Seattle, WA-based early-stage technology venture capital firm Madrona Venture Group closed its first Acceleration Fund, at $100m.
The fund will focus on investing in Series B or C stage technology companies with a differentiation in cloud computing or applied machine learning that are emerging as leaders in their market sectors in Seattle and beyond as well as across the country.
The vehicle will enable the firm to help a new set of companies that have found product-market fit and are scaling to meet their fullest potential.
The fund will be directed by the existing managing directors and will begin investing this year.
Madrona, which is open to leading or co-leading the investment rounds, has been investing in early-stage technology companies in the Pacific Northwest for nearly 25 years.
The firm invests predominately in seed and Series A rounds across the information technology spectrum, including cloud infrastructure, intelligent applications, digital media and advertising, ecommerce and consumer software.
It manages nearly $1.6 billion and was an early investor in companies such as Amazon.com, Apptio, Smartsheet, Rover.com, and Redfin.