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London VC Notion Capital closes €300M ‘hard cap’ in oversubscribed fifth fund

Notion Capital team
Picture credits: Notion Capital

Notion Capital, Europe’s leading early-stage venture investor in business software and fintech, has announced the final close of its new oversubscribed €300 million fund. Also known as Notion V, the fund closed at its ‘hard cap’. The successful fundraising progress is a testament to Notion’s strategy, past performance, and strong base of supporters, as well as the resilience of the European tech sector in the face of macroeconomic headwinds. 

Notion V fund’s plans

Investors in the new fund comprised sovereign wealth funds, endowments, fund of funds, pension funds, family offices, and high net worth individuals from across Europe, MENA, and the US, as well as numerous founders from Notion portfolio companies. New names include Cortes Capital LLC, KfW Capital, Shelby County Tennessee Retirement System, and TNO. Returning LPs included: British Patient Capital, Novo Holdings, and RSJ.

Notion V continues the firm’s successful strategy of investing in Europe’s best-emerging business software and fintech companies. The fund follows the same strategy as its predecessors, where performance has been extremely strong across all metrics.

The fund’s first close was held last year and it has already made several investments including Bound, DataOps, M3ter, and Resistant AI. Notion expects to make around 20 core Series A+ investments in total from the fund. Unlike predecessors, Notion V is Euro-denominated and Luxembourg based reflecting the firm’s increasingly pan-European focus.

Stephen Chandler, Managing Partner at Notion Capital, said: “Our team has built a strong brand and reputation, and the demand for Notion Capital V, in a challenging market, is testament to this. Fund V is large enough to provide meaningful funding to its portfolio companies but crucially, small enough to continue to drive the true outsized venture capital returns we seek for our investors. It’s a great point in the cycle to be investing and the European technology ecosystem has proven to be resilient, innovative, and highly productive.”

Ryan Tidwell, CIO at Cortes Capital LLC said: “From our very first meeting, we were impressed with what the Notion team has built. They have deep expertise and insight in European software and a very differentiated proposition for founders. As such we felt they would be a strong addition to our wider portfolio, giving us additional exposure to early-stage opportunities in Europe and focused insight into the business software market there.’’

Søren Thinggaard Hansen, Senior Partner, Head of Private Equity at Novo Holdings, said: “I have worked with Notion in my current and previous position across multiple fund cycles now and value the relationship. Given our longstanding experience in the venture capital asset class, we have deep insight and access to some of the very best global venture capital firms. We are delighted to be backing Notion once again.’’

Senior promotions lined up

Notion Capital also announced three senior promotions with Itxaso del Palacio moving to General Partner and Stephanie Opdam and Kamil Mieczakowski to Partner. A Spanish-Basque national, Itxaso joined Notion in 2018 from M12 (Microsoft Ventures) where she was an Investment Partner. She is a Kauffman Fellow and an Associate Professor in Entrepreneurship at UCL, with a Ph.D. in Entrepreneurship & Venture Capital and a Masters in Engineering. 

Since joining Notion, she has led investments in Bound, Cledara, Cobee, and Yulife amongst others. Stephanie and Kamil, Dutch and Polish nationals respectively, also joined the firm in 2018 and have played pivotal roles in strategy and leadership as well as sourcing and winning high-potential companies. 

They have proven themselves thoughtful investors and great overall contributors with Steph leading Notion V’s recent investment in DataOps and Kam leading the Resistant AI transaction.

Over $B assets under management

London-based Notion Capital is a European B2B SaaS and Cloud VC with more than $1 billion in assets under management and more than 100 investments to date. Since its inception, the VC firm has invested in over 100 early-stage business software companies across Europe, including the likes of CurrencyCloud, GoCardless, Paddle, and Yulife in the UK, HeyJobs and Upvest in Germany, Mews in the Czech Republic, Cobee in Spain, TestGorilla in the Netherlands, Unbabel in Portugal and Workable in Greece.

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