In today’s episode of the EUVC podcast, Andreas talks with Stephen Millard, Operating Partner & Chief Platform Officer at Notion Capital, a London-based fund exclusively investing in B2B SaaS. With roots dating back to one of Europe’s first SaaS pioneers Message Labs, Stephen brings deep operational know-how and a data-driven approach to venture investing. Notion Capital’s latest report unpacks learnings from Europe’s 23 SaaS companies with more than 100M$ in ARR, defining their unique scaling challenges; from navigating fragmented markets to scaling revenue rapidly, emphasizing the need for constant reinvention.
Using extensive experience and real-world case studies, Stephen explains how today’s well-informed buyers reshape the traditional seller–buyer dynamic. He outlines the critical transition for founders: from a hands-on, experimental phase to a disciplined, outcome-focused strategy, ensuring that teams align across sales, marketing, and product development. Stephen also shares practical insights on adapting go-to-market strategy and building enduring, high-growth businesses in a rapidly evolving market landscape.
The conversation wraps up with a crucial discussion on the dominance of outliers in venture—whether in startups or funds—how traditional VC wisdom can be misleadingly simplistic, and the nuanced role of "small" outcomes in portfolios.
Watch it here or add it to your episodes on Apple or Spotify 🎧 chapters for easy navigation available on the Spotify/Apple episode.
✍️ Show notes
Today, Notion Capital has launched its “Cloud Champions” Report. The intention of the new report is to spotlight exceptional VC-backed companies that have scaled to extraordinary heights in Europe: all are VC backed, remain private and independent, and all have achieved more than $100m revenue, and are growing fast.
The Notion Capital Cloud Champions Report includes a list of 23 European-founded SaaS and Cloud companies, founded after 2009, that have achieved $100m+ ARR, in addition to in-depth interviews with the founders of Alan, GoCardless, GWI, Intercom, Mews, Paddle, Remote, Sync and TravelPerk. The full list of 23 can be found below.
With the Cloud Champions report as a starting point, Notion Capital is on a mission to build a knowledge base of scaling expertise to benefit the European founder, operator and VC community at large.
Stephen Millard, Operating Partner of Notion Capital, says:
“The European startup ecosystem is a powerhouse of innovation, where entrepreneurs with ambition, creativity, and resilience found thousands of companies each year. For those with VC backing, the goal is clear: scale well beyond $100M in revenue within a decade while building lasting value and impact.
“Yet, few companies reach this milestone, and their journeys remain largely untold. By releasing this new report, we aim to inspire and equip European entrepreneurs to realise their potential and enhance their chances of success.”
The report includes in-depth interviews with the CEOs and founders of ten of the twenty-three cloud champions in Europe. The objective is to dive into the lessons learned by this rarified group, and answer the question: What does it take to join the rare companies that scale from a Series A investment to $100 million in revenue?
Stephen Millard continues:
“We are confident there are more European Cloud Champions out there—and many in the chasing pack will cross the $100m ARR threshold this year and next. However, revenue data is hard to come by. So if you know a company that belongs in this elite group, please let us know.”
Excerpts from founder-interviews below, the full versions can be found in the report.
Tom Smith, CEO of GWI:
“Crossing the $100 million milestone is a big deal. I'm not entirely sure why it feels so significant, but it does. There aren’t many companies in Europe that reach that point, and I do think scaling in Europe is ten times harder than in the U.S. Despite that, we have an enormous amount of opportunity ahead of us.”
Christian Owens, CEO and co-founder of Paddle:
“The biggest lesson I’ve learned is that what got you here won’t get you there. Each phase of the journey looks different, and the tools, strategies, and people that worked in one phase might not work in the next. Some things might still work, so it’s important not to over-optimize too early. Balancing these two ideas is crucial and something we struggled with for a long time.”
The report concludes by sharing six key takeaways from the interview series. These can be found in full in the report, and summarised below:
Growth is a series of reinventions, never a straight line
A founder’s ability to adapt is critical to success
Culture is a strategic asset: building high-performing teams that thrive in growth and adversity
Trust your gut, after all your intuition is honed every day by your experiences
Beware big executives from big companies with fixed minds and fixed playbooks
Consider the importance of person-stage fit.
