Madrona Venture Group

Madrona Venture Labs (MVL) was an AI-focused startup studio and incubation program of Madrona Venture Group, founded in 2014 in Seattle, Washington. Over more than ten years of operation, MVL incubated approximately 30 startups, partnering with founders as co-builders, advisors, and first investors. The studio raised five funds, with Fund V closing at $11 million in 2023, specifically focused on powering the next wave of AI founders. Approximately 84% of MVL-backed companies were built around the core theme of intelligent applications — products using AI including natural language processing and computer vision to learn from data and automate tasks. Technology and AI Partners Larry Colagiovanni (formerly CTO/CPO of Limeade) and Jay Bartot (formerly CEO of Zeitworks) led the studio's technical evaluation and company creation work. The investor base for MVL's funds included notable LPs: Thomas Dohmke (CEO of GitHub), Joe Beda (co-founder of Heptio), Brent Frei (co-founder of Smartsheet), Spencer Rascoff (co-founder of Zillow), Michael Hilton (co-founder of Concur), and Elissa Fink (former CMO of Tableau). Portfolio spinouts include Uplevel (engineering analytics), Strike Graph (compliance automation), OutboundAI (healthcare AI), and Zeitworks. Exits include Chatitive (acquired by Mailchimp), Mighty AI (acquired by Uber), and MessageYes (acquired by Nordstrom). In 2025, MVL was absorbed back into Madrona Venture Group, which raised $770 million for applied AI founders, integrating the studio's incubation capabilities into Madrona's Fund X early-stage vehicle. The merger reflects the broader convergence of incubation and institutional venture at a moment when AI company formation has accelerated dramatically.