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Groom and Gil were previous investors in Notion. The $10 million "angel round" was entirely comprised of investments from those three: Daniel Gross (former partner at Y Combinator), Lachy Groom (Head of Stripe Issuing), and Elad Gil (a self-proclaimed " startup helper"). The team also wanted to give three individuals who have been "remarkably helpful" to Notion the opportunity to invest, Kothari said. Some of them, Kothari said, carried interest and so the team wanted to "close those out." Kothari said the reasons were mostly practical.Įarly on, Notion had given its investors convertible notes - a form of debt financing that act similarly to loans, often used by early stage startups - and those notes actually needed to be converted. So why raise now? Notion's reasons for raising Kothari also said that for "several months now," Notion - which reportedly has over one million registered users - has been profitable. "Staying small is actually helpful for us to move fast." "Staying small is not just because it sounds nice," Kothari said. In fact, in an interview with Notion's COO Akshay Kothari on Friday, the head operator told Business Insider the startup's small team, which now numbers 25 in total, had been a key to its success. Notion's ethos since its inception over six years ago has been to grow its product, and its team, thoughtfully. Doubly so, that the company was raising a relatively modest $10 million (in what it calls an "angel round") at a relatively high valuation of $800 million. That's why when The Information broke the news this week that Notion - an "all-in-one workplace" that acts as a replacement for documents, wikis, and other task management tools - was raising a new funding round, it came as something of a surprise. "It's more about helping us focus on product and less on meetings." "W e're not anti-VC," Zhao said at the time. In fact, in February, Notion CEO Ivan Zhao told Business Insider that the company decided against listing its new office address on Google Maps so that perspective VCs wouldn't come knocking - something that happened regularly at its previous workplace.
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It has to do with the financial structure of the company, as well as a desire to give three individuals who have been "remarkably helpful" to Notion the opportunity to invest, says its COO.įor the buzzy enterprise startup Notion, one of the trickiest parts of running its high-growth, profitable business has been how to politely avoid coffee meetings with would-be investors. Here's why Notion - which has been obsessive over staying lean and growing intentionally - decided to raise right now.That's why it came as a surprise that Notion recently raised a $10 million "angel round" at an $800 million valuation."We're not anti-VC," Notion CEO Ivan Zhao told Business Insider in February.
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For the buzzy enterprise startup Notion, one of the trickiest parts of running its profitable, high-growth business has been politely turning down meetings with would-be investors.