Notion Capital

What they fund

European business software companies across the Knowledge (SaaS), Logistics, Fintech, and AI categories [1]., Seed to growth-stage rounds, specifically targeting companies with revenue trajectories aiming for $1m to $100m [1]., High-growth technology firms requiring operational expertise and follow-on capital from a team of former software operators [1]., Companies solving specific, high-value problems within the four defined market categories, backed by a team that has built and scaled similar businesses [1].

Investment thesis

Notion Capital is Europe’s leading early-stage investor focused on business software companies, led by a team of former entrepreneurs and operators who aim to be the investors they wished they had when building their own companies [1]. The firm strictly centers its thesis on European business software, positioning itself to capture the upside of the region's growing software ecosystem [1]. They invest in what they know and love, leveraging decades of software experience to help founders scale from $1m to $100m in revenue [1]. The firm breaks the market into four categories: Knowledge (SaaS), Logistics, Fintech, and AI, backing companies that solve specific, high-value problems within these verticals [1].

Credibility: The firm's own website and public materials explicitly outline this four-category framework and its operator-led approach to backing European software founders.

Value add

Operational expertise — The team consists of former entrepreneurs and operators who provide hands-on guidance based on their own experiences building software companies [1]., Strategic scaling — Notion Capital focuses on helping founders scale from $1m to $100m in revenue, offering strategic advice on growth, hiring, and market expansion [1]., Network access — The firm leverages its extensive network of industry experts, potential customers, and co-investors to accelerate portfolio company growth [1]., Fit verdict: Notion Capital is an ideal partner for European software founders seeking deep operational expertise and a long-term, operator-led investment partner.

Founder diligence script:

• What specific operational challenges have you faced in scaling from seed to Series A, and how would Notion Capital's team help address them?
• Can you share examples of how your network has directly contributed to revenue growth or strategic partnerships for portfolio companies?
• How does Notion Capital's approach to board involvement and decision-making align with your vision for the company's governance?

Portfolio focus

Resistant AI — a fintech startup specializing in AI-driven fraud prevention, which Notion Capital co-led the Series B round for alongside DTCP Growth and Experian [2]., ThreatMark — a cybersecurity company focused on bot and fraud prevention, which secured a Series A investment from Notion Capital alongside Octopus Ventures and The Riverside Company [2]., Cryptelo — a data encryption and security firm that Notion Capital supported during its initial funding stages and ICO process [2].

Notable investments & exits

Resistant AI — Notion Capital co-led the Series B round for Resistant AI, a fintech startup specializing in AI-driven fraud prevention, which raised $25 million in this round [2]., ThreatMark — Notion Capital invested in ThreatMark's Series A round, which raised over $23 million, supporting the company's growth in the cybersecurity sector [2]., Cryptelo — Notion Capital supported Cryptelo during its ICO process, which successfully raised funds for the company's data encryption products [2].

Strategic implications

Notion Capital's operator-led model creates a significant competitive advantage in sourcing and supporting high-potential European software startups. The firm's focus on specific verticals (Knowledge, Logistics, Fintech, AI) allows it to build deep expertise and a strong network within these sectors. A key risk is the potential for over-concentration in a few high-growth companies, which could impact the fund's overall performance if one or more underperform.

Where they could go further

Notion Capital could expand its geographic focus to include more European markets beyond the UK, tapping into a broader pool of talent and opportunities., The firm could enhance its value proposition by offering more structured mentorship programs for early-stage founders, leveraging its operator expertise., Notion Capital could explore co-investment opportunities with global VCs to increase its deal flow and access to international markets., The firm could develop a more robust data analytics platform to track portfolio company performance and identify emerging trends in the software sector.