Notion Capital Research
Investment Thesis
Notion Capital is a London-based venture capital firm focused exclusively on European business software companies. The firm organizes its thesis around four categories it calls Knowledge (SaaS accelerated and compounded by AI), Money (fintech and adjacent industries), Labour (AI reshaping the services market), and Machines (AI interacting with and learning from the physical world). Founded by former entrepreneurs and operators, several of whom built and sold MessageLabs to Symantec for $700M, the firm positions itself as an operationally supportive partner rather than a passive check-writer, running a dedicated "Notion Platform" team that provides go-to-market, talent, pricing, and leadership support to portfolio companies.
Stage Focus
Notion Capital invests across the full company lifecycle, from early-stage through growth, structured around helping companies scale from roughly $1M to $100M+ in revenue. The firm runs two primary vehicles: a core venture fund (~EUR300M) for earlier-stage investments, and a dedicated growth fund (Notion Capital Opportunities III, $130M / EUR114M, closed September 2025) for later-stage, more capital-intensive rounds. The growth fund plans around a dozen core investments and is dedicated to AI-driven opportunities across its four thematic pillars.
Check Size
Specific check-size bands are not published on the website. Given the growth fund's $130M size targeting roughly a dozen investments, growth-stage checks likely run into the eight-figure range, while core venture-stage checks are smaller (seed through Series A/B). Confidence on precise check-size figures is low; treat as directional only.
Lead Tendency
Notion Capital frequently leads or co-leads rounds, including seed rounds (e.g., led Isembard's $9M seed) and growth rounds, and participates alongside other investors in later syndicated rounds (e.g., OpenTrade's $17M strategic round co-led with Mercury Fund; Isembard's $50M Series A led by Union Square Ventures with Notion as an existing investor).
Recent Activity
The firm remains actively deploying from both its core and growth vehicles. Notable 2026 activity includes: OpenTrade's $17M strategic round (May 2026, stablecoin yield infrastructure), Isembard's $50M Series A (March 2026, AI-powered manufacturing, following Notion's earlier led seed), and Kraken Technology Group's $175M Series B at a $1B valuation (July 2026, uncrewed maritime vessels) — Notion has backed Kraken since August 2025 and this marks its first investment touching shipbuilding/maritime defence. The growth fund has also already deployed into Aikido Security, Upvest, Resistant AI, and Nelly.
Portfolio Highlights
Notion Capital has invested in 150+ companies (156 including exits per the firm's own count) across fintech, cybersecurity, HR tech, developer tools, cloud services, insurtech, adtech, deep tech, and vertical SaaS. Notable current and past portfolio companies include GoCardless, Paddle, Mews, Dixa, Griffin, Tradeshift, Bryter, Vortexa, Black Forest Labs, Quantum Systems, Isembard, Kraken Technology Group, Aikido Security, Upvest, and Resistant AI. Notable exits include Currencycloud (acquired), Brightpearl (acquired by Sage), NewVoiceMedia (acquired by Vonage), and FiveAI.
Team
The investment team is led by Managing Partner Stephen Chandler and General Partners Jos White, Chris Tottman, Patrick Norris, Itxaso del Palacio, and Kamil Mieczakowski, several of whom are MessageLabs co-founders/alumni. The growth strategy is led by Partners Jessica Bartos (a 2025 hire from Salesforce Ventures) and Stephanie Opdam. Ian Milbourn serves as General Partner & COO. The firm also runs a large "Experts in Residence" bench covering GTM, storytelling, RevOps, and leadership coaching for portfolio founders.
Decision Process
Not explicitly disclosed on the website; the firm's structure (multiple General Partners plus dedicated growth partners) suggests a partnership-style decision process rather than a solo-GP model.
Founder Preferences
Notion Capital emphasizes deep, long-term partnership with founders, citing operational support that continues "long after they first invested." The firm favors technical/business software founders building in its four thematic areas (Knowledge, Money, Labour, Machines), with a strong bias toward European (particularly UK) founding teams.
Geographic Focus
Headquartered in London (91 Wimpole Street), with an explicit focus on European business software companies; the firm also operates Included VC, a diversity-focused accelerator/fund, as an affiliated initiative.