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- Notion
Notion Revenue, Valuation, Funding & Investors
Notion is valued at $11B as of December 2025, a 18.3x multiple on its last reported $600M revenue.
Last Notion valuation
$11B
Secondary · Dec 2025
Last Notion funding round
$275M
Series C · Oct 2021
Notion revenue
$600M
Secondary · Dec 2025
Key investors in Notion
Sequoia Capital
Index Ventures
First Round Capital
Felicis
Coatue
ICONIQ Capital
About Notion
Notion is a San Francisco-headquartered productivity platform founded in 2016 that integrates note-taking, databases, task management, and wikis into customizable workspaces. It supports templates for CRM, project tracking, and content calendars, with integrations to Slack, Google Calendar, and GitHub, plus AI features for text generation and summarization serving millions of users worldwide.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$600M (Dec 2025)
Valuation
$11B (Dec 2025)
Notion Valuation
Notion is currently valued at $11B, based on its secondary sale in December 2025.
The round included Index Ventures, GIC and Sequoia Capital.
Notion's valuation has grown 14x from $800M at its Series A in July 2019 to $11B in December 2025, across 4 priced rounds.
Notion valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Dec 2025 | Secondary | $11B | 18.3x |
| Oct 2021 | Series C | $10B | 68.5x |
| Apr 2020 | Series B | $2B | 66.7x |
| Jul 2019 | Series A | $800M | - |
Notion Revenue
Notion's latest recorded revenue is $600M, as of its secondary sale in December 2025. At a $11B valuation, that implies a 18.3x revenue multiple.
Revenue grew from $30M in April 2020 to $600M in December 2025, while the revenue multiple moved from 66.7x to 18.3x.
Notion revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $600M | $11B | 18.3x | Secondary |
| Oct 2021 | $150M | $10B | 68.5x | Series C |
| Apr 2020 | $30M | $2B | 66.7x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Notion Funding History
Notion has raised a total of $343M across 3 funding rounds, plus 1 secondary share sale.
Notion's first fundraising round was a $18M Series A in July 2019. The most recent completed round was a $275M Series C in October 2021.
Notion funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Secondary | Index Ventures; GIC; Sequoia Capital | - | $11B | Notion is a San Francisco-based all-in-one AI workspace platform that integrates note-taking, databases, and project management tools. GIC, alongside existing investors Sequoia Capital and Index Ventures, participated in a private tender offer purchasing shares directly from current and former Notion employees for a total of $270 million at an $11 billion valuation. The transaction provided liquidity to employees, with Notion waiving the one-year vesting cliff on options to enable broad participation. In 2025, Notion experienced accelerated growth driven by AI adoption, with more than 50% of its ARR derived from AI-enabled customers by year-end, a figure that more than doubled over the prior year. This growth was particularly strong in the Asia-Pacific region, prompting Notion to open a new office in Singapore alongside existing offices in Tokyo, Seoul, and Sydney. GIC's involvement aligns with Notion's APAC expansion strategy due to the fund's regional expertise and long-term investment approach. |
| Oct 2021 | Series C | Coatue (lead); Sequoia Capital (lead); Shine Capital | $275M | $10B | Notion, an all-in-one productivity platform combining notes, databases, wikis, tasks, and automations, raised $275 million in its Series C round in October 2021, led by Coatue Management and Sequoia Capital with participation from Base10 Partners, achieving a $10 billion post-money valuation. This marked a 5x increase from its prior $2 billion valuation in a $50 million round in April 2020. The company had raised approximately $344 million in total funding by that point, with early backers including Index Ventures and First Round Capital. The 2021 round occurred during a period of peak zero-interest-rate-policy froth, where Notion traded at extraordinarily high multiples ahead of its revenue growth, positioning it as one of the hottest product-led growth companies in tech. Post-round, Notion focused on execution amid rising interest rates and multiple compression, scaling its seat-based SaaS subscriptions across Plus, Business, and Enterprise plans while bundling AI features into higher tiers to drive average revenue per user and enterprise expansions. Notion's go-to-market blends product-led growth for individual users and small teams via community templates and word-of-mouth with dedicated enterprise sales for features like SSO, governance, and AI agents. By 2025, it reportedly reached $600M ARR, 100M+ users, 4M+ paying customers, and adoption by over 50% of Fortune 500 companies, achieving profitability with more cash than raised while growing into its 2021 valuation. |
