Madrona Venture Group Fund X

United States
Pre Seed
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About Madrona Venture Group Fund X

Madrona Venture Group Fund X is a venture capital firm based in United States, focusing on Pre-Seed stage investments. The fund actively supports founders building innovative solutions in AI/ML, Digital Health, SaaS, providing strategic guidance and capital to help startups scale.

Investment Focus

Location / RegionUnited States
Funding StagePre Seed
Industry Focus
Ai Ml
Digital Health
Saas

Investor Signals Profile

active

Sweet Spot

Early-stage Pacific Northwest AI/cloud founder, seed to Series A

early-stage
Pacific Northwest
cloud & infra
enterprise AI
agentic software

Bullish Signals

$690M raised in 2022, largest everexternal
Portfolio: Redfin, Smartsheet, Rover exitsexternal
30+ year track record since 1995external
In-house studio: Madrona Venture Labsexternal
Fund VIII: $345M + $161M later-stageexternal
Expanded to Palo Alto in 2022external
Also backed Apptio, Impinj, The Riveterexternal
Temporal investment: microservices bet 2020external
Seed + Series A focus confirmedexternal
Covers IT, cloud, mobile, digital mediaexternal
Active AI thesis: cloud, chips, agentstwitter
Seattle Tech Week 2026 host — community leadtwitter
Founded & Funded podcast — founder accesstwitter

Contrarian Signals

90%+ deals in Pacific Northwest onlyexternal
Heavy geographic concentration riskexternal
Wikipedia notability flags — low visibilityexternal
COI concerns flagged on Wikipedia pageexternal
AI govt/procurement seen as hard wedgetwitter

Founder Do's

Be based in Pacific Northwest
Build in cloud, SaaS, AI, or infra
Target seed to Series A stage
Show enterprise traction or pilot conversion
Think about agentic & usage-based models

Founder Don'ts

Avoid if outside Pacific Northwest focus
Not for late-stage or growth rounds
Skip if non-tech business model

Key GPs & Partners

TA
Tom Alberg
Co-Founder
pioneerSeattle techfounder
PG
Paul Goodrich
Co-Founder
founderearly-stagePacific Northwest
GG
Gerald Grinstein
Co-Founder
founderoperatorSeattle
WR
William Ruckelshaus
Co-Founder
founderlegacyPacific Northwest
MM
Matt McIlwain
Managing Director
AI-forwardmedia-activecloud
KM
Karan Mehandru
Partner
founder-friendlypodcast hostenterprise AI

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Fund Overview

Fund Size$770M
Saves0

Key People

Matt Mc, Lwain

Tom AlbergCo-Founder
Paul GoodrichCo-Founder
Gerald GrinsteinCo-Founder
William RuckelshausCo-Founder
Matt McIlwainManaging Director
Karan MehandruPartner

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