Notion Capital is a London-based venture capital firm founded in 2009, focused primarily on B2B SaaS and enterprise software companies across Europe. The firm has built a reputation as one of the UK's most active early-stage investors in cloud infrastructure and fintech, though its exposure to crypto and blockchain remains selective compared to dedicated Web3 funds. It operates from London and has backed companies across the UK, continental Europe, and North America.
The firm has raised multiple funds since inception. Fund IV, closed around 2020–2021, was reported at approximately $150 million – though total AUM across all vehicles has not been publicly disclosed in full. Notion Capital targets Series A and B rounds, typically leading or co-leading deals in the $5–15 million range. Its investment thesis centers on scalable software businesses with recurring revenue, which means most crypto-sector bets are concentrated in infrastructure, payments rails, and compliance tooling rather than pure token plays.
Notable investments
- GoCardless – recurring payments infrastructure, now valued above $2 billion following a 2022 fundraise. One of Notion's most cited portfolio wins.
- Paddle – software revenue delivery platform handling payments, tax, and subscriptions for SaaS companies globally.
- Cleo – AI-powered personal finance app with strong traction among younger users in the US and UK.
- Lendable – consumer credit marketplace operating in the UK and several emerging markets.
- Quantexa – contextual intelligence platform used by banks and governments for fraud detection and financial crime compliance, relevant to crypto AML workflows.
Notion Capital's direct crypto or blockchain-native investments are not extensively documented in public sources. Public information about specific Web3 portfolio companies beyond fintech adjacency is limited.
Team
The firm was co-founded by Jos White and Stephen Chandler, both of whom previously built and sold enterprise software businesses before turning to investing. Itxaso del Palacio joined as a partner and has been a visible figure at European tech conferences, focusing on applied AI and deep tech. The team is relatively small – typical of a specialist European fund – which informs their concentrated, high-conviction portfolio approach. Further partner and associate profiles are available on the firm's official website.
Recent activity
In 2024 and into 2025, Notion Capital continued follow-on investments in existing portfolio companies navigating tighter fundraising conditions. The firm has publicly commented on AI's role in accelerating B2B software development cycles, and several portfolio companies have embedded large language model features into their products. No major new crypto-native fund or dedicated Web3 vehicle has been announced as of early 2026.
For investors tracking Notion Capital's activity, Crunchbase maintains a running deal log. UK fund filings are searchable via Companies House.
Notion Capital remains primarily a European SaaS franchise investor. Its crypto relevance comes through fintech infrastructure plays – payments, compliance, fraud detection – rather than direct token investment or protocol funding. For funds seeking a more dedicated Web3 mandate, Notion Capital's profile sits at the adjacent edge of the category rather than its center.