Madrona has raised $690 million across two oversubscribed venture capital funds for technology startups based in the Pacific Northwest and beyond – $430 million for the Madrona Fund 9 and $260 million for the Acceleration Fund 3.

These funds represent an almost 40% increase from the $500 million Madrona raised in 2020, and the firm will continue to initially invest in technology startups at pre-seed through Series C stages.

Acceleration Fund 3 will focus on investing in teams that have found product-market fit — generally at the Series B or C stage — and are at a growth inflection point. About half of Madrona’s Acceleration Fund companies are in major tech centres across the country — Silicon Valley, New York City and Salt Lake City, to name a few. These companies are often leveraging AI and ML along with cloud computing to build the best intelligent applications and enabling technologies in the world.

Read more: Private Equity Wire