Madrona, a venture capital firm based in Seattle, has raised $690 million across two oversubscribed funds for technology startups based in the Pacific Northwest and beyond.
Madrona said its new funds — $430 million Madrona Fund 9 and $260 million Acceleration Fund 3 — represent an almost 40 percent increase from the $500 million Madrona raised in 2020.
Madrona said it will initially invest in technology startups at pre-seed through Series C stages.
Madrona Fund 9 will focus on its enduring strategy of supporting Pacific Northwest-based pre-seed, seed, and Series A founders to help them build and scale throughout their company journey. Over 80 percent of Madrona’s core fund portfolio companies are based in the Pacific Northwest. Current investment themes include modern data stack and DevOps, intelligent applications, fintech, Web3, and the intersections of life and computer/data sciences.
Madrona Acceleration Fund 3 will focus on investing in teams that have found product-market fit — generally at the Series B or C stage — and are at a growth inflection point. About half of Madrona’s Acceleration Fund companies are in major tech centers across the country — Silicon Valley, New York City and Salt Lake City, to name a few.