Madrona, the largest venture firm in the Pacific Northwest, raised $770 million for two new funds as the longtime Seattle-based investor looks to back a new batch of tech startups. Despite a slowdown in the venture capital sector and an IPO drought, Madrona Managing Director Matt McIlwain said the fundraising process went smoothly.

Madrona announced a $770 million raise to launch what it is calling Fund X and Acceleration Fund IV. Fund X will support about 30 companies at the pre-seed, seed or Series A stage, Madrona said in the announcement,

Madrona today announced the closing of Fund X and Acceleration Fund IV which will be deployed in the next several years in new companies and support them through their life cycle. These funds come at the start of Madrona's 30 th year of helping innovative founders build transformational companies in a broad range of technology areas including Applied AI,