Volution

About Volution

Volution Ventures is an independent London-based venture capital firm headquartered in London, United Kingdom, founded in 2013 by James Codling, formerly of JPMorgan TMT and Montagu Private Equity. The firm operates as the appointed representative of Kin Capital Partners LLP. Codling founded Volution after observing a structural funding gap for UK SaaS and FinTech scale-ups between Series A and Series B. The team comprises 11 professionals including six partners including James Codling, Ed Bardos, Jonny Laughton, Steve Lemon, Nick Hoar and Mike Edwards. Volution manages two fund vehicles: a debut fund of approximately USD 30 million (vintage circa 2018) and Fund II, a USD 100 million vehicle announced in April 2025 in a Co-GP arrangement with Japanese venture capital firm SBI Investment Co., Ltd. Assets under management as of December 2024 was approximately USD 30 million pre-Fund-II launch; with Fund II committed capital the total platform exceeds USD 130 million. The firm is distinct from the LSE-listed Volution Group plc.

Investment thesis

Volution Ventures backs UK and European software-led companies addressing productivity challenges in capital-heavy industries, primarily FinTech, SaaS and AI-driven enterprise software. The firm targets businesses with established product-market fit and typically GBP 5 million to 20 million in annual revenue, providing growth capital to bridge the Series A to Series B scale gap. Geographic focus is United Kingdom-centric with selective European deployment. Ticket sizes are tailored to each opportunity rather than fixed bands, with Fund II's USD 100 million corpus enabling cheque sizes that support meaningful equity stakes in Series B-stage companies. The limited partner base spans family offices, institutional investors and corporate partners, with a significant proportion of Fund I limited partners recommitting to Fund II plus an anchor commitment from SBI Investment under the Co-GP structure. Value creation is delivered through a for-founders-by-founders operating playbook combining flexible financing, leadership support and commercial network access.

Recent activity

Recent investments include Elliptic in FinTech (2025) and Flagstone in FinTech, alongside earlier holdings including Signal AI in SaaS and Cognism in SaaS. Recent exits include Habito in FinTech (2025) and three additional Fund I exits across FinTech and SaaS sectors. The firm continues to deploy Fund II across UK and European FinTech, SaaS and AI-applied productivity software at the Series B scale-up stage. The platform pioneered a Carbon Carry ESG initiative aligning carried interest with climate causes.

Frequently asked questions

What investment strategy does Volution focus on?

Volution focuses on VC, Growth strategies in the private equity space.

How many portfolio companies does Volution have?

Volution has 10 active portfolio companies and 6 completed exits and 2 funds tracked on GP Intel.

Where is Volution headquartered?

Volution is headquartered in London, United Kingdom.

What is Volution's assets under management?

Volution manages approximately €120M in assets under management.

When was Volution founded?

Volution was founded in 2021.

What sectors does Volution invest in?

Volution invests across Software, Financials, TMT.

What are Volution's recent exits?

Recent realized exits by Volution include: Apperio (2025) to PERSUIT; Habito (2025) to Monzo; Rotageek (2025) to ELMO Software; FullCircl (2024) to nCino; Brightpearl (2021) to Sage; Passfort (2021) to Moody's.