Jos White’s Notion Capital makes first play from second fund
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Notion Capital, a venture capital firm that targets cloud computing and software-as-a-service (SaaS) businesses, has made a first investment from its newly closed $100 million (£64.8 million) Fund 2.
The Currency Cloud, a provider of cloud-based currency conversion and international payments, has been backed by Notion Capital, in its latest funding round.
A new £2 million fundraising round comes on top of the £2.5 million the company previously netted from Atlas Ventures and Anthemis Group.
As part of the deal, Notion Capital partner Jos White (who features in GrowthBusiness' Power Top 50 2012 list), Sean Park of Anthemis (founder) and Atlas' Fred Destin (partner) will join the board of The Currency Cloud.
Notion Capital's Fund 2 closed back in April and focuses on emerging cloud and SaaS companies in the UK and Europe. The fund is expected to grow to $150 million when it achieves its second close sometime this year.
The fresh funds raised by London-based The Currency Cloud will be used to expand the business into geographies and build on what it calls a 'strong customer demand'.
White comments, 'Scandals in the banking sector have further exposed the inefficiencies, high costs and complete lack of transparency in many areas of the financial system.
'A new model for finance is required. Firms like The Currency Cloud are leading a wave of cloud-based innovation in financial services; improving access, bringing down costs and empowering customers with greater transparency and control.'
Notion Capital's previous investments in cloud companies have included Brightpearl, eSellerPro, NewVoiceMedia and Tradeshift. White also co-founded MessageLabs.