Madrona, the largest venture firm in the Pacific Northwest, raised $770 million for two new funds as the longtime Seattle-based investor looks to back a new batch of tech startups.
Despite a slowdown in the venture capital sector and an IPO drought, Madrona Managing Director Matt McIlwain said the fundraising process went smoothly.
The new fund, the firm’s tenth, is up from Madrona’s $690 million fund in 2022, and its $345 million fund in 2020. It is split between two investing vehicles: a traditional fund for early stage startups (about 60% of the $770 million), and an “acceleration fund” for more mature companies, including those that Madrona may have missed out on.
Madrona expects to invest in about 30 companies at the pre-seed, seed, or Series A stage from the new funds, and about 12 at the Series B stage and beyond.