Madrona Labs announced it raised $11M for its fifth venture fund.

 

Madrona Labs announced it raised $11M for its fifth venture fund.  The Seattle startup studio has backed 32 companies and raised $40M since its inception. Madrona says 84% of its companies focus on intelligent applications, including AI areas such as natural language processing or computer vision. The venture studio's portfolio companies have gone on to raise a total of $261M for a combined valuation of $629M. Madrona's exits include Mighty AI (to Uber), Chatitive (to Mailchimp), and MessageYes (to Nordstrom). The studio's stake in its companies varies from 5% to 25%.