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 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.
Annie Luchsinger Launches Seattle-Based Breakers Fund to Invest $250K in Early-Stage Startups
Annie Luchsinger, former Anthos Capital investor and co-founder of an end-of-life startup, has launched Breakers, a Seattle-based early-stage venture fund targeting pre-seed and seed-stage tech startups with $250,000 average investments. Breakers, part of the Melinda Gates-backed Recast Accelerate program, aims to support diverse founders across the U.S. and Canada, focusing on underrepresented markets beyond major hubs.
Viome raises $86.5M Series C and partners with CVS to sell $179 at-home Full Body Intelligence gut test in 200 stores
Seattle-area health tech startup Viome Life Sciences raised an $86.5 million Series C and struck a deal to sell its $179 at-home Full Body Intelligence gut microbiome test in 200 CVS stores and online. Founded by Naveen Jain, Viome analyzes stool, saliva and blood samples and counts investors including Marc Benioff and Khosla Ventures, though some scientists question clinical utility of microbiome kits.
ZeroAvia Expands Hydrogen Aviation R&D in Washington with $350K State Grant; Twelve Builds Low-Emission Jet Fuel Plant
ZeroAvia is expanding its hydrogen-powered aviation R&D in Everett, Washington, supported by a $350,000 state grant and a partnership with Alaska Airlines. Meanwhile, Twelve is building a commercial synthetic jet fuel facility in Moses Lake, aiming to cut greenhouse gas emissions by 90% using renewable energy.
Seattle VC Firm Ascend Raises $25M Second Fund to Boost AI Investments Amid Market Downturn
Seattle-based pre-seed venture capital firm Ascend, led by Kirby Winfield, raised a $25 million second fund focused on doubling down on artificial intelligence investments amid a challenging startup funding environment. Winfield, who has backed over 70 startups, predicts a further valuation correction but remains committed to early-stage investing.
Rad Power Bikes Executes Fourth Round of Layoffs Since April 2021 Amid Economic and Legal Challenges
Rad Power Bikes has laid off employees for the fourth time since April 2021, reducing its workforce amid economic challenges and legal issues. The Seattle-based e-bike company now has around 400 employees and is working to become more sustainable under new leadership.
PitchBook Introduces VC Exit Predictor Tool Analyzing Successful Exit Chances for Top Pacific Northwest Startups
PitchBook has launched a new machine learning tool called the VC Exit Predictor that forecasts the likelihood and type of successful exits for venture-backed startups using data from over 120,000 companies. The tool was applied to analyze the top 50 Pacific Northwest tech startups in the GeekWire 200, highlighting several with notable opportunity scores, but it is not intended to replace traditional due diligence.
PitchBook Reports 62% Drop in Video Game VC Deals in 2022 Amid Regulatory Scrutiny but Highlights New AI and Metaverse Investment Opportunities
PitchBook's report shows a contraction in video game industry VC deals in 2022 with a 62% drop in deal count and 82% lower growth year-over-year, yet total deal value in 2022 ($13.3 billion) remains nearly four times that of 2019. Despite the slowdown driven by macroeconomic uncertainty and regulatory scrutiny, new investment opportunities arise in VR, AR, metaverse, and generative AI for game development.
Startups Shift to Venture Debt Amid Slowing Venture Capital, Raising $29B+ in 2022
As venture capital funding slows, startups increasingly consider venture debt and loans to extend cash runways without diluting ownership, despite the risks of repayment and financial scrutiny. In 2022, tech companies raised over $29 billion in venture debt across more than 2,100 deals, highlighting a significant shift toward alternative financing.
Group14 Raises $214M from Microsoft Climate Fund Amid $400M Series C and $100M Federal Boost, Valued Over $3B
Group14 Technologies, a Washington-based battery materials manufacturer, raised $214 million from investors including Microsoft’s Climate Innovation Fund, adding to a $400 million Series C investment and $100 million in federal funding. The company, valued at over $3 billion, develops silicon-carbon composite anodes that enhance lithium-ion battery performance and is poised to benefit from growing EV sales and federal mandates to boost domestic battery production.
Rad Power Bikes Conducts Third Layoff in 2023 Amid Economic Downturn and Operational Challenges
Rad Power Bikes is conducting its third round of layoffs in 2023 to reduce costs amid an economic downturn, having previously cut 163 jobs this year from its nearly 500 employees. The Seattle-based company has faced multiple challenges including lawsuits and product recalls, while also recently launching a new three-wheeled electric bike.
