Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.
Today’s episode marks a major milestone for Notion Capital - the launch of its new Growth Fund, designed to back Europe’s most ambitious B2B software founders beyond Series B.
Today, Andreas Munk Holm sits down with Stephen Chandler, Jessica Bartos, formerly of Salesforce Ventures, and Stephanie Opdam, both key leaders at Notion’s growth fund. They discuss how Notion approaches growth-stage investments, the importance of founder quality, AI trends, enterprise go-to-market excellence, and the global ambitions of European startups.
🎧 Here’s what’s covered:
00:28 Jessica’s background & lessons from Salesforce Ventures — 15 years in deal-making, AI and enterprise software investments, and applying those lessons to Europe.
02:54 Founder quality & endurance — How Notion supports founders over long journeys and ensures they can scale their vision.
05:58 AI and incumbents — Insights on how AI is reshaping enterprise software and the competitive landscape, and why product-market fit remains central.
07:39 Portfolio vs external opportunities — How Notion benchmarks internal portfolio companies while capturing external growth opportunities.
08:53 Diligence at growth stage — Evaluating ARR quality, retention, repeatability, product-market fit, and team execution.
13:30 Exit strategy considerations — Planning for IPOs, secondary markets, and liquidity while staying aligned with founders’ long-term vision.
15:19 European companies and US markets — Why listing in the US does not make a company “less European” and the importance of global scale.
17:17 Fund evolution & multi-stage strategy — Stephanie reflects on moving from venture to growth, leveraging internal ecosystem insights, and building top-performing funds.
🎧 Listen on Apple or Spotify — chapters ready to go.
✍️ Show Notes
The Fund Launch: Backing Europe’s Global-Ready Scaleups
With the launch of Notion’s Growth Fund, the firm extends its mission: helping Europe’s best B2B founders scale from Series B to IPO.
The fund targets high-quality, capital-efficient growth companies across software, AI, and data infrastructure - founders who’ve proven product-market fit and now need the right capital, network, and playbooks to go global.
Founding Principles: Founder Quality & Execution
Founder endurance, C-suite evolution, and co-founder alignment are non-negotiables.
Notion supports founders through the full scaling curve — from 50 to 500 employees — with dedicated growth partners focused on hiring, delegation, and execution discipline.
AI & Enterprise GTM
AI is reshaping enterprise software, but Notion’s growth lens remains grounded: success comes from customer outcomes, not wrappers.
They look for companies embedding AI into workflows that drive measurable productivity, adoption, and revenue impact.
Enterprise excellence requires repeatable go-to-market processes — not one-off heroics.
That includes multi-geo expansion, multi-product playbooks, and upmarket motion readiness.
Growth Diligence: Metrics + Habits
At growth, metrics matter — but habits matter more.
Notion evaluates:
ARR quality & retention dynamics
Sustainable margins and capital efficiency
Depth of product-market fit
Repeatable organizational rhythms and culture of learning
Exit Horizons & Strategy
Active alignment with Series B–D stages; multiple rounds expected before exit.
IPO markets reopening in 2025, alongside secondary market liquidity, enables diverse exit options.
European Companies & Global Scale
Notion’s growth fund reinforces a simple truth: European companies don’t need to “leave” to lead.
Listing in the US, hiring globally, or expanding into new markets doesn’t dilute European DNA — it proves it can compete globally.
Fund Evolution & Platform Vision
Notion’s growth vehicle marks its transition to a multi-stage platform, building on years of venture experience and deep network effects across its portfolio.
The goal: create Europe’s definitive B2B growth partner, combining US-scale ambition with European discipline.
💡 One-liner Takeaway
Notion’s Growth Fund doubles down on founder quality, enterprise GTM excellence, and AI-driven scaling — powering Europe’s top B2B startups from product-market fit to global category leadership.
🤗 Join the EUVC Community
Looking for niche, high-quality experiences that prioritize depth over breadth? Consider joining our community focused on delivering content tailored to the experienced VC. Here’s what you can look forward to as a member:
Exclusive Access & Discounts: Priority access to masterclasses with leading GPs & LPs, available on a first-come, first-served basis.
On-Demand Content: A platform with sessions you can access anytime, anywhere, complete with presentations, templates, and other resources.
Interactive AMAs: Engage directly with top GPs and LPs in exclusive small group sessions — entirely free for community members.
