E423 | Stephen Millard, Notion Capital: Launching the "Cloud Champions" report & backing European B2B SaaS companies

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 early SaaS pioneers like Message Labs, Stephen brings deep operational know-how and a data-driven approach to venture investing. Notion Capital’s Cloud Champions latest report unpacks European SaaS companies' unique 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.Go to eu.vc for our core learnings and the full video interview 👀