Madrona Venture Labs, a Seattle, WA-based startup studio, raised $11m for its fifth fund.
New investors joining the fund include Thomas Dohmke, CEO of GitHub; Joe Beda, co-founder & former CTO of Heptio; Brent Frei, co-founder of Smartsheet & CEO of TerraClear; Michael Hilton, former CPO of Accolade & co-founder of Concur; and several others. Returning investors from previous funds include Elissa Fink, former CMO of Tableau; Spencer Rascoff, co-founder & former CEO of Zillow; and Mike McSherry, co-founder & CEO of Xealth. Investors in MVL funds are also co-builders and partners.
The firm will continue to partner with founders to create AI companies from the ground up, helping them to de-risk and fast-track their startup journey.
Since its inception in 2014, MVL has raised $40m and co-created and invested in 32 companies, which have collectively raised $261m and hold a combined value of $629m.
The vast majority of MVL companies fall within their long-held, core theme of intelligent applications. The studio will continue to build and invest against its core theme as it evolves from big data and intelligent applications into the generative AI movement.
With this fund, MVL added two new technology and AI partners to MVL. First, Larry Colagiovanni, an experienced technology and product leader, most recently the CTO & CPO of Limeade (LME). Second, Jay Bartot, a serial early-stage founding CTO and most recently the CEO of MVL spinout Zeitworks.
FinSMEs
22/06/2023