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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchIn December 2020, Madrona Venture Group announced $345 million for its eighth core fund and $161 million for its second Acceleration Fund. The two vehicles had distinct aims: Fund VIII focused on early-stage Pacific Northwest technology startups, while the Acceleration Fund targeted more mature companies across North America. The raise was described as Madrona’s largest at the time; later coverage reported a $770 million fundraising announcement in 2025.
What Madrona announced in December 2020
GeekWire reported on Dec. 30, 2020, that Madrona had raised more than $500 million in fresh capital: $345 million for Fund VIII and $161 million for its second Acceleration Fund. The amounts and intended uses below describe the plans reported at the time, not current fund terms or final deployment.
The announcement followed Madrona’s $300 million seventh fund, raised in 2018, and its inaugural $100 million Acceleration Fund, raised the year before, according to GeekWire’s 2020 report.
How the two funds were different
| Fund | Intended stage and geography | Planned investment size | Target number of companies |
|---|---|---|---|
| Fund VIII | Early-stage technology startups in the Pacific Northwest | $500,000 to $8 million | 35 to 40 over several years |
| Second Acceleration Fund | More mature companies across North America | $8 million to $12 million | Not stated in GeekWire’s 2020 report |
These were Madrona’s announcement-era plans as reported by GeekWire. The Acceleration Fund’s broader geography and larger planned checks reflected its role alongside, rather than as a replacement for, the Pacific Northwest-focused core fund.
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What “largest ever” meant
“Largest ever” described the December 2020 announcement, not Madrona’s fundraising record today. A 2026 secondary overview reports that Madrona announced $770 million for new funds in 2025. Because that figure comes from secondary coverage, it is best attributed to that reporting rather than presented as a separately verified official announcement.
What the announcement said about Madrona’s strategy
Madrona managing director Matt McIlwain said the fundraising reflected recognition that Seattle could be a place to start companies and help build them at different stages. He also said, “We’re tripling down on that core thesis we’ve believed in for 25 years,” as quoted by GeekWire.
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GeekWire also reported that more than 90% of investments made from Fund VII had gone to seed and Series A deals at the time. Madrona had reserved capital to support portfolio companies as they grew. This is a snapshot from the 2020 report, not a current portfolio statistic.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the figures do not establish
The reported fundraising amounts and investment ranges describe capital raised and planned check sizes; they do not show how much either fund ultimately invested, how its portfolio performed, or what returns it generated. The reviewed coverage provides no final deployment totals or fund-level IRR or DPI for these vehicles.
GeekWire said most investors were participants in earlier Madrona funds, including endowments, universities, foundations, large family offices, and high-net-worth individuals. That describes the reported investor base, not an offer for individuals to invest in either fund.
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