Investment Thesis and Strategic Focus
Notion Capital's investment thesis centers on early to growth-stage European B2B SaaS, cloud, and fintech companies, with a pronounced focus on AI-driven innovations. This approach is underpinned by several core principles:
Core Investment Principles
Notion Capital emphasizes investing in disruptive technologies that facilitate enterprise transformation. Their strategy prioritizes founders capable of building category-defining companies, focusing on recurring revenue models and scalable leadership teams with global aspirations. The firm leverages its entrepreneurial background to provide strategic and operational support, enhancing product development, market strategies, and team growth.
Priority Industries and Technologies
Notion Capital predominantly invests in B2B SaaS, cloud infrastructure, and fintech sectors. They also explore cybersecurity, supply chain resilience, and defense tech, aligning with European priorities. A significant element of their strategy is the AI supercycle, where they classify opportunities into four categories: Knowledge (AI-driven SaaS), Labour (service delivery software), Money (fintech innovations), and Machines (IoT and automation).
Alignment with Market Trends
The firm’s strategic focus aligns with current market trends, particularly the saturation of pure SaaS and the rise of AI-infused solutions. By concentrating on embedded AI, cybersecurity, and the intersection of cloud software with real-world operations, Notion Capital positions itself at the forefront of technological innovation. Their investment strategy has evolved to address these shifts, increasingly prioritizing AI applications over infrastructure.
Evolution of Investment Thesis
Over time, Notion Capital's thesis has adapted to market changes, such as the growing importance of AI in enterprise software. This evolution reflects a broader market trend towards integrating AI across business processes, ensuring that Notion Capital remains a leader in supporting innovative European tech companies.
Portfolio Composition and Sector Expertise
Notion Capital is renowned for its strategic investments in the European technology sector, with a pronounced focus on Software as a Service (SaaS), cloud computing, and fintech. Their portfolio spans a variety of high-growth verticals, including insurtech, HR tech, enterprise software, and AI-driven business solutions. This diversified yet focused approach allows Notion Capital to leverage its deep expertise in B2B SaaS and cloud-based technologies, providing substantial value to its portfolio companies. The firm's expertise is particularly evident in their investment strategy, which focuses on early-stage startups with potential for scalable growth and clear product-market fit. Their operational background, comprising former entrepreneurs and operators, equips them to offer strategic guidance and support, significantly enhancing the growth trajectory of their portfolio companies, especially in SaaS, enterprise tech, and cloud infrastructure. Notion Capital's focus on sectors like AI and defense is reflective of evolving market dynamics, aiming to capture opportunities in these high-demand areas. This approach is akin to the growing influence of technology in shaping various fields, as illustrated in the health sector's ongoing debate around the impact of traditional versus digital influences. Overall, Notion Capital's sector expertise not only diversifies their investment portfolio but also ensures that their companies receive the necessary resources and mentorship to thrive in competitive markets.
Investment Criteria
Notion Capital, a prominent venture capital firm, focuses on investing in early-stage European B2B SaaS and cloud-based technology companies. Their investment strategy is underpinned by several key criteria, which align with their overarching investment thesis. **Investment Criteria:** 1. **Stages of Investment:** Notion Capital primarily invests at the Series A and Series B stages. However, they also engage in follow-on and selective growth-stage funding through opportunity funds. 2. **Typical Check Sizes:** - **Series A:** Average check size is approximately €15 million (around $16.5 million). - **Range:** From €25,000 to over €5 million for early-stage and growth investments. - **Maximum Check Size:** Up to €25.4 million for larger or follow-on rounds. 3. **Geographic Preferences:** Notion Capital prefers companies headquartered or with substantial operations in Europe, emphasizing the region's innovation potential. **Investment Thesis Alignment:** Notion Capital’s criteria emphasize companies with a clear product-market fit, recurring revenue models, and strong leadership teams. Their focus on disruptive potential and B2B enterprise sectors aligns with their thesis of transforming large markets through innovation. For instance, Notion Capital's investment in Tradeshift, a supply chain payments and marketplaces platform, reflects these principles—highlighting their commitment to scaling innovative European SaaS companies. Similarly, their support for companies leveraging AI to innovate enterprise software underscores their strategic vision. This strategic direction not only enables significant market impact but also aligns with broader industry trends, where trust and transparency are increasingly crucial.
Track Record and Notable Exits
Notion Capital, a prominent European venture capital firm, has established a formidable reputation through its strategic investments and notable exits in the fintech and SaaS sectors. Since its inception, Notion Capital has completed at least 21 exits, marking its significant presence in the venture capital landscape. The firm is renowned for its expertise in B2B business software, cloud, and fintech, with over $1 billion under management. The firm's notable exits include Currencycloud, GoCardless, YuLife, Mews, and Quantum Systems. Currencycloud stands out due to its acquisition by Visa, a high-profile transaction that underscores Notion Capital's capability in nurturing fintech leaders. GoCardless, a leader in recurring payments, continues to demonstrate ongoing success, reflecting Notion Capital's strategic foresight. The success of YuLife, Mews, and Quantum Systems further showcases the firm’s ability to back category-defining ventures across various domains. Notion Capital's success is rooted in its robust operational heritage and sector expertise, which enable it to support companies scaling from $1 million to $100 million in revenue. While specific return metrics are not disclosed, the firm's ability to secure high-profile exits like Currencycloud’s acquisition by Visa highlights its strategic acumen.Team Composition and Decision-Making
Notion Capital is renowned for its robust team of seasoned professionals, specializing in investment, platform, operations, and expert advisory roles. The leadership is anchored by distinguished General Partners, including Stephen Chandler as Managing Partner, alongside Jos White, Chris Tottman, Patrick Norris, and Itxaso del Palacio.
