Notion Capital has closed a €300 million tech fund and announced three senior promotions.
The firm fifth flagship fund was oversubscribed, despite headwinds in the macro-environment, and is almost double the size of its predecessor.
Since inception, Notion has invested in more than 100 early-stage business software companies across Europe, including the likes of CurrencyCloud, GoCardless, Paddle and Yulife in the UK, HeyJobs and Upvest in Germany, Dixa and Tradeshift in Denmark, Mews in the Czech Republic, Cobee in Spain, TestGorilla in the Netherlands, Unbabel in Portugal and Workable in Greece.
Investors in the new fund comprised sovereign wealth funds, endowments, fund of funds, pension funds, family offices and high net worth individuals from across Europe, MENA and the United States – as well as numerous founders from Notion portfolio companies.
New names include Cortes Capital LLC, KfW Capital, Shelby County Tennessee Retirement System and TNO Pension Fund. Returning LPs include British Patient Capital, Novo Holdings and RSJ.
Notion also announced three senior promotions: Itxaso del Palacio to general partner and Stephanie Opdam and Kamil Mieczakowski to partner.
The fund’s first close was held last year and it has already made several investments including Bound, DataOps, M3ter and Resistant AI. Notion expects to make around 20 core Series A+ investments in total from the fund.
Unlike predecessors, Notion V is Euro denominated and Luxembourg based reflecting the firm’s increasingly pan European focus.
“Our team has built a strong brand and reputation, and the demand for Notion Capital V, in a challenging market, is testament to this,” said managing partner Stephen Chandler (pictured).
“Fund V is large enough to provide meaningful funding to its portfolio companies but crucially, small enough to continue to drive the true outsized venture capital returns we seek for our investors.
“It’s a great point in the cycle to be investing and the European technology ecosystem has proven to be resilient, innovative and highly productive.”