UK-based venture capital firm Notion Capital has completed the first close of its third fund at $120m.
The new fund, which is focused on European Cloud Computing and Software-as-a-Service (SaaS) companies at Series A stage, is expected to close later this year with a target of $150m. This will bring the total funds under management at Notion to over $300m. The vehicle is backed by existing and new investors at multiple institutions as well as family offices and high net worth individuals, including technology entrepreneurs, the European Investment Fund and British Business Bank.
Led by Stephen Chandler, Ian Milbourn, Chris Tottman and Jos White, Notion Capital has invested in 33 companies, including NewVoiceMedia and Tradeshift, with such exits as Shutl, Ebay, Star, and Claranet. Its portfolio currently includes Adbrain, Brightpearl, Currency Cloud, Duedil, IOCS and MOVE Guides.
In conjunction with the announcement, the firm has also moved Chrys Chrysanthou, already an executive-in-residence, to a full time role for Fund III as a Principal in the investment team. Adam Shepherd and Dan O’Toole have also joined as Associates.
Notion didn’t provide a percentage of what portion will be dedicated to UK and rest-of Europe startups, as location seemed not to be a big deciding factor on whether to invest. They aim to take the right opportunities regardless of countries instead.