Key Team Members
The investment team is fortified by Charlotte Salasky as Investor Relations Director, Stephanie Opdam and Kamil Mieczakowski as Partners, with Melissa Donohoe and Radu Bozga serving as Vice Presidents. The team also includes associates such as Thomas Diehl and Maximilian Eichler.
Decision-Making Process
Notion Capital's decision-making process is distinguished by its data-driven approach, leveraging proprietary technology and a dedicated Platform team. The firm utilizes multiple data sources, including CRM systems like Affinity and proprietary tools such as RISTA, to centralize and analyze potential investments. This structured evaluation protocol ensures robust committee oversight and strategic value-add beyond mere capital infusion.
Unique Team Skills
The team boasts a diverse background in entrepreneurship, venture investing, finance, product development, and scaling B2B SaaS companies. Notably, the firm supports technology startups across Europe and the US, with expert advisors like Jennifer Bers, Daniel Glazer, and Leah Tharin providing specialized insights into go-to-market strategies, US expansion, and product-led growth.
With a strong focus on innovation and strategic growth, Notion Capital's team composition uniquely positions it to drive success in the competitive landscape of venture capital.
Value-Add Capabilities and Support
Notion Capital is a prominent venture capital firm recognized for its exceptional value-add capabilities, particularly in the European B2B SaaS and cloud-based sectors. Beyond providing capital, Notion Capital delivers a comprehensive suite of support services through its dedicated Platform team, which focuses on critical business areas to accelerate the growth of its portfolio companies. ### Types of Support Offered Notion Capital's value-add approach is multi-faceted, offering strategic guidance, operational assistance, and a robust network. The firm provides: 1. **Specialist Operator Experience**: Leveraging the expertise of former founders and operators, Notion Capital offers stage-specific guidance to help companies scale effectively. 2. **Platform Team**: The Notion Platform delivers ongoing support, including tailored advisory services, portfolio events, and industry-focused content. 3. **Strategic and Operational Support**: Deep involvement in product strategy, GTM execution, talent acquisition, and pricing models. 4. **Lifecycle Capital**: Follow-on funding through growth funds, supporting companies across various growth stages. 5. **B2B SaaS and Cloud Focus**: Sector-specific support that addresses common challenges in these industries. 6. **Network and Community**: Access to a proprietary network of founders, executives, and industry partners. ### Impact on Portfolio Companies Notion Capital's support has been instrumental in guiding portfolio companies to successful exits and scaling milestones. The structured and tailored approach helps these companies navigate the complexities of growth and market expansion. ### Examples of Successful Support Notion Capital has played a pivotal role in the success stories of several portfolio companies: - **Avrios**: Benefited from strategic guidance leading to a successful exit. - **Upvest and Aikido**: Received hands-on scaling support, leveraging Notion's operational expertise. In summary, Notion Capital’s value-add capabilities are founded on operational expertise, a focused industry approach, and robust support systems, making it a pivotal partner for European SaaS companies aiming for significant growth and success.Application Process and Timeline
The application process for startups seeking investment from Notion Capital is a structured venture capital approach, primarily targeting B2B SaaS and cloud service startups in Europe. The process involves several key stages that entrepreneurs should be aware of: **Application Process Overview** 1. **Initial Outreach & Screening:** Startups should establish a strategic approach to engage with Notion Capital. Building relationships and providing regular updates to stay on their radar is crucial. This stage is about maintaining effective pipeline management. 2. **Submission of Pitch Materials:** Applicants need to submit a comprehensive business plan, including financial plans and supporting documents like Articles of Association and shareholder agreements. The pitch should demonstrate a large market potential and external validation. 3. **Due Diligence:** If the initial review is successful, Notion Capital conducts a thorough due diligence process. This includes analyzing business fundamentals, team dynamics, product-market fit, financial controls, and legal structuring. 4. **Partner Meetings & Term Sheet:** High-potential startups present to the partnership for further evaluation. Successful presentations lead to term sheet negotiations. 5. **Ongoing Engagement:** Founders should continuously nurture investor relationships, dedicating at least 10% of their time to investor communications, beyond just fundraising periods. **Timeline and Key Stages** **Preparation Tips for Entrepreneurs** - Ensure all legal, financial, and IP documentation is organized and compliant. - Highlight market opportunity, scalability, and potential for significant returns. - Provide strong references or external validation. - Target Notion only if your company fits their focus: early-stage and growth B2B software companies in Europe. To maximize success, treat fundraising as a sales pipeline: research, target, nurture relationships, and keep all materials compliant.Portfolio Company Testimonials
Notion Capital, a prominent European venture capital firm, invests in B2B SaaS and cloud services with a commitment to hands-on support and deep sector expertise. Below, we explore the experiences of companies within their portfolio and the impact of Notion Capital's involvement.
