Facts
- HQ
- Madrona
- Sectors
- Financial Services
- Founded
- 1995
- Employees
- 135
- Stage
- Seed
- Last fund
- MADRONA VENTURE FUND X, L.P. · $489.6M · 2025 SEC Form D
- Funds raised
- 10 funds SEC Form D filings
- Total capital
- $1.7B SEC Form D filings
Bain Capital and Crosspoint Capital to buy Seattle cybersecurity firm ExtraHop for $900 million; founders stay
Private equity firms Bain Capital and Crosspoint Capital will acquire Seattle cybersecurity startup ExtraHop for $900 million; the 14-year-old company, with about 1,000 customers and 500+ employees, reported $100 million ARR and expects 40% growth this year. Founders and current leaders will remain, the deal aims to accelerate growth and is expected to close this summer.
TerraClear Raises $25M to Advance AI-Powered Rock-Picking Farm Technology with Fully Autonomous Version in Development
TerraClear, an ag tech startup founded by Brent Frei, has raised $25 million to advance its AI-powered rock-picking technology that helps farmers clear rocks from their fields efficiently. The company’s robotic Rock Picker can handle rocks up to 300 pounds, working with minimal soil disturbance, and is currently on its 14th prototype.
Madrona Venture Group’s Steve Singh Details Six Post-COVID Tech Trends and Reasons for Hope on GeekWire Podcast
Steve Singh, managing director of Madrona Venture Group and former CEO of Docker and Concur, joined GeekWire to discuss reasons for hope and six technology trends to watch as the Pacific Northwest emerges from the pandemic, in a special episode tied to the 2021 virtual GeekWire Awards.
Madrona's Steve Singh on 6 tech trends to watch post-COVID
The 2021 virtual GeekWire Awards were held this week, recognizing the top companies, innovators, entrepreneurs and technologies in the Pacific Northwest, as nominated and chosen by the GeekWire community — along with celebrity cameos. On this special episode of the GeekWire Podcast, we’re featuring highlights from a behind-the-scenes conversation with former Docker and Concur CEO Steve Singh, managing director of Madrona Venture Group, which was hosted for finalists in advance of the awards by GeekWire co-founder John Cook. See omnystudio.com/listener for privacy information.
Esper raises $30M Series B led by Scale Venture Partners to expand DevOps platform for Android IoT fleets
Seattle-based Esper raised $30 million in a Series B led by Scale Venture Partners to expand its DevOps platform for managing fleets of company-owned Android IoT devices; the 100-person startup says revenue, customers and device installs surged in 2020. Total funding to date is $40.6 million and Esper targets industries using point-of-sale tablets, connected fitness gear and kiosks.
Madrona Venture Labs raises $8M and turns investors like Spencer Rascoff into co‑founders of spinouts
Madrona Venture Labs has raised $8 million for its fourth fund and introduced a model that makes investors — including Spencer Rascoff, Julie Larson-Green and Elena Donio — co-founders, board members, and advisors of its spinouts to attract talent and accelerate startup formation. Founded in 2014, the Seattle-based studio has spun out more than a dozen companies, including recent spinouts Zeitworks, Simplata, and Stratify.
TwinStrand Biosciences, led by Jesse Salk, raises $50M Series B from Section 32 to scale ultra-accurate gene-sequencing
TwinStrand Biosciences, co-founded and led by Jesse Salk, raised $50 million in a Series B led by Section 32 to expand its high-accuracy gene-sequencing technology for detecting rare mutations with applications in cancer detection, therapy monitoring, and safety testing.
GeekWire Names Common Room, Ozette, SeekOut, Shelf Engine and Strike Graph as 2024 Startup of the Year Finalists; Voting Open
GeekWire has announced five finalists for Startup of the Year — Common Room, Ozette, SeekOut, Shelf Engine, and Strike Graph — highlighting Seattle and Pacific Northwest entrepreneurship; community voting runs through April 30 and winners will be revealed May 20 at the virtual GeekWire Awards.
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.
Doorstead raises $12.5M Series A led by Madrona to expand guaranteed-rent property management
Doorstead, a San Francisco property-management startup founded by former Uber employees Ryan Waliany and Jennifer Bronzo, raised a $12.5 million Series A led by Madrona Venture Group to scale its guaranteed-rent service. The two-year-old company manages 300+ Bay Area properties, recently expanded to Los Angeles and Orange County, and charges ~8% management plus placement fees while guaranteeing owners upfront rent.
PlexTrac raises $10M Series A led by Madrona Venture Group and Noro-Moseley Partners; total funding $11M
Boise-based cybersecurity startup PlexTrac raised a $10 million Series A led by Madrona Venture Group and Noro-Moseley Partners, bringing total funding to $11 million. Its platform unifies red and blue teams to streamline penetration testing, reporting and remediation workflows for security teams.
