European software startup investor Notion Capital has raised $327 million for fifth and largest fund to date
"We were apprehensive about the market and have seen a lot of firms scaling back their target funds," Stephen Chandler, Notion Capital's cofounder and managing partner, told Insider."It went well for us because we're an established firm that has been building relationships over a number of years and has a strong track record and metrics.
Notion saw commitments from its existing LPs such as British Patient Capital and Novo Holdings alongside a bevy of new funds including Cortes Capital, KfW Capital, Shelby County Tennessee Retirement System, and TNO Pension Funds. The fund's focus will remain on its existing areas of strength having backed successful companies like Paddle and Yulife in the UK plus HeyJobs and Upvest in Germany.
"We continue to think that fintech is an exciting area, especially embedded finance, even though the wider sector is no longer the flavor of the day," Chandler added."We still particularly like business software-as-a-service models, particularly where there is now an embedded product element because of the stickiness and speed of growth in those businesses."
In addition, Notion, which has made more than 100 early stage deals since its inception, will promote internal talent with Itxaso del Palacio becoming a general partner, while Stephanie Opdam and Kamil Mieczakowski become partners at the fund.Subscribe to push notifications
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