Notion Capital is a B2B SaaS & cloud fund. They also invest into B2B2C and B2G IT solutions. Hardware is ok as a distribution method, but value has to be focused in the software.
They often invest when MRR is 50k – 200k, but revenue is not as relevant as evidence of demand (significant pain it addresses), knowing the ideal customer profile, having a distribution channel that works. They then come in to help open new distribution channels, hire talent and scale the operations. 20 people team, 10 investing and 10 in the “platform team” working closely with the founders. Helping decide who to hire, how to price, best ways to enter market and measure success.
Most of their tickets are 3-7M. They’re interested in talking already a bit outside this range, and occasionally make exceptions to the ticket size. They may also invite founders to events even if they’re a bit outside their ticket range, especially cases that are a bit earlier stage.
They’re looking to follow on at least once, more for good performers, all the way through to exit (IPO or acquisition). They often lead rounds and are ideally looking for 12.5% or more.
Ticket size: €2,000k-€8,000k, sweet spot €4,000k, maximum allocation with follow-on investments €20,000k per company