Notion Capital

What Notion Capital does

Notion Capital is a UK-based venture capital firm (Notion Capital Managers LLP, FCA Registration 784032) founded in 2009 by former MessageLabs executives Stephen Chandler and Jos White following MessageLabs' $700M acquisition by Symantec. The firm is headquartered in London and positions itself as Europe's leading early-stage business software investor, with approximately $1bn in assets under management deployed across 200+ portfolio companies in 16+ countries. Its core thesis spans four categories — Knowledge (SaaS), Labour (Services as Software), Machines (Software in the real world), and Money (Fintech) — with an explicit AI-native emphasis added in 2025 via a dedicated $130M growth fund.

The firm's core product is "The Notion Platform," a value-add infrastructure that supports portfolio founders across a $1M-to-$100M+ revenue journey via three pillars: Learning (the Notion Capital Academy curriculum), Connecting (Notion Live events across European cities, Founders & CEOs Retreat, CXO Day), and Elevating (the Upstarts leadership programme). Around this platform, Notion operates a network of Experts in Residence covering pricing, RevOps, customer success, GTM, storytelling, US expansion, and exit strategy; produces proprietary content including the annual Cloud Challengers report and the Principles of Pricing resource; and runs the affiliated Included VC initiative for underrepresented founders. The team is approximately 30+ people including 6 General Partners, 4 Partners, a Principal, and dedicated Platform, Finance and Operations staff.

Notion generates revenue through standard VC fund economics: management fees (typically ~2% of AUM) on its early-stage and growth funds, plus carried interest on exits from the portfolio. Notable realised and unrealised outcomes include the Currencycloud exit to Visa, the MessageLabs exit to Symantec for $700M, Mews, Paddle, GoCardless, Aikido Security ($1B unicorn), Black Forest Labs ($3.25B post-money), and Quantum Systems. Go-to-market is sales-led and operator-led: General Partners and Partners drive direct early-stage investment discussions with founders, supplemented by event-led deal sourcing (Notion Live, retreats, dinners, webinars), content-led inbound (Cloud Challengers report, Library, newsletter), and the Included VC referral channel. The portfolio NPS of 90 and the firm's stated operator DNA ("the investors we wish we'd had") are central to its value proposition.

Name

Notion Capital

Legal name

Notion Capital Managers LLP

Website

https://notioncapital.com

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Notion Capital is a UK-based early-stage venture capital firm investing in European B2B software companies, managing approximately $1bn AUM across 200+ portfolio companies via its lead-investor model and operator-led Notion Platform.

Ownership category

akta.pro rank

Product category

Venture Capital / Early-Stage Investment

NAICS

Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

Keywords

• Venture capital investing
• Early-stage software funding
• B2B SaaS investment
• European tech investment
• Portfolio platform support

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Management fees on venture capital funds: Notion Capital is an Authorised and Regulated (FCA) venture capital firm (Notion Capital Managers LLP, OC364955). Revenue is generated through standard VC fund economics: management fees (typically ~2% of AUM) on the early-stage funds, a $130M growth fund closed in September 2025, plus carry (carried interest) on profitable exits from the 200+ portfolio companies. Supported by EU Competitiveness and Innovation Framework Programme (CIP).
2. Carried interest / fund returns: Carried interest on exits from the 200+ portfolio of European B2B software companies. Notable exits include MessageLabs (acquired by Symantec for $700M), NewVoiceMedia, Tradeshift, Avrios, Currencycloud (acquired by Visa in 2021), Brightpearl, Mews, Paddle, GoCardless, Aikido Security ($1B valuation), Black Forest Labs ($3.25B post-money), Quantum Systems (unicorn), Upvest, etc.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

Notion Capital is a UK-based venture capital firm that leads early-stage investments in European business software companies on their $1M to $100M+ revenue journey. Beyond capital, the firm operates 'The Notion Platform' — a value-add infrastructure comprising the Notion Capital Academy curriculum, in-person events (Notion Live, Founders' Retreat, CXO Day), the Upstarts leadership programme, and an Experts in Residence network supporting portfolio companies on pricing, RevOps, GTM, customer success, and US expansion.

Product overview

Notion Capital is Europe's leading early-stage business software investor, not a single SaaS product vendor. Its core offering is The Notion Platform, a value-add platform supporting 200+ portfolio companies on the $1M-to-$100M+ journey through three pillars: Learning (the Notion Capital Academy), Connecting (Notion Live events, Founders & CEOs Retreat, CXO Day), and Elevating (the Upstarts leadership programme). Around the Platform it operates Included VC (co-founder inclusion initiative), a Jobs Board, a Talent Network, and publishes proprietary research including the annual Cloud Challengers Report and the Principles of Pricing resource. Investment activity itself is structured as a portfolio of 200+ European business software and native AI companies organised by sector, sponsor, status, and geography.

Differentiator

Problem solved

Functional benefit

Brands

• Included VC: Notion Capital's affiliated venture platform focused on supporting underrepresented founders.