On the subject of distilling the learnings of Europe’s cloud pioneers, Stephen Millard, says, “Success in scaling to $100M lies in constant reinvention, adaptability, and decisive leadership. Embrace change as a strategy, trust your intuition, and prioritise culture as the foundation for growth. Hire for agility as well as pedigree, act swiftly on misalignment, and evolve with each challenge. The journey demands resilience, bold decisions, and relentless focus.”
Europe’s 23 Cloud Champions
Alan
Founded: 2016, Paris, France
Founders: Jean-Charles Samuelian-Werve, Charles Gorintin
Description: Digital health insurance provider emphasizing user experience and transparency.
Funding Raised: $515M
Years to $100M Revenue: ~4 years (2020)
Algolia
Founded: 2012, Paris, France
Founders: Nicolas Dessaigne, Julien Lemoine
Description: Search-as-a-service platform providing APIs for app and website search functionality.
Funding Raised: $334M
Years to $100M Revenue: ~10 years (2022)
Bending Spoons
Founded: 2013, Milan, Italy
Founders: Luca Ferrari, Matteo Danieli, Francesco Patarnello, Federico Maccotta
Description: Mobile app developer specializing in utility and creative tools.
Funding Raised: $140M
Years to $100M Revenue: ~9 years (2022)
Bird (MessageBird)
Founded: 2011, Amsterdam, Netherlands
Founders: Robert Vis
Description: Omnichannel communications platform for businesses.
Funding Raised: $1B
Years to $100M Revenue: ~7 years (2018)
Celonis
Founded: 2011, Munich, Germany
Founders: Bastian Nominacher, Alexander Rinke, Martin Klenk
Description: Process mining software to optimize business operations.
Funding Raised: $2.4B
Years to $100M Revenue: ~8 years (2019)
Checkout.com
Founded: 2012, London, UK
Founders: Guillaume Pousaz
Description: Cloud-based payment platform for businesses.
Funding Raised: $1.8B
Years to $100M Revenue: ~7 years (2019)
Cognite
Founded: 2017, Oslo, Norway
Description: Industrial Data & AI Platform
Founders: John Markus Lervik, Geir Engdahl & Stein Danielsen
Funding: raised $268M
Yrs to $100M: ~8 years (2025)
Collibra
Founded: 2008, Brussels, Belgium
Founders: Felix Van de Maele, Stijn Christiaens, Pieter De Leenheer
Description: Data governance and catalog software.
Funding Raised: $596M
Years to $100M Revenue: ~9 years (2017)
DeepL
Founded: 2017, Cologne, Germany
Founders: Jaroslaw Kutylowski
Description: AI-powered translation tool.
Funding Raised: $100M
Years to $100M Revenue: ~5 years (2022)
GWI
Founded: 2009, London, UK
Founders: Tom Smith
Description: Audience targeting and insights platform.
Funding Raised: $60M
Years to $100M Revenue: ~15 years (2024)
GoCardless
Founded: 2011, London, UK
Founders: Hiroki Takeuchi, Matt Robinson, Tom Blomfield
Description: Recurring payments solution for businesses.
Funding Raised: $300M
Years to $100M Revenue: ~10 years (2021)
Intercom
Founded: 2011, Dublin, Ireland
Founders: Eoghan McCabe, Des Traynor, Ciaran Lee, David Barrett
Description: Customer communications platform.
Funding Raised: $241M
Years to $100M Revenue: ~8 years (2019)
Mambu
Founded: 2011, Berlin, Germany
Founders: Eugene Danilkis, Frederik Pfisterer, Sofia Nunes
Description: SaaS banking platform.
Funding Raised: $533M
Years to $100M Revenue: ~9 years (2020)
Mews
Founded: 2012, Prague, Czech Republic
Founders: Richard Valtr
Description: Hospitality management platform.
Funding Raised: $95M
Years to $100M Revenue: ~10 years (2022)
Multiverse
Founded: 2016, London, UK
Founders: Euan Blair
Description: Apprenticeship and training platform
Funding Raised: $300M
Years to $100M Revenue: ~8 years (2024)
Paddle
Founded: 2012, London, UK
Founders: Christian Owens, Harrison Rose
Description: Payments and revenue delivery platform for SaaS companies.
Funding Raised: $293M
Years to $100M Revenue: ~12 years (2024)
Personio
Founded: 2015, Munich, Germany
Founders: Hanno Renner, Roman Schumacher, Arseniy Vershinin, Ignaz Forstmeier
Description: HR software for SMEs.
