PitchBook
Facts
- HQ
- United States
- Sectors
- Venture Capital and Private Equity Principals
- Founded
- 2007
- Type
- Corporation Seattle business license
- Employees
- 1569
- Registered name
- PitchBook Data Inc Seattle business license
- Stage
- Public
- Founders
- John Gabbert
Seattle Gaming Startup Rec Room Cuts 16% of Staff Amid Challenging Fundraising and Market Conditions
Seattle-based gaming startup Rec Room has laid off 16% of its 372 employees due to a challenging fundraising environment and changing market conditions. CEO Nick Fajt emphasized the need to become self-sustaining and plans to reorganize the company while preparing to launch its major update, Rooms 2.0.
Eviation Lays Off Majority of Staff and Pauses Development of Electric Alice Airplane After 2022 Flight Test
Eviation Aircraft has laid off most employees and paused development of its electric Alice airplane after its first flight test in 2022. The company is focusing on securing long-term partnerships to continue advancing electric regional commercial flight.
Freightmate, Founded by Former Flexport and Amazon Employees, Raises $5M Seed to Automate Freight Forwarding Documents
Freightmate, a Seattle-based startup founded by ex-Flexport and Amazon veterans, raised $5 million in seed funding led by Fuse to automate document and data processing for freight forwarders. Its product, Docmate, digitizes and validates shipment documents, helping freight forwarders reduce errors and save time.
Madrona Raises $770M for Two New Funds to Back Early and Late-Stage Tech Startups Amid VC Slowdown
Madrona, the largest venture capital firm in the Pacific Northwest, raised $770 million for two new funds focusing on early-stage and more mature tech startups despite a challenging VC fundraising environment in 2024. The firm plans to invest in about 30 companies at early stages and 12 at later stages, maintaining its strong position amid a slowdown in the broader venture capital sector.
Sean Maier: Rising 2023–24 VC Rounds and Valuations Raise ARR and Burn Expectations for Seed, Series A and B
Sean Maier argues that venture valuations and round sizes have rebounded since 2023, likely driven by AI enthusiasm, but investor expectations—measured by ARR thresholds and burn multiples from sources like Christoph Janz’s SaaS Napkin and Wing’s V21 study—have risen, meaning startups must raise more capital or demonstrate greater progress to hit milestones while avoiding inefficient high burn.
Seattle, UW, 9Zero, and VertueLab Launch Climate Innovation Hub to Boost Clean Energy Startups and Downtown Recovery
Seattle, alongside the University of Washington, 9Zero, and VertueLab, has launched the Seattle Climate Innovation Hub to support climate tech entrepreneurs and revitalize the downtown area post-pandemic. The hub includes a climate tech incubator program starting in spring, aiming to foster clean energy sector growth in the Pacific Northwest.
Pacific Northwest Tech Startups Raise $762M in Q4 2024 with Zap Energy and Auger Leading Funding Rounds
Venture capital funding for Pacific Northwest startups rose over 20% year-over-year in Q4 2024, totaling $762 million across 48 deals, driven by major rounds from Zap Energy and Auger. Despite being well below 2021 peaks, the region shows positive momentum amid a cautious but moderately optimistic U.S. VC market influenced by AI investment growth.
Seattle Emerges as Leading Hub for Supply Chain Software Startups Backed by Amazon and Convoy Veterans
Seattle has become a leading hub for supply chain software innovation, driven by logistics giants like Amazon and startups such as Convoy and Shipium. The region's unique talent pool, supported by global companies and advances in technology, is fostering significant growth and investment in logistics startups.
Wokelo Raises $4M Seed Funding to Expand AI-Powered Due Diligence for M&A and Investments
Seattle-based AI startup Wokelo raised $4 million in seed funding to advance its AI-driven platform that automates detailed due diligence reports for mergers, investments, and consulting. Founded in 2022 by former management consultants Siddhant Masson and Saswat Nanda, Wokelo now serves over 35 customers including private equity and venture capital firms.
Rad Power Bikes Conducts Sixth Layoff Round in July 2023 to Secure Brand Longevity Amid Economic Challenges
Seattle-based Rad Power Bikes conducted its sixth round of layoffs in July 2023, citing economic challenges and rising costs, without specifying affected departments or headcount. The company aims to ensure long-term sustainability and continue supporting its e-bike customers across North America.
Seattle's Hiya Acquires Barcelona Deepfake Startup Loccus.ai and Launches Voice-Cloning Detection Tool
Seattle startup Hiya acquired Barcelona-based deepfake detection firm Loccus.ai and launched Hiya AI Voice Detection, a tool that detects AI-generated voices from 1.5 seconds of audio in multiple languages. Hiya aims to combat growing AI deepfake and robocall fraud amid rising consumer exposure to these threats.
Tech Startups Shift to Profitability and Sustainable Growth Amid Tight 2023-2024 Venture Capital Market
Tech startups are shifting from growth-at-all-costs to focusing on profitability and efficient growth without relying on new investor funding amid tighter venture capital conditions and challenging market factors. This new approach, termed 'default alive,' emphasizes sustainable business models and cautious investment amid a decline in funding and more down rounds.