Former Facebook Seattle Chief Vijaye Raji launches Statsig to bring feature-testing tools to developers
Vijaye Raji, a former Facebook engineering leader, founded Seattle-area startup Statsig to provide feature-testing and analytics tools (like feature gates and metric maps) to developers, with usage-based pricing and a free tier. The company hopes to democratize internal tools Facebook used, has competitors, disclosed no funding but attracted endorsement from investor S. 'Soma' Somasegar.
Common Room exits stealth with $52M in funding to monetize community engagement for enterprises
Seattle startup Common Room exited stealth after one year, announcing $52 million in total funding and enterprise customers testing its community-management software. The company integrates signals from platforms like Slack, Twitter and Discord to help companies grow user engagement and advocacy.
Madrona partner Daniel Li leaves to co-found Plus with Chloe Qi; Plus raises $5.5M seed led by Madrona
Daniel Li is leaving Madrona Venture Group to co-found Plus with Chloe Qi; the startup raised a $5.5 million seed round led by Madrona to build a no-code/low-code, multiplayer productivity product for sharing live data.
Seahawks Linebacker Bobby Wagner Joins Fuse Venture Partners as Venture Partner, Investing in Early-Stage Seattle Startups
Seattle Seahawks linebacker Bobby Wagner is a venture partner at Fuse Venture Partners, investing in early-stage Seattle startups while applying negotiation and leadership lessons from his NFL career; he discussed these topics and his angel investments on GeekWire Studios' podcast 2025: Tomorrow, Today.
Rec Room raises $100M, becomes $1.25B Seattle unicorn after pandemic-fueled 566% revenue surge
Seattle-based social gaming startup Rec Room raised $100 million at a $1.25 billion valuation after explosive growth during the COVID-19 pandemic, driven by 15 million lifetime users and a 566% year-over-year revenue increase. The five-year-old company offers cross-platform tools for creating virtual rooms and games, has over 2 million creators, isn’t yet profitable, and plans an Android launch later this year.
Clearbrief raises $1.2M from Sequoia, Madrona and Avvo founder to commercialize AI legal-writing tool
Seattle startup Clearbrief raised $1.2 million from investors including Sequoia Capital, Madrona Venture Group and Avvo founder Mark Britton to commercialize AI-powered legal writing software that checks sentences against supporting evidence and integrates with Microsoft Word and the cloud.
OctoML raises $28M Series B to speed ML deployment across phones, cars and cloud; backed by Apache TVM creators
Seattle startup OctoML, a University of Washington spinout led by CEO Luis Ceze, raised $28 million in Series B funding to help companies deploy and optimize machine-learning models across diverse hardware. The team — creators of Apache TVM — counts partners like Qualcomm, Microsoft and AMD, has ~1,000 early Octomizer sign-ups, 45 employees and plans >50% headcount growth this year.
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.
Echodyne’s tablet-sized radars enable autonomous AiRanger drone to complete 14.5-mile NASA pipeline test; Gates is an investor
NASA tests with an AiRanger drone and Echodyne’s compact flat‑panel radars demonstrated autonomous detect-and-avoid capability over a 14.5-mile pipeline inspection, showing the potential for drones to operate in crowded airspace. Echodyne, backed by investors including Bill Gates, says regulatory clarity from the FAA is needed before commercial deployment scales.
The Future of Femtech
This week we're presenting a new episode of the GeekWire podcast 2025: Tomorrow, Today featuring a discussion with Julie Sandler of Pioneer Square Labs. It's one in a series of conversations with technology investors on the 2025 podcast. Find more episodes at geekwire.com/2025podcast. We'll be back next week with our regular weekly show. See omnystudio.com/listener for privacy information.
SeekOut raises $65M Series B led by Tiger Global at nearly $500M valuation after 10x ARR growth
Seattle recruiting startup SeekOut raised $65 million in a Series B led by Tiger Global at a near-$500M valuation to expand its Talent 360 recruiting software, after growing ARR 10x in 21 months and remaining profitable.
Madrona hires John Torrey as first partner outside Pacific Northwest, expands Acceleration Fund investing to Texas and Utah
Seattle-based Madrona Venture Group hired John Torrey, its first investment partner based outside the Pacific Northwest, to help source and support Acceleration Fund investments from Texas and Utah as the firm expands geographically. Madrona also raised $161 million for its Acceleration Fund II and hired Katie Chiupka as manager of business development and partnerships.
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.
Madrona’s Dan Li: Niche, Creator-Driven Communities Like Roblox ($30B) and Clubhouse (~$1B) Are Rising
Madrona partner Dan Li says niche, user-populated online communities — exemplified by Roblox (valued at $30B) and Clubhouse (about $1B) — are growing more important as creators produce sticky, original content, a trend accelerated by the pandemic. He discussed these themes on GeekWire Studios’ podcast 2025: Tomorrow, Today, hosted by John Cook and Jordon Voss.
Fund History
People
See all 15-
Bill Ruckelshaus Founder, Founder and Strategic Director
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Paul Goodrich Founder
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Steve Singh Founder, Co-founder of Concur and Managing Director
