Notion Capital holds first close on $120m

The fund's predecessor, Notion Fund II, held a final close in April 2012 on $100m.

Notion has been undertaking a recruitment drive in recent months. In February the VC appointed Accel Partners' Chrys Chrysanthou as principal. It has also recently hired former BP trader Adam Shepherd and former Travelex product manager Dan O'Toole – both of whom are associates.

Investments
As with its predecessors, the vehicle will look to make seed and series-A investments in software-as-a-service companies across Europe. The VC stated it would specifically target companies across segments including fintech, digital marketing, business intelligence, big data, human capital management, development tools and cyber-security.

Recent investments by Notion include a $2m round for price-comparison widget developer Triptease, an $11m series-A round for e-commerce platform Shopa and a £2.3m round for 4th Office, which develops cloud-based workspace platforms.

Investors
Notion Fund III received commitments from new and existing backers including government funds, institutional investors, family offices and high-net-worth individuals. Its predecessor was backed by the UK government, under its Enterprise Capital Fund programme, and the European Investment Fund.

People
Stephen Chandler is managing partner of Notion.

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