With new €114 million fund, British VC firm Notion Capital expands focus on AI-driven software and FinTech

London’s Notion Capital, a leading venture investor in business software and FinTech, has today announced the close of its new €114 million growth fund, Notion Capital Opportunities III SCSp.

Investors in the new fund comprised sovereign wealth funds, fund of funds, pension funds, insurers, family offices and high net worth individuals from across Europe, MENA and the United States. Notion expects to be back in the market with its sixth venture fund in 2026.

Stephen Chandler, Managing Partner at Notion Capital, said: “I am delighted to announce this, our latest, growth fund. Our team has built a strong brand and reputation, and LP demand for the fund in a challenging fundraising environment is testament to this. We are a diverse team spanning 12 nationalities which gives us extraordinary reach and access across the market with AI driving huge innovation in the software landscape.”

Notion’s €114 million growth vehicle fits into a broader pattern in 2025 of European funds and startups targeting B2B, AI-infused software, and scale-stage investing.

For instance, Smartfin’s €250 million fund represents one of the larger vehicles dedicated to B2B tech scaleups. Similarly, Evantic Capital’s €341 million launch signals robust investor interest in AI-driven enterprise software. Mid-sized funds such as May Ventures (€30+ million) and DFF Ventures (€50 million) further demonstrate that activity spans both early and growth stages.

Taken together, these developments contextualise Notion’s fund as a targeted, mid-sized effort aligned with the year’s ongoing momentum in European B2B software and AI funding.

Founded in 2009, Notion Capital has more than $1 billion AUM and with more than 150 investments to date. Their new fund has nearly double the allocation to invest in selected external growth stage companies, where Notion believes they have what it takes to build category-leading outcomes.

The fund has already made several investments including existing venture portfolio companies Aikido, Upvest and Resistant AI plus new investments into Nelly and Kraken Technology Group. Notion expects to make around a dozen core investments in total from the fund.

Notion also announced that Jess Bartos had joined the firm to help drive its growth strategy, Notion’s first ever external partner hire. Jess joins existing Notion partner, Stephanie Opdam, now focused on this fund and strategy. This is the first time Notion’s growth funds have had dedicated leadership resources, reflecting the firm’s ambition to substantially increase the size and profile of this strategy over coming cycles.

“Whilst the whole team will continue to support activities for this new fund, it is an important milestone to have dedicated resources focussed on it, which is testament to our ambitions for this strategy going forwards. I am delighted to welcome Jess Bartos to our firm where I am confident she has a profound contribution to make,” added Chandler.

In 2025, Notion Capital has been an active presence in European startup funding, featuring in multiple rounds – as reported by EU-Startups.

It led the €4.7 million Seed round for UK-based FinTech Aslan, which focuses on employee compensation innovation. It also led the €20 million Series A for Naboo, a startup streamlining corporate event planning. In Germany, Notion co-led Nelly’s €50 million round, aimed at digitising financial operations in healthcare. Most recently, it backed the UK’s TERN Group in a €20 million raise to address workforce challenges in clinical settings through AI.

These deals underscore Notion’s ongoing focus on B2B software, FinTech, and AI-led solutions across multiple European markets.

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