Madrona Venture Group, a USA-based Venture Capital firm announced on 30th December 2020 that it had raised more than US$ 500 million new investment. This is the firm’s largest effort to fundraise and that it will be used to bankroll both early and later-stage startups.
It has raised US$ 345 million for its eighth fund, and the capital will be invested in 35 to 40 Pacific Northwest tech startups over the coming years. They have also raised US$ 161 million for its second “Acceleration Fund,” which was designed for more mature companies across North America.
The venture capital firm will look forward to making investments ranging from US$ 500,000 to US$ 8 million out of the 8th core fund and US$ 8 to US$ 12 million from its second acceleration fund.
Madrona has been on a hiring spree in the last few years. Steve Singh, the former CEO of enterprise startup Docker was picked up as a managing director earlier in 2020, and also Hope Cochran was promoted as its first female managing director in 2019, who was formerly the CFO of mobile gaming giant King Digital and telecom services provider Clearwire.
Madrona had raised US$ 300 million 7th fund in 2018 and also a US$ 100 million in 2019 for its inaugural acceleration fund. The firm has been growing steadily in the Pacific Northwest tech ecosystem, as well as getting returns from investments in companies like Accolade, Redfin, Snowflake, Heptio, Xnor.ai, Lattice Data, etc.
What Madrona has to say
“It highlights just how much recognition there is that Seattle is a place to birth companies and to start companies, but also a ‘Seattle mindset’ in terms of helping build companies at any stage,” said Madrona’s Managing Director Matt McIlwain.
“While it is increasingly possible for companies to be built anywhere, few places have access to talent, understanding of market problems and the ability to build emerging solutions like greater Seattle,” he also added.
About Madrona
Founded in 1995 by C and Tom Alberg, Madrona primarily invests in companies when they are in their early-stage, and has often invested again before the startup’s acquisition or an IPO of stock. More than 90% of funding made out of its 7th fund were aimed toward seed and Series A rounds. The latest funding brings the total funds under its management to more than US$ 2 billion.
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