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British Business Bank announces €20 million commitment to Notion Capital Opportunities III

Press release 30 September 2025

The British Business Bank has announced a €20 million commitment to Notion Capital’s new €114 million (£98.6 million) growth fund, Notion Capital Opportunities III. 

Notion Capital (Notion) is a venture investor in innovative business software and fintech companies across Europe. The British Business Bank has been a long-term partner of Notion Capital, investing in their last four core Venture funds, and supporting them expand their growth capital capabilities by investing in three Opportunities Funds.

The new growth fund complements Notion’s flagship venture strategy, providing vital additional capital to its venture fund ‘winners’ and selected new external deals at growth stage, a model that has supported high-growth, UK companies such as GoCardless, Paddle and YuLife.

The fund will focus on investing in UK and European business software companies and will specifically target companies across Knowledge (SaaS accelerated and compounded by AI), Money (fintech and adjacent industries), Labour (AI reshaping the services market), and Machines (AI interacting with and learning from the physical world). Notion has invested across all four categories in the past year with demand also increasingly fuelled by European sovereign resilience strategies spanning cyber security, supply chain and defence tech.

The fund has already made several investments including existing venture portfolio company Upvest plus new investments into Nelly and Kraken. Notion expects to make around a dozen core investments in total from the fund. 

Stephen Chandler, Managing Partner at Notion Capital, said: 

I am delighted to announce this, our latest, growth fund. Our team has built a strong brand and reputation, and LP demand for the fund in a challenging fundraising environment is testament to this. We are a diverse team spanning 12 nationalities which gives us extraordinary reach and access across the market with AI driving huge innovation in the software landscape.

Christine Hockley, Managing Director and Co-Head of Funds, British Business Bank, said,

Funds like Notion’s are critical to the UK venture landscape. While we’re very good at funding startups in the UK, there is a distinct lack of funding available when it comes to growth stage companies. The amount of capital received by US companies in the fifth or sixth funding round is often more than double what UK companies raise. Our goal is to close that gap and ensure that high potential companies can access the capital they need to expand.

Michael Laycock, Investment Director, Funds, British Business Bank, said, 

We are pleased to be backing Notion’s latest growth focused Opportunities Fund. Notion is a long-term partner for the British Business Bank and a key player in the UK ecosystem to support innovative UK software companies scale into category leaders. Their latest Opportunities Fund helps provide continuity of capital and support to ambitious founders as they look to build, scale and internationalise their businesses.

Further Information

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Notes to editors

About the British Business Bank

The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government. The British Business Bank’s core programmes support £23bn 1  of finance to almost 64,000 2  smaller businesses.

As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank's Business Guidance Library provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.

The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.

British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. It is a development bank wholly owned by HM Government. British Business Bank plc and its subsidiaries are not banking institutions and do not operate as such. With the exception of BBB Investment Services Limited they are not authorised or regulated by the Prudential Regulation Authority or the Financial Conduct Authority. BBB Investment Services Limited is authorised and regulated by the Financial Conduct Authority. A complete legal structure chart for the group can be found at British Business Bank.

The above investment is operated by British Patient Capital Limited, a wholly owned commercial subsidiary of British Business Bank plc. 

British Patient Capital Limited is registered in England and Wales with company number 11271076, and registered office at Steel City House, West Street, Sheffield, S1 2GQ. British Patient Capital makes commitments and invests on its own behalf and on behalf of third-party investors whose investments British Patient Capital manages.

The transaction described above does not constitute or imply any endorsement, warranty or recommendation by the UK government, the British Business Bank plc, its subsidiaries or any other party in respect of Notion Capital or its products or services.

About Notion Capital 

Notion Capital is Europe’s leading early-stage business software investor, with more than $1bn assets under management and more than 100 investments to date. We’re a team of former entrepreneurs and operators, aiming to be the investors we wish that we’d had. The Notion portfolio includes currency cloud (acquired by Visa) GoCardless, Mews, Paddle, Quantum Systems and YuLife.

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