Notion Capital raises $130M growth fund to tackle Europe’s follow-on gap, a move designed to strengthen late-stage financing for startups across the continent. The London-based venture capital firm is doubling down on its mission to support European scale-ups at a time when U.S. investors are pulling back.
Image Credits:Notion Capital
Why Europe Needs More Growth Capital
The shortage of growth funding in Europe is no secret. Early-stage startups often struggle to find the follow-on investment needed to scale. U.S. VCs, who once helped fill that gap, are now focusing more heavily on their domestic market.
This shift leaves an opening for European firms like Notion Capital to step in and become champions of homegrown innovation.
Inside Notion Capital’s $130M Growth Fund
Notion Capital’s new Growth Opps III fund, worth $130 million, is nearly twice the size of its previous vehicle. Unlike earlier funds, it won’t just support its existing portfolio but will also invest in promising startups across Europe.
Managing partner Stephen Chandler emphasized that the strategy is about backing sectors critical to Europe’s future, from defense and supply chain logistics to the fast-growing field of artificial intelligence.
Betting Big On AI And Applications
While many investors are focused on AI infrastructure such as large language models, Notion Capital is taking a different approach. The firm is betting on the application layer, where AI is integrated into SaaS, fintech, cloud, and new verticals. Chandler described AI as a “super cycle” that will reshape how software is built, delivered, and consumed.
Deals Already On The Table
The new fund has already begun making moves. Investments include:
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Upvest – a stock trading API from its early-stage portfolio.
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Kraken – a company building dual-use unmanned surface vessels.
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Nelly – a startup creating financial products for the medical sector.
Notion expects to make around a dozen investments with this fund, mixing internal portfolio follow-ons with fresh deals from across Europe.
New Leadership Driving Growth
The growth strategy will be led by partner Stephanie Opdam alongside Jessica “Jess” Bartos, formerly with Salesforce Ventures. Bartos, a U.S. national, is also Notion Capital’s first external partner hire—a sign of the firm’s commitment to scaling its growth practice with global expertise.
Why This Matters For Europe’s Startup Ecosystem
By addressing Europe’s follow-on gap, Notion Capital is positioning itself as a key player in helping startups transition from early-stage traction to global scale. For founders, this could mean more opportunities to secure the funding needed to compete internationally.
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