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
Website
Industry
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.

Artificial intelligence (AI)
Software
Customer service
Software as a service (SaaS)
Enterprise software
Translation
San Francisco
Lisbon
Hazy

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

Machine learning
Natural language processing (NLP)
Artificial intelligence (AI)
Software development
Data security
Big data
London
GoCardless

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

Financial services
Payment system
Payment
London
Adbrain

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.

Machine learning
Artificial intelligence (AI)
Advertising
Marketing
Software development
London
Brightpearl

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

Accounting
Enterprise resource planning (ERP)
Retail
Small and medium-sized enterprises
England
DueDil

DueDil is a due diligence tool and business information platform.

Financial services
Compliance
Anti-money laundering (AML)
Business-to-business
Know your customer (KYC)
Big data
GraphQL
London
NewVoiceMedia

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

Enterprise software
Basingstoke
Workable

Recruitment
Business-to-business
Software as a service (SaaS)
Currencycloud

Currencycloud is a London-based company founded by Nigel Verdon.

Broker
Financial services
Currency exchange
Payment system
Financial technology
London
Tradeshift

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

Procurement
Business-to-business
Enterprise software
Financial technology
San Francisco
DemystData

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

Software
Credit (finance)
Software as a service (SaaS)
Predictive analytics
Big data
Marketplace
New York City
Adfenix

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

Artificial intelligence (AI)
Software
Social media
Big data
Real estate
Real estate technology
Gothenburg
Sweden
Idio

Company

Artificial intelligence (AI)
Customer relationship management (CRM)
Software industry
Enterprise software
Predictive analytics
Customer experience
Computer Software
London
United Kingdom
FiveAI

Artificial Intelligence company

Machine learning
Computer Vision
Artificial intelligence (AI)
Software
Autonomous vehicle
Cambridge, Cambridgeshire
Glofox

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

Software
Management
Fitness
Business-to-business
Software as a service (SaaS)
Gym
Dublin
Bryter

Bryter is a Berlin-based company.

Business
Software
Automation
Mobile application
No-code
Berlin
New Vector

Telecommunications industry
Unified communications
Virtualstock

Supply chain management
Retail
Supply chain
Healthcare
Web development
Virtual goods and services
Triptease

Triptease is a London-based company.

Hotel
Travel
Booking
Hospitality
Software as a service (SaaS)
London
ProFinda

ProFinda is a London-based company.

London
Dealflo

Dealflo is a London-based company.

Automation
Financial services
Information technology
London
Apperio

Apperio is a legal technology company.

Legal technology
MOVE Guides

Shopa

Zattikka

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People

Name
Role
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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