Madrona raises $300 mln sixth fund

Madrona Venture Group has closed a $300 million sixth fund for early-stage tech investing primarily in the Pacific Northwest.

The firm said the fund was oversubscribed from existing LPs. The new fund matches the size of the firm’s previous $300 million Madrona Venture Fund V, which was raised in 2012.

The firm says its investment strategy remains unchanged. More than 50 percent of its deal activity is focused on Series A deals and about a quarter on seed deals.

In the past, more than 90 percent of capital invested has gone to companies based in the Pacific Northwest with a focus on information technology, including consumer Internet, SaaS, digital media and advertising, cloud computing, data analytics, and mobile, according to a press release.

Past investments include, Isilon Systems and ShareBuilder. Current investments include Redfin, Apptio, Extrahop, Smartsheet, and MaxPoint Interactive.

With the addition of Madrona Venture Fund VI, the firm manages nearly $1.3 billion, the release said.

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