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
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.
TiE Seattle VC Panel: 2020 Ended with Record Startup Funding and SPAC Surge, Investors Expect Strong 2021
A TiE Seattle panel of four Seattle-area VCs said despite early pandemic layoffs and valuation fears, 2020 ended with record startup funding, VC capital raises, and strong exits, and they expect continued momentum in 2021 driven by SPAC activity and pandemic-driven innovation. Panelists highlighted increased founding activity, higher valuations, and pandemic-forced business improvements creating investor opportunities.
Highspot raises $200M Series E at $2.3B valuation, becoming Seattle’s newest unicorn
Highspot, a nine-year-old Seattle enterprise sales enablement startup, raised a $200 million Series E at a $2.3 billion valuation, becoming the city’s newest unicorn. The company says ARR grew 900% over three years and its platform uses AI to optimize sales conversations for customers like Hootsuite, Twitter, Siemens and Workday.
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.
Ozette, a Fred Hutch spinout incubated at AI2, raises $6M seed to scale AI immune-monitoring platform
Ozette, a Seattle biotech spun out of Fred Hutch and incubated at AI2, raised a $6 million seed round to scale its eight-person team and commercialize an AI-driven Immune Monitoring Platform that analyzes high-dimensional single-cell protein data, initially focused on cancer. The founders say the platform automates analysis of billions-to-trillions of protein-expression combinations and increases usable information from roughly 10% to 100% of study data.
Madison McIlwain, daughter of Madrona’s Matt McIlwain, becomes associate at Defy and pursues fashion, e-commerce investing
Madison McIlwain, daughter of Madrona Venture Group managing director Matt McIlwain, followed her father's path into venture capital and is now an associate at early-stage VC Defy, bringing interests in fashion, e-commerce and the consumer supply chain. The article profiles how growing up with dinner-table discussions about startups shaped her approach to investing and highlights Defy’s co-investments with Madrona in Seattle companies like Nautilus Biotechnology and WhyLabs.
Nuance acquires Seattle voice-assistant startup Saykara to bolster AI healthcare products; terms undisclosed
Nuance Communications has acquired Seattle startup Saykara, whose voice assistant Kara automatically documents doctor-patient conversations, to strengthen Nuance’s AI healthcare products; Saykara’s team including CEO Harjinder Sandhu will join Nuance R&D. Terms were not disclosed; Saykara had raised $10 million, employs about 30 people, and Sandhu previously sold a startup to Nuance and worked there.
Nautilus Biotechnology to go public via Arya Sciences Acquisition Corp III SPAC, raising $350M at $900M valuation
Nautilus Biotechnology, a Seattle proteomics startup led by Sujal Patel and Parag Mallick, will go public via a SPAC merger with Arya Sciences Acquisition Corp III, raising about $350 million and valuing the company at $900 million. The deal includes a $150 million SPAC component and a $200 million PIPE, expects to close in Q2, and the combined company will trade on Nasdaq as NAUT.
Tanium CEO Orion Hindawi Says Talk of Washington Tax Hikes Will Drive Businesses Away; Calls Seattle 'Freeze' 'Garbage'
Tanium CEO and co-founder Orion Hindawi, who moved his $9 billion company to Seattle, warned at a Washington tech event that talk of raising Washington state taxes—especially capital gains taxes—will deter businesses from relocating to the state and dismissed Seattle's 'freeze' reputation as 'complete garbage.'
Advancing Women in Product partners with Madrona Venture Group to expand female founder training and access to capital
Advancing Women in Product (AWIP), a nonprofit with over 16,000 members, is partnering with Seattle-based Madrona Venture Group and Madrona Venture Labs to expand training, mentoring, networking and help women launch startups, join boards and secure VC. AWIP founder and CEO Nancy Wang and Madrona managing director Hope Cochran say the collaboration aims to increase female leadership and diversify Madrona's portfolio across its roughly 80 companies.
Amperity Adds Ciara to Board to Lead Corporate Social Responsibility and Community Initiatives
Seattle-based customer data platform Amperity appointed Grammy-winning singer and entrepreneur Ciara to its board to lead corporate social responsibility efforts and advise on community initiatives.
Tanium raises $150 million from Ontario Teachers’ Pension Plan after HQ move to Kirkland, Wash.
Tanium, a cybersecurity firm that relocated its headquarters from Emeryville, Calif. to Kirkland, Wash., raised $150 million in common stock from the Ontario Teachers’ Pension Plan to fund growth and expand its Seattle-area engineering presence. The privately held company, co-founded by David and Orion Hindawi, reported over $430 million in revenue in 2019 and now employs about 1,500 people.
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.
