Notion Capital closes third Growth Fund and announces two Partners to lead the fund and growth investing strategy

Notion Capital is a European venture and growth investor with more than $1bn under management. This latest growth fund is $130m (€114m), 50% larger than its predecessor and sits alongside Notion’s 5th venture fund (€300m). This continues Notion Capital’s proven strategy of backing Europe’s very best business software companies through venture and growth stages.

• Two Partners will be dedicated to leading this fund, and developing the firm’s growth strategy: Jess Bartos, a new hire from Salesforce Ventures; and Stephanie Opdam, an existing partner now dedicating her time to Notion’s growth strategy. 
• Latest growth fund complements Notion’s flagship venture strategy, providing vital additional capital to its venture fund ‘winners’ and selected new external deals at growth stage. Notion’s total AUM exceeds $1bn.
• Since inception, the firm has invested in more than 150 business software companies across Europe, including the likes of Currencycloud, GoCardless, Paddle and YuLife in the UK; Flip, Quantum Systems and Upvest in Germany; Dixa in Denmark; Mews in the Czech Republic; Aikido, LegalFly and Techwolf in Belgium; Cobee in Spain; Orus in France; TestGorilla in the Netherlands; Glofox and Protex in the Republic of Ireland; and Workable in Greece.
• AI provides a new super cycle of opportunities within the software landscape, compounding previous cycles.
• Notion Capital’s track record and reputation as a ‘value-added’ investor meant strong LP support.
• Investors in the new fund comprised: fund of funds, insurers, pension funds, family offices and high net worth individuals from across Europe, MENA and the United States. 

Notion Capital (“Notion”), Europe’s leading venture investor in business software and fintech, has today announced the close of its new $130m (€114m) growth fund, Notion Capital Opportunities III SCSp (“Growth Opps III” or “the Fund”). The successful fundraising is testament to Notion’s strategy, past performance and strong base of supporters, as well as the ongoing resilience of the European tech sector.

The new fund continues Notion’ strategy of supporting its best performing venture portfolio companies longer on their capital journeys. It also has nearly double the allocation to invest in selected external growth stage companies, where Notion believes they have what it takes to build category-leading outcomes.

As well as its strong operational heritage and deep subject matter expertise in business software, the firm prides itself on its value-added model, with an extensive Platform team supporting its portfolio companies in areas such as product, go-to-market strategy, talent and pricing. This not only helps existing portfolio companies fulfil their potential, but also provides a compelling differentiator to access the best new opportunities in the market. This complements the firm’s digital sourcing and productivity capabilities using advanced AI to identify, track and prioritise its investment pipeline.

The fund has already made several investments including existing venture portfolio companies Aikido, Upvest and Resistant AI plus a new investment into Nelly Solutions. Notion expects to make around a dozen core investments in total from the fund. Like Notion’s most recent venture fund, Growth Opps III is Euro denominated and Luxembourg based reflecting the firm’s pan European focus.

Notion also announced that Jess Bartos had joined the firm to help drive its growth strategy, Notion’s first ever external partner hire. An ex Rothschild investment banker, Jess joins from Salesforce Ventures where she led or supported numerous investments including ElevenLabs and Notion portfolio company Protex AI, She brings a career long focus on B2B software businesses and a particular passion for AI. Jess joins existing Notion partner, Stephanie Opdam, now focused on this fund and strategy.  This is the first time Notion’s growth funds have had dedicated leadership resources, reflecting the firm’s ambition to substantially increase the size and profile of this strategy over coming cycles.

The new fund follows the same proven strategy as its predecessors, where performance has been extremely strong across all metrics. With AI as the platform for the next generation of business software companies, the market has never been more dynamic, with opportunities across four categories: 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). Notion has invested across all four categories in the past year with demand also increasingly fuelled by European sovereign resilience strategies spanning cyber security, supply chain and defence tech.

Stephen Chandler, Managing Partner at Notion Capital, said: “I am delighted to announce this, our latest, growth fund. Our team has built a strong brand and reputation, and LP demand for the fund in a challenging fundraising environment is testament to this. We are a diverse team spanning 12 nationalities which gives us extraordinary reach and access across the market with AI driving huge innovation in the software landscape. Whilst the whole team will continue to support activities for this new fund, it is an important milestone to have dedicated resources focussed on it, which is testament to our ambitions for this strategy going forwards. I am delighted to welcome Jess Bartos to our firm where I am confident she has a profound contribution to make.”

Investors in the new fund comprised sovereign wealth funds, fund of funds, pension funds, insurers, family offices and high net worth individuals from across Europe, MENA and the United States. Notion expects to be back in the market with its sixth venture fund in 2026.

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About Notion Capital

Notion Capital is Europe’s leading early-stage business software investor, with more than $1bn assets under management and with more than 150 investments to date. We’re a team of former entrepreneurs and operators, aiming to be the investors we wish that we’d had and true partners to our founders. The Notion portfolio includes Currencycloud (acquired by Visa), GoCardless, Mews, Paddle, Quantum Systems, Upvest and YuLife. 

Contact

Ben Goldsmith ben@goldsmithcomms.com +44(0)7788295321

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