Notion Capital closed its third growth fund, Growth Opps III, at $130 million (€114 million) on September 30, 2025. The fund is intended to provide more growth-stage capital to selected companies in its existing portfolio and to invest in selected outside companies. It gives Notion a larger vehicle for that work; the available announcements do not quantify Europe’s overall follow-on funding gap or show that this fund will close it.
What is Growth Opps III?
Notion Capital Opportunities III SCSp, known as Growth Opps III, is Notion Capital’s third growth fund. The firm said it was 50% larger than its predecessor and operates alongside its fifth venture fund, a €300 million vehicle. Those are the manager’s reported fund figures, not measures of investment performance. Notion Capital’s announcement gives the fund size and comparison.
The fund is designed for two kinds of investment: additional capital for selected, successful companies from Notion’s venture portfolio, and growth-stage investments in selected external companies. Notion said its allocation to outside growth-stage companies is nearly double that of its predecessor fund. The British Business Bank characterized the geographic focus as UK and European business software companies. Its announcement describes its commitment and the fund’s focus.
How much did Notion raise, and who committed capital?
Notion reported a $130 million (€114 million) close on September 30, 2025. The British Business Bank separately announced a €20 million commitment, describing the fund as €114 million (£98.6 million). These are figures reported by the manager and the bank, respectively; they do not amount to a complete public breakdown of investors.
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Notion said its investors included sovereign wealth funds, funds of funds, pension funds, insurers, family offices, and high-net-worth individuals from Europe, the Middle East and North Africa, and the United States. Stephen Chandler, Notion’s managing partner, told TechCrunch that around 85% of the fund’s capital came from institutions, according to the publication’s report. The official announcements do not provide a full investor list or itemized breakdown. The British Business Bank said it had backed Notion’s four preceding core venture funds and three Opportunities funds.
What kinds of companies can the fund back?
Notion groups its investment thesis into four categories. These are the manager’s stated areas of focus, not guarantees about returns or proof of broader market performance.
- Knowledge: software-as-a-service accelerated and compounded by AI.
- Money: fintech and adjacent industries.
- Labour: AI reshaping services markets.
- Machines: AI interacting with and learning from the physical world.
Notion also connects its strategy to European demand for resilience in areas such as cybersecurity, supply chains, and defence technology. That framing reflects the firm’s investment thesis; it does not establish how large those markets are or how companies in them will perform.
Who is leading the growth strategy?
Notion named Jess Bartos, a Salesforce Ventures hire, and existing partner Stephanie Opdam as the partners dedicated to its growth strategy. The firm said this was the first time its growth funds had dedicated leadership resources. Its platform team supports portfolio companies in product, go-to-market strategy, talent, and pricing.
What has the fund invested in so far?
TechCrunch reported that the fund had begun deploying capital and expected to make about a dozen investments. It identified Upvest, an existing Notion portfolio company, and external companies Kraken Technology Group and Nelly. The report clarified that Kraken Technology Group is the dual-use unmanned surface vessel company, not the Octopus Energy spinoff. These are reported examples, not a complete portfolio list, and the expected investment count is not a final total.
The sources do not establish realized returns or audited performance for Growth Opps III. Notion described predecessor-fund performance as “extremely strong” across all metrics, but its announcement supplied no metrics; that description is the manager’s claim, not independently verified performance data.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is Europe’s follow-on funding gap, and can this fund fill it?
Follow-on financing is capital raised by a company after an earlier funding round, often to support expansion or reach the next stage of growth. Notion’s fund is one response to the need for European companies to secure that later-stage capital. The sources available for this announcement do not provide an independently sourced, comprehensive estimate of the size of Europe’s follow-on gap, so the fund’s $130 million close should not be treated as a measure of that gap or evidence that it has been closed.
TechCrunch reported Chandler’s view that US venture firms that once supplied some growth capital are now more focused on their domestic market, creating an opportunity for European investors. He said this “opens up an opportunity for European firms like ourselves to make up some of that difference and be real European champions.” That is the firm’s rationale as reported by TechCrunch, not a quantified market finding. Chandler also described Notion’s early-stage reach as a competitive advantage for its growth strategy. TechCrunch’s report contains those comments and the deployment examples.
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