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.