Facts
- HQ
- Seattle
- Sectors
- Venture Capital and Private Equity Principals
- Founded
- 2008
- Employees
- 10
- Last fund
- Founders' Co-op IV, LP · $25M · 2017 SEC Form D
- Funds raised
- 1 fund SEC Form D filings
- Total capital
- $25M SEC Form D filings
Spice AI raises $1M pre-seed led by Madrona; Nat Friedman and Mark Russinovich invest
Spice AI, a Seattle startup founded by former Microsoft Azure engineers Luke Kim and Phillip LeBlanc, launched an open-source project to help developers build real-time learning AI apps and raised a $1 million pre-seed led by Madrona with investments from GitHub CEO Nat Friedman and Microsoft Azure CTO Mark Russinovich. The company has no paying customers yet but is backed by several VCs and positions itself to simplify creating intelligent applications.
Microsoft acquires Seattle OKR startup Ally to integrate into Microsoft Viva; terms undisclosed
Microsoft has acquired Seattle-based OKR startup Ally, founded three years ago, to integrate its goal-tracking capabilities into Microsoft Viva and other products; financial terms were not disclosed.
Relevvo raises $1.5M seed to power personalized B2B sales messaging from Microsoft and LinkedIn veterans
Seattle startup Relevvo, founded by veterans from Microsoft, LinkedIn and other firms, raised a $1.5 million seed round to sell a B2B ‘relevance engine’ that delivers personalized sales messaging at scale to replace ‘spray and pray’ outreach. The seven-person company counts customers like iSpot, Esper, Hiya and CourseKey and was founded by Aashish Dhamdhere and Tushar Shanbhag.
Remitly IPO Marks End of 10-Year Journey for Seed Investor Who Led Early Round and Served on Board
Investor and VC recounts Remitly’s IPO, celebrating the Seattle fintech’s public debut after a decade since he led its Seed round and served on the board, praising the founders’ methodical approach and noting the milestone’s importance to his investing career.
Investors Pour Billions into Climate Tech as E8 Expands and Sector Raises $14.2B by Midyear
A wide range of investors — from tech employees to former VCs and concerned parents — are increasingly funding climate-tech startups, driving a sharp rise in capital flows after years of stagnation. By midyear, climate tech companies raised $14.2 billion globally, supported by growing networks like Seattle’s E8 and large climate-focused funds from private equity and venture firms.
RapL Raises $2.2M to Scale Mobile AI Microlearning Used by Toyota, Casio and Shell
Seattle startup RapL raised $2.2 million to grow its mobile-focused, AI-driven microlearning platform used by companies including Toyota, Casio and Shell to upskill employees with bite-sized, gamified training.
LevelTen Energy raises $35M Series C led by NGP Energy Capital with Google participating, total funding $62.3M
Seattle-based LevelTen Energy raised $35 million in a Series C led by NGP Energy Capital with participation from Google, bringing total funding to $62.3 million as demand for renewable power and related marketplaces grows. The company operates marketplaces for power purchase agreements, physical project transactions, and tracking renewable energy agreements, and says it has facilitated over $5 billion in transactions.
AdaptX (formerly MDMetrix) raises $6M Series A led by Vulcan Capital to expand AI-driven healthcare data platform
AdaptX, formerly MDMetrix, raised $6 million in a Series A led by Vulcan Capital to expand its AI-driven platform that extracts insights from electronic medical records to improve clinical, financial and equity outcomes. The Seattle startup, founded by anesthesiologist Dr. Dan Low, has raised over $11 million total, employs about 20 people, and will use proceeds for hiring and product development.
Seattle startups raise record $3.1B in H1 2021, producing 12 local unicorns as Auth0 exits for $6.5B
Seattle-area startups raised a record $3.1 billion across 205 deals in H1 2021, driven by mega-rounds that produced at least 12 local unicorns and broader Pacific Northwest tech funding topping $5 billion. National VC activity and IPO/M&A dollar volumes are also surpassing prior records, with major exits like Auth0’s $6.5 billion acquisition by Okta highlighting regional maturation.
Ganaz raises $7M Series A led by Trilogy Equity to expand ag workforce software and launch Mastercard Payroll Card
Seattle-based Ganaz raised $7 million in a Series A led by Trilogy Equity to expand its workforce-management and emerging financial tools for the agricultural sector, serving over 175,000 workers and 75 employers across the U.S. and Mexico. The company plans to roll out a Mastercard Payroll Card to digitize pay and paperwork, expand into eight Latin American countries this year, and grow headcount by 30+.
Logixboard raises $13M Series A led by Redpoint to scale freight-forwarding visibility software
Seattle startup Logixboard, founded in 2017 by brothers Julian and Juan Alvarez, raised $13 million in a Series A to expand its freight-forwarding customer engagement and shipment-visibility software. Redpoint Ventures led the round, bringing the company’s total funding to $18.8 million as it capitalizes on pandemic-driven demand for shipping visibility.
Venture Out launches $1,499 Moonlighter Lab to help full-time workers validate startups while keeping day jobs
Seattle nonprofit Venture Out launched Moonlighter Lab, an 8-week program that charges $1,499 to help full-time workers validate startup ideas while keeping their day jobs; some participants from the January cohort later quit to pursue startups. Venture Out, co-founded by Sean Sternbach and Ken Horenstein, previously ran a 12-week Venture Lab exchanging 4% equity and raised $700,000 last year led by M12.
