Seattle-based Madrona Venture Group just announced that it has raised a $300 million fifth fund.
This is the firm’s fifth fund, and its largest yet. The firm says it had planned to raise $250 million, but the fund was oversubscribed, with most of the money coming from existing investors.
The new fund will follow Madrona’s existing strategy of early-stage (seed and Series A) investing, with a focus on companies in the Northwest. In the press release, managing director Matt McIlwain argues that “early-stage venture capital is a local business.”
Madrona had planned to announce the funding Thursday, but Bloomberg got the news first.
The firm says it has nearly than $1 billion under management and that it has had 33 positive exits, including Amazon.com, aQuantive, Classmates.com, Farecast.com. More recent investments include dogsitting marketplace Rover.com and location analytics company Placed.
Madrona Venture Group has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests across the information technology spectrum, including consumer Internet, commercial software and services, digital media and advertising, networking and infrastructure, and wireless. Madrona currently manages nearly $1 billon and was an early investor in companies such as Amazon.com, Farecast, Isilon Systems, iConclude, and World...
Managing Director Matt McIlwain is particularly passionate about partnering with teams who are the â€œsoul of a company.â€ Together they identify the milestones needed to get to the next stage of company growth, and then he enjoys helping those teams achieve their milestones. His favorite part of the start-up process: celebrating the early customer wins and revenue. â€œEvery great founding team has terrific passion, energy and confidence at that moment!â€ ...