A man who wears many different hats, Ian Milbourn is not only a founding partner at Notion Capital, but also the firm’s CFO and COO. Throughout his career, it’s fair to say he’s pretty much seen it all as far as VC challenges go. In this exclusive interview, Ian shares his hard-won insights on managing a multi-strategy VC firm, navigating European expansion, and why doing the basics brilliantly matters more than ever in 2025.

The journey from Big Four accountant to venture capital CFO isn’t your typical career path. But, then again, Notion Capital isn’t your typical VC firm. And Ian isn’t your typical General Partner, either. “I was an accountant to start with, working for Ernst & Young,” he recalls. “But I pretty much knew straight away I didn't want to be an auditor all my life!”

That early realisation took Ian down a path that would eventually see him help build one of Europe’s most successful enterprise software investors. His route to Notion Capital was far from direct, though, winding through what he describes as his “deal junkie” phase in corporate finance, before he connected with MessageLabs in 2002.

“I said to my recruiter, find me an exciting fast-growth tech company in the West of England that needs some corporate finance expertise. She outright laughed and I thought that was the end of that,” he recalls. “To be fair to her, she didn’t give up, and lo and behold, I got the interview with MessageLabs. And the rest, as they say, is history.”

That connection, on a chilly winter’s day in Gloucester, would prove transformative for Ian. As well as securing an exciting new job, he went on to be part of one of Europe’s largest SaaS exits at the time (when MessageLabs was sold to Symantec in 2008 for $695m). And, though he didn’t know it in that moment, he’d also just met his future Notion Capital founding partners: Jos White, Stephen Chandler and Chris Tottman.

Growing Notion from the ground up

Back in 2009, Ian and his co-founders recognised the enormous potential in cloud computing – a sector that was not yet the ‘megatrend’ it is today. At the time, software was predominantly sold through on-premise installations, and the shift to cloud-based delivery was still seen as a risky bet by some investors. But the Notion founders saw things differently – they believed that cloud transformation was inevitable and wanted to back the entrepreneurs leading that charge.

Sixteen years later, that bet has paid off many times over. Notion has grown from an initial £20m fund to managing over £1bn in AUM across multiple funds, investing in some of Europe’s most innovative enterprise software companies. Alongside Bound, the firm’s portfolio includes notable names such as GoCardless, Mews, Paddle, and YuLife – companies that have gone on to become industry leaders in fintech, hospitality management, payments, and insurtech. 

As Notion expanded, it developed three distinct investment strategies, each catering to different stages of company growth. Its pioneers strategy focuses on earlier stage investments, providing the capital and support that fledgling businesses need to gain traction. Then, the core strategy represents the more traditional VC approach, centred around early-stage and Series A investments, helping startups scale into growth-stage companies. And, for those that have already scaled significantly, Notion’s opportunity fund provides late-stage funding.

With such a broad investment remit, Ian’s dual role as CFO and COO becomes increasingly demanding. Managing the financial function of a VC firm is about far more than just number-crunching – it requires a deep understanding of how financial strategy aligns with overall business objectives. Fundraising and investor relations are critical, as without fresh capital, there is no firm. At the same time, deal management, portfolio oversight, and ensuring strong Distributed to Paid-In Capital (DPI) for investors must all be carefully balanced.

The challenge, as Ian puts it, is in execution. A venture firm operates with multiple moving parts: sourcing deals, conducting due diligence, managing relationships with portfolio companies, and ultimately securing successful exits. Each function is interdependent, requiring seamless coordination to ensure that the firm remains competitive.

“Our job is to find, fund, and fuel the best enterprise software businesses in Europe,” he says. “That requires a huge amount of coordination across investment, finance, operations, and portfolio management. Every moving part needs to function at the highest level.”

And that challenge has only grown as the firm’s geographical coverage has expanded.

Taking Notion international

Founded in the UK, Notion’s ambitions quickly stretched beyond domestic borders. Over the years, it has systematically expanded its European presence, and today, around 60% of its deals originate from acrossEurope, a region where Ian sees immense potential.