Bill Gates-Backed TerraPower Starts Construction of First U.S. Sodium-Cooled Nuclear Reactor in Wyoming
Bill Gates-backed nuclear company TerraPower began construction on a sodium-cooled Natrium reactor facility near a retiring coal plant in Wyoming, aiming to start power production by 2030. This project, the first coal-to-nuclear transition globally, is awaiting U.S. Nuclear Regulatory Commission approval for its advanced reactor design.
GeekWire Week in Review (May 12, 2024): AWS and Google executive moves, Expedia leadership exits, Kyndryl acquires Skytap
A weekly roundup of GeekWire’s most-read technology and startup stories for the week of May 12, 2024, covering major tech moves, executive departures, acquisitions, and new accelerator initiatives in the Seattle area and beyond.
Former Amazon Prime Air Founders Raise $4.5M for Radical’s Solar-Powered Autonomous Aircraft Startup
Seattle-based startup Radical, founded by ex-Amazon Prime Air employees James Thomas and Cyriel Notteboom, raised $4.5 million to develop autonomous solar-powered aircraft for long-duration stratospheric flights to provide connectivity and imaging services. They recently demonstrated a prototype that flew nonstop for over 24 hours and plan to expand their team and capabilities.
Pacific Northwest Startups in GeekWire Awards Finalize Sustainable Innovations Tackling Carbon, PFAS, and Waste Chemicals for 2024
The 2024 GeekWire Awards Sustainable Innovation finalists include Pacific Northwest startups developing technologies to address environmental issues such as PFAS contamination, carbon removal, and eco-friendly chemicals. Winners will be announced on May 9, with community voting open until April 12.
Bill Gates-backed TerraPower to Submit NRC Application and Break Ground on Natrium Nuclear Reactor in Wyoming in 2024
TerraPower, backed by Bill Gates, is advancing the development and deployment of its Natrium small modular nuclear reactor, with plans to submit a certification application to the Nuclear Regulatory Commission this month and begin construction of a demonstration plant in Wyoming this spring. The company is positioned to be the first to bring next-generation nuclear technology to the U.S. and is exploring potential large-scale sales internationally.
Techstars to Close Seattle Accelerator by Fall 2024, Shifting Focus to Cities with Higher VC Activity
Techstars announced it is shutting down its Seattle accelerator program by Fall 2024 to focus on cities with more robust venture capital activity like San Francisco, New York, Boston, and Los Angeles. The Seattle program, a foundational part of the local startup ecosystem since 2010, graduated over 200 companies that collectively raised more than $2.8 billion.
Breakwater Ventures Launches $10M Fund to Back Early-Stage Pacific Northwest Startups
Breakwater Ventures, a new Seattle-based pre-seed and seed investment firm founded by former SeaChange investors, has raised $10 million to support early-stage software startups primarily in the Pacific Northwest. The firm aims to fill a gap in initial funding for startups and is already deploying capital from its first fund.
Seattle Tech Startups Eye IPO Revival in 2024 After Two-Year Drought Amid Market Stabilization
Seattle's tech industry has seen no traditional IPOs in over two years amid a market slowdown, but optimism is growing for more public listings in 2024 due to a stabilized macroeconomic environment and a rising stock market. Experts caution that realistic pricing and market conditions will influence which startups decide to go public.
Seattle VCs James Newell and Jason Stoffer Debate UW vs. Michigan as Football and Tech Rivalry Heats Up
Seattle-area venture capitalists James Newell (University of Washington) and Jason Stoffer (University of Michigan) engage in friendly tech investor football rivalry ahead of the College Football Playoff championship. Both praise their universities' engineering programs and entrepreneurial impact while playfully debating their teams' prospects.
Rad Power Bikes to Close Brooklyn Store as Part of Organizational Changes After Multiple Layoff Rounds
Seattle-based Rad Power Bikes is closing its Brooklyn retail store amid ongoing organizational changes following multiple layoffs and a recent exit from the European market. The company cited the need for efficiency and sustainability in a challenging market but did not disclose closure dates or affected employee numbers.
Seattle VC Firm Fuse Raises $250M Second Fund to Back 30-35 Pacific Northwest Startups
Seattle-based venture capital firm Fuse raised $250 million for its second fund to invest in early-stage enterprise software startups across the Pacific Northwest, aiming to back 30-35 companies despite a broader venture capital slowdown. Founded in 2020 with an initial $170 million fund, Fuse credits its growth to the strong local talent and entrepreneurial ecosystem.
Fuse closes $250M second fund to back 30–35 Pacific Northwest software and AI startups
Seattle-area VC firm Fuse has closed a $250 million second fund to invest in 30–35 Pacific Northwest software and AI-enabled startups, writing $1M–$10M checks and co-leading rounds. Backers include state-affiliated accounts, foundations, universities and prominent Seattle software executives, and Fuse aims to back companies that automate business processes or augment workers.
Voyager Capital Targets $100M Sixth Fund to Support Early-Stage B2B Startups in the Pacific Northwest
Voyager Capital is aiming to raise $100 million for its sixth fund to invest in early-stage B2B startups in the Pacific Northwest, targeting software, SaaS, AI, and cloud infrastructure sectors. Founded in 1997, the firm has backed over 75 companies and manages more than $520 million in assets.
