This is a sample FirstPass report on Notion

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FirstPass · Due Diligence Report

Notion

Notion is an all-in-one workspace that combines notes, tasks, wikis, and databases into a single tool, serving individuals, startups, and enterprises looking to consolidate their productivity stack.

Sample Report

notion.so
San Francisco, CAFounded 2016Series CB2B / B2C SaaS

Investor-Readiness Score

9/ 10

What's strong: Notion has achieved massive product-led growth with 30M+ users, a $10B valuation at Series C, and strong enterprise adoption — rare for a productivity tool. What's holding the score back: Intense competition from Microsoft (Loop), Atlassian (Confluence), and Google has slowed enterprise deal velocity and raised questions about long-term defensibility.

Founding Team

I
Ivan ZhaoCo-founder & CEO

Studied cognitive science at UBC. Previously built iOS apps and worked on visual programming tools. Led Notion through 4 pivots before finding product-market fit.

S
Simon LastCo-founder & CTO

Met Ivan at a startup and co-founded Notion. Deep expertise in infrastructure and developer tooling. Led the technical rebuild that allowed Notion to scale to millions of users.

Business Model

Notion operates a freemium SaaS model where individual users get started for free, with paid plans unlocking collaboration features, version history, and API access. Enterprise contracts drive the majority of ARR through annual agreements with IT procurement teams.

Pricing:Freemium + SaaS subscription

Revenue streams:

Pro plan ($16/seat/mo)Business plan ($15/seat/mo)Enterprise (custom)Notion AI add-on ($10/mo)

Traction Signals

Funding History

  • •Seed — $2M (2018, various angels)
  • •Series A — $10M (2019, Index Ventures)
  • •Series B — $50M (2020, Sequoia, Coatue)
  • •Series C — $275M (2021, Sequoia) — $10B valuation

Customers & Revenue

30M+ registered users across 200+ countries. 50%+ of Fortune 500 companies use Notion. Estimated $200–250M ARR as of 2023 based on public signals.

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Competitive Landscape

Confluence
Coda
Microsoft Loop
Obsidian

Risk Flags

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