Seattle's Madrona Venture Group announced earlier this week that it will invest $300 million in Pacific Northwest startups. The company exceeded its $250 million target for Fund V, which is its largest ever.
Among Madrona's portfolio is two Canadian startups from Vancouver: Indochino and RewardLoop. Madrona led a $4 million round for the men's apparel e-commerce startup in 2011 and returned to Canada last month to invest $1 million in the mobile loyalty platform.
So does this mean that Madrona will be sprinkling some of its new fund North of the border? Considering that US VCs now find Canada "sexy," I say yes. But what are they looking for?
Matt McIlwain, one of Madrona’s seven managing directors, told TechFlash that "cloud computing is a big area of focus for us."
McIlwain said companies that are bridging the gap between the physical world and the digital world using mobile devices and augmented reality concepts are particularly interesting to Madrona investors right now.
He also said Madrona was interested in seeing companies focusing on big data analytics and creating ways to take the huge amount of information mobile devices create and turn it into something companies can use.