Products and services

• The Notion Platform A value-add platform for Notion Capital's 200+ portfolio companies that breaks the founder journey into three stages (Start, Build, Scale) and delivers learning, connecting, and elevating programs from $1M to $100M+ in revenue.
• Notion Capital Academy Comprehensive curriculum addressing the most critical aspects of a startup's $1M to $100M journey, delivered through in-person and virtual events by experienced operators and functional experts, with modules for Founders, Organisations, and Functions.
• Upstarts Leadership Programme A ten-week leadership program for high-potential talent across the portfolio, delivered through four modules (Operate, Scale, Lead, Connect) combining executive teaching, mentorship, peer coaching, and access to a global investor network.
• Notion Live Events A series of regional founder/investor events hosted by Notion Capital across European cities (London, Paris, Berlin, Amsterdam, Munich, Copenhagen, Prague, Ghent and others) for networking and content.
• Founders & CEOs Retreat A two-day offsite that brings together founders and CEOs from across the Notion portfolio to connect, learn from each other, step back from daily operations, and have fun.
• CXO Day A mini-retreat where C-suite leaders and senior executives from portfolio companies meet peers face-to-face and learn from one another in a curated venue.
• Cloud Challengers Report Annual proprietary research report analysing Europe's cloud and business software challenger landscape, authored by Notion Capital.
• Included VC A Notion Capital co-founded initiative dedicated to bringing more underrepresented founders into the European tech venture ecosystem.
• Notion Capital Jobs Board A job board listing open roles across Notion Capital's portfolio of European business software companies.
• Notion Capital Talent Network A network connecting experienced operators and functional leaders with portfolio companies that need to hire for scale-up roles.
• Principles of Pricing A pricing and monetisation resource associated with Notion Capital, used by Operating Partner Andreas Panayiotou in workshops such as the joint session with Snowflake.
• Notion Capital Investment Portfolio A portfolio of 200+ European business software and native AI companies across sectors including AdTech, Cloud Services, Cybersecurity, Data, Fintech, HCM, Insurtech, Logistics, and Vertical SaaS, with statuses of Invested or Exited.

Quantifiable outcome

• $1bn AUM, 200+ portfolio companies, 90 average portfolio NPS score
• +2 more outcomes

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and minor.

• Included VCcoreStrategic or Co-development PartnerIncluded VC is co-founded by Notion Capital Partner Stephen Millard as a complementary community initiative to support under-represented founders. Linked from the Notion Capital website footer and serves as a referral / sourcing channel.
• SnowflakeminorGTM or Marketing PartnerNotion Capital and Snowflake have co-hosted events on 'The Principles of Pricing' (Operating Partner Andreas Panayiotou). Co-marketing / event partnership.
• SaaStockminorGTM or Marketing PartnerNotion Capital hosts drinks and lunch events at SaaStock Dublin (e.g., SaaStock Dublin Drinks 2024, Levelling Up: Preparing for a US Exit SaaStock Lunch, SaaStock Drinks, Notion Capital x HSBC Innovation Banking Networking Drinks). Event/sponsorship relationship.
• Spanish Embassy in LondonminorGTM or Marketing PartnerNotion Capital participated as a panelist firm at an event hosted by the Spanish Embassy in London discussing Spain-United Kingdom Venture Capital trends (alongside Dawn Capital, Multiverse Computing, Wayra Ventures, ElevenLabs, Salesforce Ventures).
• CodebaseminorGTM or Marketing PartnerCodebase has partnered with Notion Capital to deliver Hiring Game Changers webinars/events for portfolio companies.
• The Table GroupminorGTM or Marketing PartnerThe Table Group has partnered with Notion Capital to deliver 'Building High Performing Teams' sessions/events for portfolio companies.
• Be CategoricalminorGTM or Marketing PartnerBe Categorical has partnered with Notion Capital on 'Category Design as a Discipline' workshops/events for portfolio companies.
• Play BiggerminorGTM or Marketing PartnerNotion Capital's Storytelling Expert Dave Peterson co-authored Play Bigger; the firm hosts Category Design workshops in partnership with Play Bigger for portfolio companies.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Index Ventures: London/San Francisco/Geneva-based venture firm investing across stages in European and US software, including major SaaS outcomes. Index is the closest direct competitor to Notion in European B2B SaaS early-stage investing.
• Atomico: London-based venture firm founded by Skype's Niklas Zennström, investing across European tech from early to growth stage with deep SaaS and consumer reach. Directly comparable to Notion in geography, stage, and software orientation.
• Accel: US/UK venture firm with a long-standing London office and a European early-stage SaaS franchise (Facebook, Slack, Spotify among historical winners). A direct competitor for European B2B SaaS deals.
• Balderton Capital: London-based early-stage venture firm investing across European technology, with deep SaaS exposure (Kahoot, Recorded Future, GoCardless peer set). Closely comparable to Notion by stage, geography, and thesis.
• Dawn Capital: London-based European B2B SaaS specialist investor. Most directly comparable peer to Notion, sharing both the geographic focus and the narrow vertical concentration on enterprise software.
• Speedinvest: Vienna-based pan-European early-stage venture firm with sector-focused funds including fintech and deep tech. Comparable to Notion on stage and European footprint, with overlapping thesis areas.
• Felix Capital: London/Paris-based venture firm focused on digital lifestyle, B2B SaaS, and creative/tech intersection. Overlaps with Notion on European SaaS early-stage investing and has co-invested (e.g., Origin Series A+).

Broad incumbents

• Octopus Ventures: UK-based venture arm of Octopus Group with broad exposure across SaaS, fintech, healthtech, and deep tech. A larger, more diversified incumbent operating in similar geography and stage to Notion.

Emerging players

• LocalGlobe: London-based seed-stage venture firm focused on UK and European tech. Earlier stage and smaller cheque sizes than Notion, but overlapping target market and event ecosystem.

Regional players

• Earlybird Venture Capital: Berlin-based European venture firm with broad sector coverage including SaaS and fintech. Comparable in stage and size, but primarily Germany-centric versus Notion's UK-anchored pan-European approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/notion-capital
• Xx.com/notioncapital

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles17 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments286 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Notion Capital