Positive Testimonials
Notion Capital's “Notion Platform” is highly praised for providing exceptional support in talent acquisition, product development, and scaling strategies. Portfolio companies often highlight the platform's ability to address common scaling challenges through targeted assistance. The firm’s annual Founder & CEO Retreats also stand out, offering valuable networking and learning opportunities. Participants frequently commend these retreats for fostering meaningful peer connections and delivering actionable insights.
Impact on Company Growth
Notion Capital's involvement has significantly contributed to the growth trajectories of its portfolio companies. For instance, firms like GoCardless and Paddle have achieved substantial scale, with some reaching over $100 million in revenue within a decade. The firm’s operator-led approach and sector expertise enable portfolio companies to navigate complex growth stages effectively.
Areas for Improvement
While the feedback is largely positive, there is limited public access to direct, anonymized testimonials or detailed feedback metrics such as Net Promoter Scores (NPS). The curated nature of “founder stories” and case studies on Notion Capital’s website suggests room for more raw, unattributed feedback to provide a fuller picture of the portfolio experiences.
Overall, Notion Capital is recognized for its impactful support, though increased transparency in feedback metrics could further enhance its reputation and provide deeper insights into portfolio company experiences.
Market Positioning and Differentiation
Notion Capital has carved a niche in the venture capital market as one of Europe's preeminent investors specializing in business software and fintech. Their market positioning is driven by a focused investment thesis, a robust operational model, and a dual-stage investment approach that spans both venture and growth capital. This strategic positioning allows Notion Capital to stand out in a competitive landscape. ### Unique Selling Propositions 1. **Sector Expertise:** Notion Capital's deep focus on B2B SaaS, cloud services, and AI-driven innovation positions them as experts in these high-growth areas. They view AI as a transformative force, investing in sectors like AI-accelerated SaaS, fintech, and AI reshaping services and machines. 2. **Dual-Stage Investment Approach:** Their strategy includes early-stage investments in disruptive startups and growth-stage funding for scaling proven companies. This approach ensures a continuum of support from inception to growth, a significant differentiator in the market. 3. **Value-Added Operational Model:** With a platform team of dedicated experts, Notion Capital offers hands-on support in product development, go-to-market strategies, and talent acquisition. This operational heritage stems from its founders' backgrounds as entrepreneurs and operators. 4. **Track Record and Network:** Notion Capital boasts a portfolio of over 150 investments, including notable companies like Currencycloud and GoCardless. Their extensive network and backing from a diverse LP base provide them with a competitive edge. 5. **European Focus:** As a champion for European tech, Notion Capital addresses the gap left by U.S. VCs by focusing on European markets, enhancing their appeal to local entrepreneurs. ### Differentiation from Competitors Notion Capital's differentiation lies in its comprehensive support model that extends beyond mere financial backing. Unlike pure growth funds, they maintain deep relationships with founders from the venture stage, offering a competitive advantage in sourcing and supporting growth-stage companies. ### Competitive Matrix In summary, Notion Capital's unique selling propositions and differentiation strategies establish them as a leader in the European venture capital landscape, with a strong emphasis on sector expertise, comprehensive support, and a dual-stage investment model.Contact and Next Steps
Overview
Notion Capital is a prominent venture capital firm based in London, specializing in early-stage B2B SaaS and cloud investments. With a focus on the UK, Germany, France, and the Nordic countries, Notion Capital has made over 100 investments since its inception in 2009.
Contact Information
Headquarters & Registration:
- Address: 91 Wimpole Street, London, W1G 0EF, United Kingdom
- Company Registration: Notion Capital Limited (registered number 06877570)
- Regulatory Status: Authorized and regulated by the UK Financial Conduct Authority
Key Contacts:
| Name | Title | Location | Contact Method |
|---|---|---|---|
| Charlotte Salasky | Partner, Investor Relations | London, UK | Email (via general contact) |
| Chris Tottman | General Partner | London, UK | Email (via general contact) |
| Ian Milbourn | General Partner & COO | London, UK | Email (via general contact) |
| Dr. Itxaso Del Palacio | General Partner | London, UK | Email (via general contact) |
Main Contact Channels:
- General Email: info@notion.vc
- Phone: +44 845 498 9393
- Website: www.notion.vc
Next Steps for Startups
Startups interested in applying for investment should prepare a comprehensive pitch deck and executive summary. Initial inquiries can be directed to the general email provided above. Notion Capital evaluates potential investments based on their focus on SaaS, cloud computing, and related sectors, typically investing between €1.5–€3 million in Seed to Series B stages.
Resources for Further Information
For more details on Notion Capital’s investment criteria and portfolio, visit their official website. Additional insights into their investment philosophy and success stories are available through their blog and media releases.
