Notion Capital

Notion Capital

Notion Capital is a venture capital firm based in London, England, investing exclusively in early stage business-to-business (B2B), software as a service (SaaS) businesses.

Notion Capital is a venture capital firm based in London, England, investing exclusively in early stage business-to-business (B2B), software as a service (SaaS) businesses. Notion Capital was founded in 2008 by the brothers Ben and Jos White, founders of MessageLabs, along with business partners Stephen Chandler, Chris Tottman, and Ian Milbourn. It has invested in companies such as Shutl. As of August 2015, its three funds have raised around $290 million.

History

The White brothers revealed plans to create the fund in October 2008, using around £20 million of the £100 million they made that month from the sale of MessageLabs to Symantec. The brothers, with partners, had earlier built and sold the technology companies RBR Networks, eventually Cisco's largest distributor in Europe, and then Internet service provider Star Internet. The three companies reached revenues of over US$100m a year. The other founding partners in the fund, Stephen Chandler, Ian Milbourn and Chris Tottman, were all former executives from those companies; Chandler being MessageLabs' financial director as well as being an investment corporate financier at UBS, and Milbourn a vice-president of corporate finance. Tottman held positions at both MessageLabs and Star.

Investments

Notion Capital has raised three venture funds, with an approximate total value of $290 million. Fund I in 2009 invested $50 million, Fund II in 2012 invested approximately $100m, and they closed their Fund III at $140m in May 2017.

Notion invests in software as a service (SaaS) companies, with a preference for business-to-business (B2B) and enterprise, cloud-based, fast-growth technology companies in Europe, Israel and possibly South Africa. The firm invests primarily at the Series A stage with an initial investment size of $1–3 million. The firm also has a seed investment program that invests in earlier stage start-ups typically as part of a syndicate, in round sizes below $1 million. It is also an investor in Seedcamp, the early-stage mentoring and investment program for European startups, founded by Index Ventures partner Saul Klein.

Its second fund received support from the European Union through the Competitiveness and Innovation Framework Programme (CIP); from the United Kingdom government, under its Enterprise Capital Fund (ECF) program; and from the European Investment Fund (EIF). This was the first time the ECF and EIF had been involved in supporting the same fund.

The Fund III is backed by existing and new investors at multiple institutions as well as family offices and high net worth individuals, including several world-renowned technology entrepreneurs. It also continues to be supported by the European Investment Fund and British Business Bank.

In 2013, Chandler, along with former Hewlett-Packard divisional chief technology officer Graham York, announced the launch of SeedCloud, a European accelerator targeting cloud computing startups in such areas as big data and machine learning.

Portfolio

Notion has invested in 33 companies, including major European exits such as Shutl to Ebay and Star to Claranet.

Timeline

October 3, 2019

Notion Capital launches new $150M fund aimed at European B2B tech.

Funded Companies

Company
Description
Industry
Website
Location
Unbabel

A company providing a translation as a service platform allowing enterprises to understand and be understood by their customers. It participated in the W14 cohort of Y Combinator.

Machine learning company creating statistically controlled synthetic data for fraud detection and risk modelling.

GoCardless is a payments company that developed global payments network based on the bank to bank payment systems. It participated in the S11 cohort of Y Combinator

A marketing company that uses artificial intelligence to target specific customers based on their clients' needs. It has offices in London, San Francisco, and New York City, and was founded in 2012.

Brightpearl is an omnichannel retail management platform for inventory management, order processing and fulfilment, contact relationship management, and accounting automation.

NewVoiceMedia is a Basingstoke-based enterprise software company founded by Richard Pickering.

Tradeshift is a company providing a B2B platform for electronic invoicing, workflow and supplier financing for enterprises.

DemystData is a company that provides data integration technology for financial services.

Berlin-based talent acquisition platform

Social media marketing platform company based in Sweden which caters to the real estate brokerage market.

Glofox is a company that develops and markets gym management software for boutique fitness studios.

ProFinda is a London-based company.

Apperio is a legal technology company.

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People

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LinkedIn

Further reading

Title
Author
Link
Type
Date

Documentaries, videos and podcasts

Title
Date
Link

Companies

Company
CEO
Location
Products/Services

Adbrain

Gareth Davies

BCSocial

Brightpearl

Derek O'Carroll

Concentra

Keith Newton

Duedil

Justin Fitzpatrick

Idio

Tim Brown

MoveGuides

Brynne Kennedy

NewVoiceMedia

Dennis Fois

Rockabox

SelfNet

Shopa

James Neville

Shutl

Tom Allason

Tradeshift

Christian Lanng

Vizolution

Bill Safran

Volo Commerce (formerly eSellerPro)

Zattikka

News

Title
Author
Date
Publisher
Description
Steve O'Hear
February 4, 2020
TechCrunch
Dixa, the customer engagement platform, has closed $36 million in Series B funding. Leading the round is Notion Capital, with participation from existing investors Project A Ventures and SEED Capital. The Copenhagen and now London-based startup says it will use the new capital to accelerate its product development. This will including innovating with regards to [...]
Mike Butcher
October 3, 2019
TechCrunch
Notion Capital today announces a new $150M fund in a bid to bolster its claim to being the go-to investor for European B2B tech. Launched ten years ago after the $700M exit of MessageLabs by co-founders Ben and Jos White, this new fourth fund will continue its previous focus on Series A SaaS and enterprise [...]

References

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