At a Glance
Notation Capital has carved out a distinctive position in New York's venture ecosystem since its 2014 founding by Alex Lines and Nick Chirls, two former entrepreneurs who transitioned into investing with a focus on capital-efficient software companies. The Brooklyn-based firm manages over $50 million in assets under management and has built a reputation for backing technical founders at the earliest stages of company formation. Lines and Chirls brought operational experience to their investment approach, having previously built and sold their own startups before establishing Notation Capital. The firm's investment strategy centers on pre-seed and seed-stage companies, typically writing initial checks ranging from $250,000 to $1 million into B2B and B2C software businesses. Notation Capital has demonstrated particular expertise in identifying marketplace dynamics and enterprise software opportunities, often investing before traditional metrics like product-market fit are clearly established. Their portfolio includes companies across various software verticals, with notable investments spanning enterprise SaaS platforms, consumer marketplaces, and developer tools. The firm's approach emphasizes working closely with technical co-founders who are solving problems they understand intimately, often backing teams that have domain expertise in their target markets. Notation Capital's relatively small fund size allows for concentrated bets on high-conviction opportunities, enabling the partners to maintain close relationships with portfolio companies throughout their growth trajectories. The firm has participated in several successful exits, though specific return multiples remain private. Their investment philosophy reflects the founders' belief that exceptional software businesses can be built with relatively modest initial capital when founders have clear vision and strong execution capabilities. Unlike larger institutional funds, Notation Capital can move quickly on investment decisions and often serves as the first institutional investor in promising startups. The firm's location in Brooklyn rather than Manhattan reflects their preference for working with founders who prioritize building sustainable businesses over chasing Silicon Valley-style growth metrics. This positioning has helped Notation Capital develop deal flow from technical founders who appreciate working with investors who understand the challenges of early-stage company building from personal experience.
“We invest in exceptional founders building capital-efficient software companies with strong unit economics and clear paths to profitability.”
Alex Lines and Nick Chirls co-founded Notation Capital after successful entrepreneurial careers that included building and selling their own startups. Lines brings operational experience from the enterprise software sector, while Chirls has a background in consumer-facing technology products. Both partners maintain active involvement in the New York startup ecosystem and are known for their hands-on approach to working with portfolio companies. Their complementary skills allow Notation Capital to evaluate opportunities across both B2B and B2C software categories, with each partner bringing domain expertise that helps them identify promising early-stage investments.
Notation Capital has raised multiple funds since its 2014 inception, maintaining a consistent strategy focused on early-stage software investments. The firm's fund sizes have remained relatively modest compared to larger institutional venture funds, reflecting their preference for concentrated portfolios and close founder relationships. Specific fund performance metrics have not been publicly disclosed, though the firm has participated in several portfolio company exits and follow-on funding rounds that suggest positive investment outcomes.
Notation Capital primarily invests at the Pre-Seed, Seed stages. This means they focus on companies that are at the earliest idea or prototype phase.
Notation Capital is headquartered in Brooklyn, NY. Many of their portfolio companies are also based in this region, though they invest across geographies.
Notation Capital focuses on investments in SaaS, Enterprise, Consumer, Marketplace. Their portfolio reflects deep expertise and networks within these sectors.
Notation Capital's typical investment check size ranges from $250K to $2M. Actual amounts may vary based on the stage, sector, and specific opportunity.
Notation Capital manages approximately $50M+ in assets under management (AUM) across their funds.
