One of the interesting challenges to being a startup guy in Seattle vs. the Bay Area is that there are a lot more VC’s down there versus here. As a result there is more competition amongst VC’s for good deals and they seem to be relatively hungry compared to Seattle. VC’s are out and about, working events, building a pipeline and making sure they get the best deals. Since plugging myself into the Bay Area scene this past year and a half I’ve met more Bay Area VC’s then I’ve met in Seattle in the past 10 years! Yes, Seattle VC’s do deals, but it always seemed to me that you had to seek them out whereas down south – a hot deal seemed to draw the VC’s out.
Madrona has recently brought on board 3 principals recently – Scott Jacobson, Tim Porter and Suja Vaidyanathan, and from what I can tell – those 3 are working deals like bats out of hell. I am looking forward to meeting the new Madrona folks but from what I can tell if you’re a Seattle startup looking to raise money – Madrona should clearly be on your list. It’s nice to see and hear about what those 3 are up to.
Madrona is not alone – Ignition Partners this year hired their first associate – Chris Howard – who I have gotten to meet recently and nicely has a lot in common with my background. Chris is making an effort to work the street as well.
Great to see the new blood and hopefully it speaks well to the future of the Seattle Startup/VC scene.