Notion Capital

Notion Capital is a London-based venture firm founded in 2009 by the team behind MessageLabs and Star — Jos White, Ben White, Stephen Chandler, Chris Tottman and Ian Milbourn — who built MessageLabs before its $700M sale to Symantec. The firm invests exclusively in European B2B software and fintech, with a sweet spot at Series A (companies at or near product-market fit, typically $1M+ ARR) and initial cheques of €1–8M.

Across five venture funds and three growth vehicles Notion has raised over $1bn in total AUM; Fund V closed at its €300M hard cap in 2023 and Growth Opportunities III added $130M in 2025 to back the firm's best companies longer. Its thesis spans four software categories — Knowledge (AI-enhanced SaaS), Money (fintech), Labour (services-as-software) and Machines (software in physical environments, including defence). Marquee outcomes include Currencycloud (acquired by Visa for ~$963M, 2021) and GoCardless (acquisition by Mollie announced at ~$1.1bn, 2025), with a portfolio that also features Paddle, Mews, Quantum Systems, Workable, TestGorilla and Upvest.