Seattle's Madrona Venture Group is announcing today that it closed its fourth venture fund, raising $250 million to continue investing in early-stage Northwest technology startups.
"We're going to stick to what has worked well," said managing director Matt McIlwain.
McIlwain noted that among Madrona-backed companies, four were sold and one went public in the past 18 months.
The fund exceeded its target of $225 million, with all of Madrona's existing institutional investors signing up, including the University of Washington.
Also participating are several new individual investors and institutions, including Cambridge and Oxford universities.
Washington Mutual stock rose 6.9 percent Tuesday after falling 17 percent to a 16-year low Monday."If you take a look at Washington Mutual, even though its mortgage business is horrible, even though it has these terrible loan losses in its portfolio that have yet to be recognized, it also has one of the strongest retail-banking businesses in the country," said Richard Bove, an analyst with Ladenburg Thalmann.
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