Madrona Venture Group announced a $690 million fundraise on September 13, 2022: $430 million for early-stage Pacific Northwest startups and $260 million for companies further along, including those outside the region. It was the firm’s largest fundraise at the time, not its latest: Madrona announced $770 million across two funds in January 2025.
How much did Madrona raise?
Madrona said it closed $690 million across two oversubscribed funds. The firm described the total as almost 40% larger than the $500 million it raised in 2020, and said all of its existing institutional investors supported the new funds. These are figures and descriptions from Madrona’s September 13, 2022 announcement (Madrona).
What were the two funds for?
| Fund | 2022 size | Stage and company focus | Geography |
|---|---|---|---|
| Madrona Fund 9 | $430 million | Pre-seed, seed, and Series A founders | Pacific Northwest |
| Acceleration Fund 3 | $260 million | Companies that had found product-market fit, generally at Series B or C, and approaching a growth inflection point | Pacific Northwest and other locations |
These amounts and strategies describe the funds announced in 2022, not a current fund offering. Madrona’s announcement said more than 80% of its core-fund portfolio companies had historically been based in the Pacific Northwest at that time (Madrona’s fund announcement).
Madrona Fund 9: early-stage Pacific Northwest companies
Fund 9 continued Madrona’s core early-stage approach. Its focus was on founders in the Pacific Northwest from pre-seed through Series A, with the firm describing a long-term role supporting companies as they grow. Managing Director Matt McIlwain characterized the approach as investing “from Day One” and partnering with founders across their businesses (Madrona, September 13, 2022).
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Acceleration Fund 3: later-stage companies in and beyond the region
Acceleration Fund 3 was aimed at businesses with product-market fit, typically at Series B or C, that were entering a period of faster growth. Madrona said about half of its Acceleration Fund companies were in major technology centers including Silicon Valley, New York City, and Salt Lake City (Madrona).
Separately, McIlwain told GeekWire that Madrona expected half of Acceleration Fund 3 to go to Pacific Northwest companies. He also estimated that Fund 9 would make about 40 venture investments. Those were plans and estimates reported in 2022, not verified final allocations or completed investment counts. GeekWire reported that about 15% of Madrona’s portfolio was outside the Pacific Northwest at the time; that is a dated snapshot, not a current portfolio statistic (GeekWire, September 13, 2022).
Would Madrona invest outside Seattle?
Yes, but the two funds had different geographic remits. Fund 9 focused on the Pacific Northwest. Acceleration Fund 3 could invest in companies elsewhere, while Madrona’s stated plan was to allocate half of that fund to Pacific Northwest companies. The announcement’s “Seattle-first” framing therefore did not mean that every investment had to be in Seattle—or that both funds had the same geographic focus. McIlwain told GeekWire that Madrona was “100% a Seattle-first venture firm” while also aiming to be a world-class firm focused on Seattle and the broader Pacific Northwest (GeekWire).
Which investment themes did Madrona cite in 2022?
Madrona’s announcement listed these themes for the funds at that time:
- Modern data stack and DevOps
- Intelligent and generative applications, including applied AI and machine learning
- Fintech
- Web3
- Intersections of life sciences and computer or data sciences
This is the 2022 announcement’s list, not a verified statement of Madrona’s current investment thesis (Madrona).
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the 2022 raise fits with Madrona’s later fundraise
The $690 million figure is historical. On January 23, 2025, Madrona announced a combined $770 million for Madrona Fund X and Acceleration Fund IV, a later and larger raise (Madrona, January 23, 2025). The 2022 announcement should not be read as the firm’s latest fundraising news.
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