Rad Power Bikes Launches $2,499 RadTrike Three-Wheeled E-Bike Shipping January 2023 Amid Leadership Changes
Rad Power Bikes announced the RadTrike, a three-wheeled electric bike available for pre-order at $2,499 and shipping starting January 2023, aiming to provide accessible cycling options. The company recently underwent leadership changes and faced operational challenges including layoffs, lawsuits, and a product recall.
Rad Power Bikes CEO Mike Radenbaugh Steps Down, Phil Molyneux Named Successor Amid Company Challenges
Rad Power Bikes CEO Mike Radenbaugh is stepping down and will be replaced by Phil Molyneux, former Sony Electronics president, while Radenbaugh stays on as chairman. The company, valued at $1.65 billion in 2021 and having raised $304 million last year, has faced layoffs, lawsuits, and a large product recall recently.
CommerceIQ to Acquire Seattle’s Ideoclick Assets for $475,000 Amid Receivership, Retain 59 Employees
CommerceIQ plans to acquire assets, including customer lists, from Seattle-based Ideoclick for $475,000 following Ideoclick's receivership due to financial struggles. The deal aims to retain Ideoclick's 59 employees and ensure service continuity to customers through November 30.
University of Washington Ranked 24th Globally for VC-Backed Startup Founders in PitchBook's 2022 Report
The University of Washington ranks 24th globally for producing startup founders who secured venture capital, with 456 undergraduate founders raising $11.8 billion, according to PitchBook's 2022 data. Stanford topped the rankings, while regional universities like Washington State University and University of Oregon did not make the top 100.
Seattle Startup Koidra and Four U.S. Universities Awarded $3.77M USDA Grant for AI Indoor Farming Tech
Seattle-based indoor agriculture startup Koidra received a $3.77 million USDA research grant to advance AI-driven indoor farming technologies, collaborating with four U.S. universities over four years. Founded by former Microsoft scientist Kenneth Tran, Koidra applies model-based reinforcement learning to optimize plant growth, building on successes like winning the Autonomous Greenhouse Challenge.
Bill Gates’ Breakthrough Energy Hosts 2022 Climate Tech Summit in Seattle Showcasing $2B+ in Decarbonization Investments
The 2022 Breakthrough Energy Summit in Seattle, hosted by Bill Gates’ Breakthrough Energy, brought together 700 climate tech innovators and investors to showcase and support technologies like plant-based dairy proteins and carbon-negative cement. Breakthrough Energy has raised over $2 billion to invest in decarbonization startups and provided an additional $1 billion in grants, aiming to accelerate climate solutions amid global challenges like war and economic recession.
Technology Alliance Receives $674,874 Federal Grant to Boost Corporate Venture Capital in Washington State Startups
The Technology Alliance, led by CEO Laura Ruderman, secured a $674,874 grant from the U.S. Department of Commerce's Economic Development Administration to support its Enterprise Capital Alliance program, which aims to increase corporate venture capital investments in Washington state startups. Despite growth in corporate VC deals, Washington still trails leading states like California and New York in both volume and total venture capital funding.
Madrona Venture Group Raises $690M Across Two Funds to Support Startups in Seattle and Nationwide
Madrona Venture Group has raised $690 million across two funds, marking its largest ever, to back startups primarily in the Pacific Northwest and nationwide. The firm plans about 40 venture investments with increased capital per company amid a strong U.S. venture market.
Seattle Startup Spice AI Raises $13.5M Seed Round to Build AI Infrastructure for Web3 Blockchain Applications
Seattle-based startup Spice AI raised a $13.5 million seed round to provide infrastructure for developers to build AI-driven applications on blockchain networks like Bitcoin and Ethereum. The platform indexes blockchain data for use in Web3 applications across sectors including financial services, fraud detection, and retail.
Seattle VC Firm Fuse, Led by Three Under-40 Partners, Raised $170M and Seeks $250M for Second Fund
Seattle venture capital firm Fuse, led by three general partners all aged 35 or younger, raised $170 million for its first fund and is currently raising $250 million for its second. The firm focuses on early-stage Pacific Northwest software startups and is notable for both its youthful leadership and sizable funds.
RipeLocker Raises $7.5M to Expand Production of Shelf-Life Extending Containers
RipeLocker, a food-tech startup specializing in containers that extend the shelf-life of produce and flowers, raised $7.5 million to boost production and upgrade its systems. Their patented containers can extend the freshness of items like roses by 2 to 4 weeks and are currently used by customers including The Queen’s Flowers.
Seattle Startup Shelf Engine Lays Off 43 Employees Amid Economic Challenges
Seattle startup Shelf Engine laid off 43 employees due to challenging economic conditions, reducing its workforce from about 200 to around 150. The company, which uses machine learning to help grocers manage orders and reduce food waste, continues pursuing its mission despite the cuts.
