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Seattle - based Madrona Ventures is celebrating its 30 year in business enterprise by set up $ 770 million in fresh chapiter . This is the firm ’s largest fundraise to appointment , pass $ 690 million across two funds Madrona closed in 2022 .
While an 11 % capital puddle upsize may not seem pregnant , any increase at a time when many venture outfits areforced to reducetheir store haulage is a sign that limited partners are emotional about the firm ’s prospects and late track record .
Madrona ’s managing manager , Matt McIlwain , told TechCrunch that it helped that last year — in a market where departure were few and far between — the firm sold a few portfolio companies and distributed capital to its investor . The business firm ’s recent exits include Lexion , which sell to Docusign for$165 million , and Octo AI , which Nvidia develop for a reported $ 250 million .
“ The LP community is generally concerned about distributions , ” McIlwain say . “ I think we stood out as a house that had done really well on that front , not just this past twelvemonth , but over many years . ”
Madrona originate as a group of “ super backer ” who write a check to an online bookseller , Amazon , in 1995 . The house has since evolved into a multi - stage investor that has backed companies like Redfin , Smartsheet , Snowflake , and , more recently , AI startups Typeface and Runway .
Although Madrona undoubtedly benefited from being the big VC firm in the same geographical positioning as Amazon and Microsoft , it decided to venture beyond Seattle by opening an office in Silicon Valley in 2022 .
McIlwain enjoin that the fresh capital will be used to clothe in AI applications in knowledge domain range from travelling to living sciences , as well as in substructure party that “ can remove rubbing ” between foundational modelling and users . The firm will back about 30 pre - seed , seed , and Series A startups from its approximately $ 490 million early - phase fund , and the remain cap will go toward 12 companies lift their Series B or Series C.
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As Madrona enters its fourth decade , it is extremely affirmative about what ’s ahead in 2025 . McIlwain key out the current conditions as a “ risk - on mind-set ” that will facilitate foster entrepreneurship and create economic value .
