
Data & Analytics · UK
20142024Trade SalenCino–
GoCardless
Fintech · UK
20162025Trade SaleMollie–
Idio
AdTech · UK
20132019Trade SaleEpiserver–
Trustev
Fintech · Ireland
20132015Trade SaleTransUnion–
Wercker
DevTools · UK
20142017Trade SaleOracle–
Notion Capital I
VC2009€46M1 assets4 exits

Unrealized

1 held
CompanyEntry
Tradeshift
SaaS · Denmark
2011

Realized

4 exits
CompanyEntryExitTypeBuyerMOIC
Brightpearl
SaaS · UK
20112022Trade SaleSage–
NewVoiceMedia
SaaS · UK
20112018Trade SaleVonage–
Shutl
Logistics · UK
20112013Trade SaleeBay–
Star
Cloud Infrastructure · UK
20092012Trade SaleClaranet–

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.
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Last updated March 2026 · Sourced from public filings · Report an issue