Notion Capital

Investment decisions are led by the managing partner group, which includes Stephen Chandler, Jos White, Chris Tottman, and Patrick Norris. Each brings founder or senior operator experience from the business software sector, and the team works alongside a broader group of investment professionals and experts in residence.

The firm sources opportunities through the networks of its founding team and operating platform, leaning on relationships built as former software entrepreneurs. Its portfolio community and dedicated platform resources — including networks, events, and experts in residence — provide additional visibility into emerging European software companies.

Notion Capital is structured as a venture capital firm, not a family office. It raises institutional funds and invests in European early-stage business software companies, deploying capital with a partnership model built around former operators acting as professional investors.

Notion Capital invests primarily through direct equity deals in early-stage companies, leading seed and growth rounds. While its core model is direct investment, the firm's portfolio includes exposure achieved via direct positions rather than through an explicit fund-of-funds program.

The firm focuses on early-stage investments, targeting companies from seed stage through later growth rounds. It identifies three critical phases — Start, Build, and Scale — and aims to take companies from roughly $1 million to $100 million in revenue over the course of the partnership.

Notion Capital concentrates exclusively on business software and avoids sectors outside its core expertise such as consumer internet, hard biotech, and heavy industrials. Within business software, it segments the market into Software as a Service, services-as-software, software in the physical world, and fintech.

The firm maintains a distinct platform team, led by Stephen Millard, that operates alongside the investment team to provide founder networks, events, content, and scaling expertise. This structure separates deal sourcing and portfolio management from the operational support function, allowing each to specialize while remaining tightly coordinated.