More Money For Seattle Startups: Madrona Raises $300M Fund

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, aQuantive,, More recent investments include dogsitting marketplace and location analytics company Placed.