| Apr 2020 | Series B | Index Ventures (lead); ICONIQ Capital; Octave; Verdure Capital Management; TGM ventures; Scott Belsky; Bossa Invest | $50M | $2B | Notion is a productivity and collaboration platform that offers a freemium subscription model with personal, team, and enterprise tiers. The company provides tools for note-taking, project management, databases, and knowledge management, with recent product evolution including AI agents and automation capabilities. In April 2020, Notion closed a Series B funding round led by Index Ventures that valued the company at $2 billion, representing a significant milestone in its growth trajectory. This valuation was achieved approximately 18 months after the company's Series A round, demonstrating strong investor confidence in the product-led growth model and market opportunity. By 2024, Notion had grown substantially to generate $400 million in annual revenue, and by September 2025, the company reached $500 million in annual recurring revenue, with continued expansion driven by enterprise adoption and AI feature monetization strategies that bundled AI capabilities into higher-priced tiers. |
| Jul 2019 | Series A | Daniel Gross; First Round Capital; Ling Wong; Next Play Ventures; Felicis; Lombardstreet Ventures; A.Capital Ventures; Offline Ventures; Section Partners; Lachy Groom; Elad Gil; Ram Shriram | $18M | $800M | Notion, a San Francisco-based productivity platform integrating note-taking, task management, and databases into a customizable workspace, raised $18.2 million in its Series A round in July 2019, matching the investors listed including A.Capital Ventures, First Round Capital, and others, to scale operations and enhance product features. This followed earlier seed rounds and preceded a $50 million Series B in April 2020 led by Index Ventures. Total funding across rounds reached approximately $343 million by 2021, though later rounds achieved $2 billion in 2020 and $10 billion in 2021. The company has grown significantly since, reaching over 100 million users and millions of paying customers by recent years, with strong enterprise adoption including over 50% of Fortune 500 companies. Post-2019, Notion's Series B valued it at $2 billion amid COVID-19 expansion, followed by a $275 million Series C at $10 billion in October 2021 led by Coatue and Sequoia, representing a 5x increase from Series B. In January 2026, a $270 million secondary tender offer valued Notion at $11 billion, with GIC joining as a new investor and existing backers like Sequoia and Index increasing stakes, proceeds going to employees. Growth has been driven by AI features, with over half of ARR from AI-enabled products by end-2025, accelerating adoption especially in Asia-Pacific where Notion expanded offices in Singapore, Tokyo, Seoul, and Sydney. Financial traction post-2019 shows revenue growing from around $3 million in 2019 to $31 million by 2021 during hypergrowth, reaching implied high hundreds of millions in ARR by 2026 at 18x multiples in the tender offer, positioning for a potential late-2026 IPO at $15-20 billion market cap. Notion remains profitable with cash reserves exceeding raised capital, focusing on AI-driven products like custom agents and enterprise workflows amid competition from tools like Google Drive and Microsoft Office in the $41 billion collaboration market growing to $116 billion by 2030. |
Who has invested in Notion?
23 investors have backed Notion across its funding rounds, including Sequoia Capital, Index Ventures, First Round Capital, Felicis, Coatue and ICONIQ Capital.
Lead investors include Coatue, Sequoia Capital and Index Ventures.
Notion Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Apr 2020 | ||
| 2 | Lead | Oct 2021 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Apr 2020 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Jul 2019 | ||
| 1 | Participant | Dec 2025 | ||
This data is available for Pro users. Sign up to see all 23 Notion investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Notion
Notion has acquired 6 companies to date.
Last acquisition by Notion was on July 23rd 2026. Notion acquired Zero Entropy for undisclosed valuation.
