Fund profile / United States

Madrona Venture Group Fund X

Geography: United States
Stage: Pre-Seed
Fund size: $770M
Focus: AI/ML, Digital Health and SaaS
Signals: Published

N°01 / About

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.

N°02 / Thesis

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

42 signals on Madrona Venture Group Fund X

21 bullish · 7 contrarian · 5 pitch do's · 3 don'ts · 6 GP profiles, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size$770M

Saves0

Website

People

Key People

Matt Mc, Lwain

Tom AlbergCo-Founder

Paul GoodrichCo-Founder

Gerald GrinsteinCo-Founder

William RuckelshausCo-Founder

Matt McIlwainManaging Director

Karan MehandruPartner

N°04 / See also

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