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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 Seattle AI founder, curious, durable harness/app layer bet

AI harnesses & middleware
AI applications layer
early-stage seed-A
Pacific Northwest
durable tech defensibility

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
2025 IA40: $366B raised by portfolio winnerstwitter
NYSE Opening Bell celebrations for AI leaderstwitter
Focus: AI infrastructure, SaaS GTM reshapingtwitter
Invested in Statsig (OpenAI acquisition)twitter
AI harnesses/middleware seen as winner markettwitter
McIlwain: looks for curiosity, conviction, persistencetwitter
Lead investor in Faye travel platform Series Ctwitter
Day one conviction builds long-term founder trusttwitter

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
SaaS app layer harder to defend nowtwitter
Ten companies taking 2/3 of $230B AI spendtwitter

Founder Do's

Build AI harnesses, middleware, applications layer
Show founder curiosity & conviction early
Target seed to Series A stage
Be Seattle-based or Pacific Northwest rooted
Focus on durable, defensible AI bets

Founder Don'ts

Avoid model-layer commodity plays
Not for late-stage scaling rounds
Don't position as winner-takes-most without moat

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-activefounder-focused
KM
Karan Mehandru
Partner
founder-friendlypodcast hostenterprise AI

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Fund Overview

Fund Size$770M
Saves0
Website
LinkedIn

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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