Seattle’s Madrona Venture Group appears on a prestigious list of top seed investors because of its “strong track record of investments reaching IPO.”
The list was compiled by technology news website The Information in conjunction with Tribe Capital, a data-driven investment firm. Madrona is one of only 10 firms on the list and the only one based in Washington state. Madrona was selected after an analysis involving more than 2,000 investment firms.
The publication wrote, “In one recent example, the firm invested around $23 million in collaboration with software developer Smartsheet and has returned $685 million to investors following the company’s 2018 IPO, plus it still owns another $300 million worth of shares, according to filings.”
Madrona has raised a total of about $1.8 billion across seven funds, according to the report, which noted that the company’s notable seed holdings include Seattle pet-sitting and dog-walking company Rover.com, which has a valuation of more than $900 million, and Booster Fuels, a San Mateo, California-based startup that delivers fuel to customers. It has a $250 million valuation.
Notable exits include Seattle-based Redfin.com, a real estate brokerage that went public two years ago; and software companies Apptio and Impinj.com, both of which went public three years ago.
Madrona, which was co-founded by Tom Alberg – an early investor in Amazon Inc. -- celebrates its 25th year in business next year.