Funding Raised: $500M
Years to $100M Revenue: ~7 years (2022)
Pleo
Founded: 2015, Copenhagen, Denmark
Founders: Jeppe Rindom, Niccolo Perra
Description: Expense management platform.
Funding Raised: $353M
Years to $100M Revenue: ~7 years (2022)
Quantexa
Founded: 2016, London, UK
Founders: Vishal Marria, Imamul Hoque, Felix Hoddinott, Richard Seewald
Description: Quantexa is a data and analytics software company.
Funding Raised: $371 million over 6 rounds from 15 investors.
Years to $100m Revenue: 8 years (2024)
Remote
Founded: 2019, Netherlands
Founders: Job van der Voort, Marcelo Lebre
Description: Global HR, payroll, and compliance platform for remote teams.
Funding Raised: $496M
Years to $100M Revenue: ~4 years (2023)
Snyk
Founded: 2015, London, UK
Founders: Guy Podjarny, Assaf Hefetz, Danny Grander
Description: Developer security platform.
Funding Raised: $1.3B
Years to $100M Revenue: ~6 years (2021)
Staffbase
Founded: 2014, Chemnitz, Germany
Founders: Martin Böhringer, Frank Wolf, Lutz Gerlach
Description: Internal communications platform.
Funding Raised: $289M
Years to $100M Revenue: ~8 years (2022)
TravelPerk
Founded: 2015, Barcelona, Spain
Founders: Avi Meir, Javier Suarez
Description: Corporate travel management platform.
Funding Raised: $400M
Years to $100M Revenue: ~7 years (2022)
Some things are made for platforms - music, cabs & pizzas. But fund solutions aren’t one of them. Their individual client focus and regulation-first approach is your guarantee for flexible solutions accommodative to a broad range of deal and client specifics. The kicker? Prices that match any of the shelf-products in the market.
🤗 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:
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💬 Community event | LP AMA with Ertan Can
Join us for an exclusive AMA session with Ertan Can, Founder & Managing Partner at Multiple Capital.
Ertan Can is the Founder & Managing Partner of Multiple Capital, Europe’s first tech-focused fund of micro funds. With over 20 years of experience in asset management, VC, and fund of funds investing, he has backed 31+ early-stage VC funds and built a portfolio of 500+ companies. His mission is to democratize access to early-stage tech funds across Europe and the US.
This AMA is part of our ongoing series of small-group sessions designed to foster deep, meaningful discussions within the VC community. Participation is free for members of our community, but spots are limited. Reserve your spot now to ensure you don’t miss this opportunity.
⏰ March 11 | 💻 Online | THIS EVENT IS FOR EUVC COMMUNITY MEMBERS ONLY.
✍🏻 EUVC Masterclass | Marketing Foundations for Fund Managers
Join us for an engaging workshop tailored for fund managers looking to institutionalise their marketing approach and craft a category-defining investment brand.
This masterclass is designed to go beyond traditional marketing advice on tactics to help you create lasting brand equity, ensuring your fund stands out in a competitive landscape.
This session will provide actionable insights into fund positioning, LP communications, and crafting compelling narratives - all while maximising time for Q&A to address your specific challenges.
⏰ March 13 | 💻 Online |
✍🏻 EUVC Masterclass | Setting up and Structuring a VC Fund
Emerging fund managers face countless challenges when setting up and structuring their first VC fund. The process is complex, daunting, and full of pitfalls, from navigating legal frameworks to engaging with the right service providers, the foundations you lay now will shape your growth trajectory.
That’s why we’re planning an exclusive 3-hour masterclass designed to equip emerging managers with the insights, strategies, and tools needed to tackle these challenges head-on.
⏰ Jun. 02 | 🇩🇪 Berlin | This masterclass is a side-event taking place during SuperVenture & SuperReturn.
🗓️ The VC Conferences You Can’t Miss
There are some events that just have to be on the calendar. Here’s our list, hit us up if you’re going, we’d love to meet!
0100 Europe 2025 | 📆 02 - 04 April 2025 | 🇳🇱 Amsterdam, The Netherlands
0100 Emerging Europe 2025 | 📆 14-16 May 2025 | 🇭🇺 Budapest, Hungary
GITEX Europe 2025 | 📆 23 - 25 May 2025 | 🇩🇪 Berlin, Germany
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