Madrona Venture Group raises $300M for fund, report says

Summary:Why should you care? Because Madrona is interested in enterprise software, mobility and cloud computing.

Seattle's Madrona Venture Group, best known for its successful stake in Amazon, has raised $300 million for a new fund dedicated to technology startups, according to a Bloomberg report.

It would be the firm's largest new fund since its founding.

The official announcement will come later this week, according to the report -- but if previous history is any indication, startups focused on enterprise software, mobility and cloud computing could be of interest.

Its current portfolio includes infrastructure firms ExtraHop, SkyTap and Tier 3; enterprise startups Apptio, Cedexis, PayScale and SmartSheet; and mobile companies Mobilisafe, SinglePoint and Impinj. Previous investments include Isilon Systems (now part of EMC), Dantz (also EMC) and Performant (Mercury Interactive, now HP).

The announcement is notable because of the continued activity venture capital firms, despite the global economic downturn. Successful Internet-based initial public offerings have helped them stoke further interest in their portfolios.

As John Cook reports over at GeekWire, Madrona plans to invest in "about 30 new companies over the next four years," about 85 percent of those funds earmarked for companies in the Pacific Northwest region of the U.S.

We'll see what happens when the firm officially unveils the new fund.

Topics: EMC


Andrew Nusca is a former writer-editor for ZDNet and contributor to CNET. He is also the former editor of SmartPlanet, ZDNet's sister site about innovation. He writes about business, technology and design now but used to cover finance, fashion and culture. He was an intern at Money, Men's Vogue, Popular Mechanics and the New York Daily Ne... Full Bio

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