Notion holds final close for third fund on $140m

The venture fund's final close comes almost two years after Notion held a first close for the vehicle on $120m. The fund's predecessor, Notion Fund II, held a final close in April 2012 on $100m.

The firm has also promoted Chrys Chrysanthou and Patrick Norris to partner. Chrysanthou joined Notion in 2015 from Accel Partners, while Norris joined the VC in 2013 from Skillcapital.

Investors
Notion Fund III received commitments from new and existing backers, including government funds, institutional investors, family offices and high-net-worth individuals. According to publicly available documents, investors include Cisco, Emory University, Texas A&M Foundation, Key Capital, South Cape Investments, Arno Capita, Aspen Portfolio Holdings and Tehama Portfolio Holdings.

Fund III's predecessor was backed by the UK government, under its Enterprise Capital Fund programme, and the European Investment Fund.

Investments
As with its predecessors, Notion Fund III will look to make seed and series-A investments in software-as-a-service companies across Europe. At the time of its first close, the VC stated it would specifically target companies across the fintech, digital marketing, business intelligence, big data, human capital management, development tools and cybersecurity sectors.

The follow-on fund, Opportunities Fund, will enable the VC to invest growth equity in existing portfolio companies.

Notion's recent investments include a BGF Ventures-led $9m series-B round for portfolio company Triptease and a €2m round for Glofox, a developer of management software for gyms and fitness studios.

People
Notion Capital – Stephen Chandler (managing partner).

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