Notion Capital

Notion Capital is one of Europe’s longest-running B2B SaaS specialists. The firm was founded by entrepreneurs who built and sold MessageLabs to Symantec, and that operating background still shapes how the team thinks about go-to-market, sales motion, and capital efficiency. For founders building enterprise software for healthcare administration, payer workflows, or clinical operations, Notion is one of the more credible Series A and Series B options in London.

The thesis is straightforward: high-growth B2B SaaS and cloud companies in Europe, sold to enterprise buyers, with strong unit economics. Within healthcare, that translates into Health IT, healthcare software, and AI/ML platforms that automate or augment administrative and clinical processes. They are pragmatic about AI; the question is not whether your model is novel but whether your software solves a sharp problem for a defined buyer at a defensible margin. Vertical SaaS plays into healthcare payers, providers, life sciences, and pharma services are all in scope.

Check sizes typically range from five to twenty-five million dollars at Series A and Series B, with the firm willing to lead and price rounds. They tend to invest in companies with one to five million in ARR at entry, depending on stage and growth, and follow on through subsequent rounds. Geography is European, with the UK as the largest source of deals and active engagement across the Nordics, Benelux, France, and Germany. US-only founders are not the focus.

The partner group is operator-heavy and supplemented by a strong platform team that works on talent, go-to-market, and US expansion, the last of which matters because most Notion portfolio companies eventually push into the US. Diligence is heavy on sales metrics, pipeline coverage, churn, and management team quality, and the firm is unusually direct about what it sees in the data.

The most reliable way in is through a portfolio CEO or a Notion operator partner; the firm also runs visible content, podcasts, and events that surface founder relationships early. When you reach out, lead with revenue, growth, and a sober view on burn versus efficiency. Bring a clear ICP, a defined sales motion, and a credible plan for the next twelve to eighteen months. The right time to engage Notion is when you have at least one to two million in ARR with healthy retention or a strong Series B story with five million plus, depending on the round. Founders pre-revenue, sub one million ARR with weak retention, or chasing a non-B2B model will not be a fit and should target seed-stage funds first.