Madrona Venture Group has been a pillar of the Seattle and Northwestern US startup ecosystem for years and looks to continue this legacy in the future.
In a filing with the SEC, the company announced its eighth venture capital fund, raising $ 320 million. It increased slightly from the company's last two funds, both of which amounted to $ 300 million worth of vehicles. The deposit comes about a year and a half after the company's last fundraiser for its seventh fund. That slight increase in size is a different choice from many other venture capital firms these days, which have been scaling up their funds in search of larger, later-stage deals.
Madrona has been a hiring spree in recent years. He picked up Steve Singh, former Docker startup CEO, acting as CEO earlier this year, and also promoted Hope Cochran as first female CEO in 2019. She joined the company in 2016 as a venture partner and was formerly CFO of mobile gaming giant King Digital and telecom provider Clearwire. The company has also hired several hands of experienced firms to complement its service portfolio, including Katie Drucker and Mark Britton.
The company is perhaps best known for its corporate betting and has been in tears this year writing checks. Among the companies in which he has invested are Sila, which offers programmable banking infrastructure and Madrona brought in a $ 7.7 million seed; Temporal, where Madrona joined an $ 18.75 million Series A round led by Sequoia; and Stratify, an automated budgeting startup in which the company led a $ 4.9 million seed.
Last year, the company raised a $ 100 million acceleration fund that was designed to accept minority stakes in the Series B and Series C growth rounds. No word on where that fund resides. growth or whether the company will further double that strategy in the future.
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