Welcome back to another EUVC Podcast, where we explore the lessons, frameworks, and insights shaping Europe’s venture ecosystem.

Today, Andreas Munk Holm sits down with 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.

E640 | Jessica Bartos & Stephanie Opdam, Notion: Scaling European Growth Companies with Founder Quality & AI Insight

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