“There’s a lot of talent across Europe, and a really big work ethic,” he notes. 

Despite this international focus, Notion has chosen to keep its headquarters in the UK rather than opening multiple overseas offices. Instead, its investment team is structured geographically, with each member responsible for scouting and managing deals within specific European markets. This approach allows the firm to maintain a high level of local expertise while benefiting from the efficiency of a centralised investment strategy.

But operating across multiple markets does bring challenges, particularly around currency management. For Notion, like many VCs, FX headaches are an unavoidable reality of doing business. 

“As a UK-based firm, we operate in GBP, but receive management fees in EUR over time, so we hedge that exposure. But we’ll also eventually exit companies – at an unknown time, for an unknown price, and more often than not, in USD. That exposure is massive, but it’s also difficult to hedge when none of the key variables are fixed.”

To tackle this, Notion has integrated Bound, removing the manual, broker-heavy processes that have historically dominated the industry, in favour of simple, automated hedging strategies. “Before Bound, FX risk management meant constant phone calls with brokers, spreadsheets, and uncertainty. Now, we click a few buttons, and it just works,” Ian says. “You can’t say fairer than that!”

Staying on point

Looking ahead to the rest of 2025, his primary focus remains on flawless execution. The VC landscape remains competitive, and Notion’s ability to win and support the best deals will be key to its continued success. Meanwhile, the broader economic and political environment remains unpredictable, with factors such as regulatory changes, global conflicts, and economic downturns all adding potential challenges.

“It’s probably the strangest working environment that I’ve experienced during my career,” Ian reflects. “I don’t want to delve into politics too much, but I think it’s a case of expecting the unexpected and being as prepared as possible for unforeseen challenges by having the fundamentals operating really well.”

Embracing the growing importance of ESG is also critical, Ian believes. Notion has taken a deliberate, high-impact approach to responsible investing. Rather than treating ESG as a regulatory necessity, the firm prioritises genuine, well-executed initiatives that align with its core values.

“ESG isn’t something we do just because we have to,” he explains. “If we’re going to commit to something, we want to do it properly and make a real difference.”

One of Notion’s flagship initiatives is its climate pledge, a commitment to integrating sustainability across its operations and investments. The firm has also been actively exploring ways to support climate-conscious startups, particularly in the areas of green fintech and responsible AI. 

Beyond environmental concerns, diversity, equity, and inclusion (DEI) are a major focus for Notion. The firm is a fellowship partner of Included VC, a global fellowship designed to open doors for individuals from underrepresented backgrounds in venture capital. Through this programme, Notion and its partners provide mentorship, training, and direct access to VC opportunities, aiming to rebalance the industry’s historical lack of diversity.

“Venture capital has a long way to go when it comes to diversity,” Ian says. “Through Included VC, we’re not just talking about change, we’re actively building a more inclusive industry. For us, that’s one of the best ways to leave a legacy.”

Keeping up with constant reinvention

As Notion continues to evolve, Ian remains steadfast in his belief that success in VC comes down to precision, discipline, and an ability to adapt to change. While markets shift, regulations tighten, and competition grows ever fiercer, the fundamentals of great investing don’t change – strong relationships, deep sector knowledge, and the ability to execute deals with clarity and conviction.

With more than £1bn under management and a growing portfolio of Europe’s top enterprise software companies, Notion is in a prime position to shape the future of this industry. But, as Ian reflects, the real work is never done. The best venture capital firms don’t just raise funds and place bets, they actively support their founders and deliver real returns – both for investors and for the broader tech ecosystem.

“For me, it’s all about building something that lasts,” he says. “We’re not just in this for the quick wins. We want to back businesses that will define industries, create value, and make a genuine impact.”

From a career that started in audit, to co-founding one of Europe’s leading VC firms, Ian has seen the inner workings of a VC firm from every angle. His journey is proof that the best investors aren’t just dealmakers, they are builders, enablers, and problem-solvers. And, in an industry that thrives on constant reinvention, both Ian and Notion are ready for whatever comes next.