London-based VC firm Notion Capital has closed a new €114 million fund as it sharpens its focus on AI-driven software and FinTech startups across Europe and beyond.
The new vehicle, Notion Capital Opportunities III SCSp, will target a dozen scale-stage companies, with initial investments already deployed into portfolio names like Aikido, Upvest and Resistant AI, as well as new bets on Nelly and Kraken Technology Group.
“AI is driving huge innovation in the software landscape,” said Stephen Chandler, Managing Partner at Notion. “LP demand for the fund in a challenging fundraising environment is testament to the strength of our brand, our diverse team, and our reach across the market.”
A year of AI-focused fundraising in Europe
The move comes amid a wave of European funds raising capital for B2B and AI-infused software. In 2025 alone, Smartfin launched a €250 million scaleup fund, Evantic Capital unveiled a €341 million vehicle, while May Ventures and DFF Ventures have rolled out more targeted €30–50 million funds. Notion’s €114 million raise positions it as a mid-sized but highly focused player in this trend.
Founded in 2009, Notion now manages more than $1 billion in assets and has backed over 150 companies to date. The latest fund nearly doubles its allocation for external growth-stage deals, with a clear ambition to help portfolio companies achieve “category-leading outcomes.”
Strategic hires and growing ambitions
As part of the announcement, Notion also revealed its first-ever external partner hire, bringing Jess Bartos on board to co-lead the fund alongside Stephanie Opdam. The addition signals the firm’s intent to expand the profile and scale of its growth strategy in coming years.
“Having dedicated leadership on this strategy is an important milestone,” added Chandler. “We see this as a long-term commitment to growth investing.”
Busy deal-making across Europe
Notion has been active on the European venture scene this year, featuring in several notable rounds. It led the €4.7 million seed round for UK FinTech Aslan, the €20 million Series A for corporate event startup Naboo, and co-led the €50 million raise for Germany’s Nelly. Most recently, it backed TERN Group in a €20 million round to deploy AI in clinical workforce management.
Taken together, these deals reinforce Notion’s positioning as a go-to investor for B2B software and FinTech startups aiming to scale with AI at the core.