Latest Acquisitions by Notion
| Description | Zero Entropy is a Danish engineering firm that manufactures expander hardware retrofitting expansion valves in large heat pumps and HVAC refrigeration systems. The Copenhagen-headquartered product recovers expansion energy to generate electricity, delivering 15 to 35 percent energy savings. Zero Entropy's drop-in expanders integrate with Copeland and Danfoss compressors used in commercial cooling. Founded in 2020, it targets European supermarkets and data centers with installations exceeding 500 kW capacity. | Skiff is a San Francisco-based provider of end-to-end encrypted collaboration tools featuring email, calendar, and document editing with decentralized storage. The platform enables real-time team editing while preventing data leaks through zero-knowledge architecture. Skiff integrates with blockchain for privacy-focused file sharing and activity auditing. Acquired by Notion in 2022, it serves remote teams prioritizing data sovereignty over traditional cloud services. | Flowdash is a Berlin-based no-code platform for building custom internal apps and workflows, automating claims processing, content moderation, and vendor onboarding. Its drag-and-drop interface connects to Airtable, Google Sheets, and Slack, enabling non-technical teams to create dashboards and approval chains. Flowdash serves mid-sized enterprises in Europe with SOC 2 compliance. | Cron is a calendar application designed for scheduling meetings across multiple time zones with support for Google, Apple, and Exchange accounts. The San Francisco-based tool features a dark mode interface, shared calendars, and automation for availability checks. Launched in 2020, Cron integrates with Slack and Zoom, enabling teams to book events without back-and-forth emails while handling daylight saving adjustments for global users. | |
| HQ Country | |||||
| HQ City | Copenhagen | San Francisco, CA | San Francisco, CA | San Francisco, CA | |
| Deal Date | 23 Jul 2026 | 9 Feb 2024 | 12 Jul 2022 | 9 Jun 2022 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Notion acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Notion Competitors
Notion competitors include listed companies like Dropbox, Box, Monday.com and Atlassian, and private ones like ClickUp and Gamma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.5B | $854M | $8.2B | 4.4x | ||
| Publicly listed | $1.2B | $124M | $4.8B | 4.3x | ||
| Private | $300M | - | $4B | 13.3x | ||
| Publicly listed | $1.2B | $8M | $3.8B | 2.1x | ||
| Publicly listed | $6.6B | $142M | $49B | 7.2x | ||
| Private | $100M | - | $2.1B | 21.0x |
Notion Public Comps
Notion is still privately-owned, but its public comps include iFlytek, Dropbox, UiPath, Kingsoft Office Software, Amdocs, NICE, RingCentral, Tata Communications, Box and Doximity.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4B | $465M | 3.7x | 3.4x | 31.7x | 40.6x | |||
| $2.5B | $854M | 4.4x | 4.4x | 12.9x | 9.4x | |||
| $1.6B | $70M | 3.7x | 3.5x | 85.8x | 13.7x | |||
| $884M | $307M | 17.1x | 15.0x | 49.3x | 48.1x | |||
| $4.5B | $922M | 1.6x | 1.5x | 7.9x | 6.0x | |||
| $2.9B | $849M | 2.1x | 1.9x | 7.1x | 6.3x | |||
| $2.5B | $339M | 3.0x | 2.9x | 22.1x | 10.5x | |||
| $2.6B | $494M | 2.5x | 2.4x | 13.2x | 12.2x | |||
This data is available for Pro users. Sign up to see all Notion competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Notion
| When was Notion founded? | Notion was founded in 2016. |
| Where is Notion headquartered? | Notion is headquartered in San Francisco, CA, United States. |
| Is Notion publicly listed? | No, Notion is a private, VC-backed company. |
| What is Notion's valuation? | Notion was last valued at $11B in its secondary sale in December 2025. |
| How much funding has Notion raised? | Notion has raised $343M across 3 funding rounds. |
| What was Notion's last funding round? | Notion's last funding round was a $275M Series C in October 2021, led by Coatue and Sequoia Capital. |
| Who are Notion's investors? | Notion's investors include Index Ventures, Sequoia Capital, Daniel Gross, ICONIQ Capital, Octave, First Round Capital, Verdure Capital Management, TGM ventures, Ling Wong, Next Play Ventures and 13 others. |
| What is Notion's revenue? | Notion's latest recorded revenue is $600M (December 2025). |
| What is Notion's revenue multiple? | Notion's latest valuation implies a 18.3x revenue multiple ($11B valuation on $600M of revenue). |
| Which companies are comparable to Notion? | Companies comparable to Notion include Dropbox, Box, ClickUp, Monday.com, Atlassian and Gamma. |
| How many companies has Notion acquired? | Notion has acquired 6 companies, including Zero Entropy, Skiff, Flowdash, Cron and Automate.io. |
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