WTIA selects 22 Washington seed-stage startups for six-month Founder Cohort to accelerate fundraising and growth
The Washington Technology Industry Association (WTIA) selected 22 Washington-headquartered, seed-stage tech startups for its six-month virtual Founder Cohort Program to help founders with fundraising, governance and customer development. The cohort is led by experienced founders and investors including Dave Parker, Susan Preston and Leslie Feinzaig and requires companies to have under $1M revenue and at least one product in development.
Mailchimp acquires Chatitive; CEO Andy Hollenbeck to lead conversational SMS at Mailchimp
Mailchimp has acquired Seattle SMS-marketing startup Chatitive, a Madrona Venture Labs spinout, integrating its team (fewer than 10 employees) and naming CEO Andy Hollenbeck head of conversational SMS; terms were not disclosed.
Pioneer Square Labs spins out 25 startups in five years; six launched during pandemic surge
Seattle startup studio Pioneer Square Labs (PSL) spun out 25 startups in five years — six during a six-month pandemic stretch — by rapidly testing ideas, though it has yet to produce a breakout unicorn and faces criticism over founder dilution.
Nautilus Biotechnology hires ex-Smartsheet, Isilon and GenapSys leaders as it scales proteome platform after $76M Series B
Nautilus Biotechnology, a stealthy startup co-founded by Sujal Patel and Parag Mallick, has hired three senior executives — Chris Blessington, Anna Mowry, and Subra Sankar — to expand its team and accelerate development of a platform to quantify the human proteome after a $76 million Series B.
Madrona Venture Group Raises $345M for 8th Fund and $161M for 2nd Later-Stage Fund in Largest Ever $500M Capital Raise
Madrona Venture Group raised over $500 million for its largest fundraise ever, including $345 million for an eighth early-stage fund targeting 35-40 Pacific Northwest startups and $161 million for a second later-stage Acceleration Fund. The firm continues to focus on supporting the Pacific Northwest tech ecosystem while also backing later-stage companies across North America.
Rec Room raises $20M Series C led by Madrona as pandemic drives surge to 3M+ user-created rooms
Seattle-based Rec Room raised $20 million in a Series C led by Madrona Venture Group, bringing total funding to nearly $50 million. The four-year-old virtual hangout and game-creation platform saw explosive growth during the pandemic, tripling its community and surpassing 3 million user-created rooms by September.
Madrona leads $21.5M round for Ovation.io as Boston lab-software startup reports rapid revenue and patient growth
Boston startup Ovation.io, which builds cloud software for medical testing labs, raised $21.5 million in new funding led by Seattle-based Madrona Venture Group; the company says it more than doubled revenue and grew patient volume 75-fold in the past year.
Vouched raises $3M to expand AI ID-verification as COVID-19 drives demand; will expand to Europe
Seattle startup Vouched raised $3 million to expand AI-powered ID verification services as COVID-19 boosts demand for remote identity checks; the company has 80+ customers and has verified over 850,000 people across 50 countries.
Voodle raises $6M from Madrona and Vulcan to sell TikTok-style workplace video for remote teams
Seattle startup Voodle raised $6 million in a round led by Madrona Venture Group and Vulcan Capital to offer a TikTok-like, bite-sized video communication app for workplaces aimed at reducing Zoom fatigue and Slack overload. The app — launched earlier in 2020 by former Pixvana execs and available on iOS, Android and web — includes searchable clips with transcriptions and integrations with workplace tools.
GeekWire Podcast: Salesforce to buy Slack for $27.7B; AWS surprises at re:Invent; Tanium (valued $9B, $430M revenue) moves HQ to Seattle
GeekWire Podcast discusses Salesforce’s $27.7 billion acquisition of Slack, surprising announcements from AWS at re:Invent, and cybersecurity firm Tanium relocating its headquarters to the Seattle region with $9 billion valuation and $430M revenue, with commentary from Madrona’s Matt McIlwain on regional and cloud/enterprise implications.
'Slackforce,' AWS re:Invent, and Seattle's new $9B tech company
This week on the GeekWire Podcast: Salesforce strikes a deal to acquire Slack for $27.7 billion; Amazon Web Services makes some surprising news at its annual re:Invent cloud conference; and a new tech giant arrives in our backyard. Joining us on this episode is Matt McIlwain, managing director at Seattle-based venture capital firm Madrona Venture Group, offering his commentary on the implications of these developments in the world of cloud and enterprise technology. Special bonus: Listen to the end of the show for a new installment of our GeekWire Podcast trivia contest, with a chance to win a GeekWire mask…
Flexe raises $70M Series C led by T. Rowe Price as e-commerce surge drives on-demand warehousing growth
Seattle-based Flexe raised a $70 million Series C led by T. Rowe Price as pandemic-driven e-commerce growth accelerates demand for its on-demand warehousing marketplace, bringing total funding to $134 million.
Fund History
People
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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
