London-based investor Notion Capital has closed its third growth fund, Growth Opportunities III, at $130 million. The fund targets Europe’s AI-driven software and fintech sectors and operates alongside the firm’s primary venture vehicle.
The new fund’s closing at $130 million marks a 50% increase over the firm’s last growth fund. It is designed to work in conjunction with Notion’s €300 million flagship venture fund, a structure that allows the firm to provide extended support to its highest-performing portfolio companies. It also enables earlier commitments to new growth-stage businesses identified as potential category leaders, helping to accelerate their scaling process.
A key aspect of this fund is the installation of dedicated leadership for growth investing. The firm has hired Jess Bartos from Salesforce Ventures as its first external partner, bringing significant AI and B2B expertise. Bartos will work alongside Stephanie Opdam, an existing partner who is now focused entirely on growth-stage deals. The pair will jointly advance the firm’s growth strategy.
Stephen Chandler, Managing Partner at Notion Capital, addressed the fund’s closing. “Our team has built a strong brand and reputation, and LP demand for the fund in a challenging fundraising environment is testament to this,” Chandler stated. “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. Whilst the whole team will continue to support activities for this new fund, it is an important milestone to have dedicated resources focused on it, which is a testament to our ambitions for this strategy going forward.”
Notion’s investment approach combines hands-on operational support with proprietary technology. The firm assists portfolio companies with product, go-to-market strategies, talent, and pricing. This is supplemented by advanced AI-powered sourcing tools used to track and prioritize opportunities. Notion categorizes its AI investments into four areas: Knowledge (AI-enhanced SaaS), Money (fintech), Labour (AI-driven services), and Machines (AI interacting with the physical world).
The Growth Opportunities III fund has already made several investments. Capital has been deployed into existing portfolio companies Aikido, Upvest, and Resistant AI. The fund has also backed newcomers Nelly and Kraken Technology Group. Notion Capital plans to make approximately a dozen core investments from this fund.
The firm’s broader portfolio consists of more than 150 companies across Europe, with investments in the UK, Germany, and Spain. Notion is also preparing to launch its sixth venture fund, which is planned for 2026.