Coinbase IPO Soars to $85 Billion, Nets Windfalls for Early Backers Including Version One Ventures
Coinbase’s IPO pushed its valuation to $85 billion and delivered major returns to early investors like Version One Ventures, which made a highly profitable bet years ago. The article examines how Seattle and Pacific Northwest investors view crypto and blockchain as the region seeks to grow its fintech presence amid emerging local startups and initiatives.
Dendron raises $2M seed to scale IDE-style open-source note tool, founded by ex-AWS engineers Kevin Lin and Kiran Pathakota
Seattle-based open-source note-taking startup Dendron raised $2 million in seed funding to scale a tool that applies IDE-style structure to managing large personal and institutional information, founded by ex-AWS engineer Kevin Lin and former Amazon TPM Kiran Pathakota.
Spot, founded by former Outreach executives Gordon Hempton and Wes Hather, raises $1.7M to build ‘Sims for the enterprise’ virtual offices
Spot, a year-old Seattle startup founded by former Outreach co-founders Gordon Hempton and Wes Hather, has raised $1.7 million to build virtual office software described as “The Sims for the Enterprise.” The seven-person company, currently in closed beta, has created hundreds of virtual worlds for events and HQs and competes with platforms like Gather, Teamflow, Virbela and Branch amid continued remote and hybrid work tailwinds.
Shelf Engine raises $41M to expand forecasting and scan-based ordering for Kroger, Walmart; serves 2,000 stores
Shelf Engine raised $41 million to expand its order-forecasting and automation platform used by grocers like Kroger and Walmart to reduce waste and trim costs; the company now serves about 2,000 stores and reported 15x revenue growth last year.
Heard raises $1.3M seed to help mental‑health clinicians manage bookkeeping, taxes and payroll
Seattle startup Heard, which builds bookkeeping, tax and payroll software for mental-health clinicians running private practices, raised $1.3 million in seed funding to address growing pandemic-driven demand for practice management tools.
Seattle VCs Report 28% Women in Senior Roles, Nearly Double U.S. Average of 14.2%
Seattle-area venture capital firms have nearly double the national share of women in senior roles (28% vs. 14.2%), with 25 women among 88 partners across 21 Washington firms, though overall parity remains distant and 61% of U.S. VC firms still have no women in key decision-making roles.
Founders’ Co-op’s Chris DeVore skips Auth0 seed due to competing investment, joins 2015 Series A and profits from Okta’s $6.5B acquisition
Seattle VC Chris DeVore of Founders’ Co-op missed Auth0’s 2014 seed because the firm already backed competitor Meldium, which was acquired in 2014 for $15 million; after that exit he joined Auth0’s $6.9M Series A in 2015 and saw the company acquired by Okta for $6.5B. DeVore says avoiding portfolio overlap is key and expresses gratitude to Auth0’s founders for allowing Founders’ Co-op to participate.
Pioneer Square Labs raises $100M Fund II to back 30+ Pacific Northwest startups with $1–3M initial checks
Seattle-based Pioneer Square Labs raised $100 million for its second venture fund, exceeding its $80 million target due to strong institutional demand, and will invest across more than 30 early-stage Pacific Northwest companies with initial checks of $1–3 million. The firm operates a startup studio (raised $29 million) and a venture fund model that splits capital roughly half to studio spinouts and half to external startups.
Jungle Scout raises $110M and acquires Seattle Amazon-ad startup Downstream, adding its 11-person team
Jungle Scout, an Austin-based company serving Amazon sellers, raised $110 million and announced the acquisition of Seattle startup Downstream, which provides Amazon advertising recommendations and will join Jungle Scout with its 11-person team; terms were not disclosed. Downstream, founded in late 2017, has 5,000 customers, >200% year-over-year revenue growth, and has raised $5 million from multiple investors.
Founders’ Co-op closes $50M Fund V to back pre-seed and seed Pacific Northwest startups
Founders’ Co-op announced the close of its fifth fund, a $50M largest-to-date vehicle focused on pre-seed and seed investments in Pacific Northwest technical founding teams, highlighting the region's growth since 2008 and the firm's track record with over 200 portfolio companies.
Founders’ Co-op raises $50M fifth fund to back 20–25 Pacific Northwest early-stage startups
Seattle venture firm Founders’ Co-op raised a $50 million fifth fund, its largest to date, to invest in 20–25 early-stage startups across the Pacific Northwest. The larger fund reflects growing deal sizes and outside LP interest as the region sees record startup funding and more unicorns.
Ally raises $50M Series C led by Green Oaks, Tiger Global and Madrona as remote work fuels demand
Seattle startup Ally raised $50 million in a Series C led by Green Oaks Capital, Tiger Global and Madrona, bringing total funding to $76 million as remote work drove demand for its OKR goal-tracking software that tripled revenue in 2020.
Madrona pauses Create33 co-working space, shifts to free virtual membership after COVID-19 forces closure
Madrona’s Create33, a Seattle founder center launched in July 2018, has closed its co-working space and is converting to a free virtual membership program after pandemic-related event cancellations and lost rental revenue; key staff including executive director Rebecca Lovell have departed.
Fund History
People
See all 5-
Aviel Ginzburg Founder, Co-founder and General Partner
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Chris DeVore Founder, Founder and Founding Managing Partner, Former Techstars Seattle Managing Director
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Tarun Vashisth Founder, Co-founder
