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Venture capital in Washington

31 venture firms are based in Washington, from SEC filings and the fund index. Below them are Washington’s other sources of capital, the LPs based here that report holding venture funds, and its SEC-registered family offices. How Washington ranks for startup raises and new funds: its Venture Ecosystem Index page.

On this page: 31 venture firms 8 new funds 58 other sources of capital 37 LPs 3 family offices.

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Venture firms based in Washington

2 firms in the Venture Capital Fund Index, by latest fund, then 29 advisers that report a venture fund on Form ADV, largest estimated venture assets first, from the Venture Adviser Directory. Each one’s page has its funds and, where an LP reports holding them, its LPs.

#FirmHeadquartersLatest fundFund sizeAUM
1Breakthrough Energy VenturesBEVKirklandUnited StatesBreakthrough Energy Ventures III2023 · interim close · Source$839M—
2Madrona Venture GroupMadronaSeattleUnited StatesMadrona Venture Fund X2025 · interim close · Source$490M—
#AdviserLocationVenture fundsPrivate fund assetsRegistered
1Cercano Management LLCBellevueWA13$6.8B≈$3B venture2021
2Tola Capital Management, LLCSeattleWA4$702M2015
3Maveron LLCSeattleWA16$624M2012
4Elevar Equity Management Ltd.SeattleWA4$571M2022
5SNR VenturesSNR Ventures Management, L.P.SeattleWA8$555M2022
6FuseFuse Ventures Management, LLCBellevueWA7$464M2021
7Ignition VenturesIgnition Ventures Management II, LLCBellevueWA4$464M2013
8Frazier Healthcare PartnersFrazier Management, L.L.C.SeattleWA1$8.2B≈$327M venture2015
9Altitude Ventures Management, LLCKirklandWA6$287M2015
10Westriver Management, LLCSeattleWA14$444M≈$230M venture2012
11Remiges Ventures, Inc. EmergingSeattleWA3$226M2015
12Voyager Capital LLC EmergingSeattleWA8$201M2012
13Pioneer Square Investment Advisor, LLC EmergingSeattleWA2$180M2018
14Biomatics Management Company, LLC EmergingSeattleWA1$141M2016
15Capria Ventures LLC EmergingSeattleWA14$136M2024
16Founder'S Co-Op Management II, LLC EmergingSeattleWA1$128M2020
17Rero LLC EmergingSeattleWA7$121M2025
18Flying Fish Management, LLC EmergingSeattleWA7$102M2017
19FCV GP LLC EmergingSeattleWA2$70M2023
20Founders IV General Partner LLC EmergingFounders' Co-Op IV General Partner LLCSeattleWA1$61M2023
21Springrock Management EmergingSpringrock Management Co.SeattleWA2$60M2020
22Founders' Co-Op General Partner III, LLC EmergingSeattleWA1$58M2020
23Ignition Partners EmergingIgnition Ventures Management, LLCBellevueWA5$34M2012
24Fortson VC EmergingFortson Management Company, LLCStanwoodWA1$79M≈$20M venture2025
25Discipulus Management LLC EmergingMill CreekWA3$16M2025
26Pack Ventures EmergingPack Ventures Management, LLCSeattleWA4$16M2025
27Sbi US Gateway Fund Management EmergingSbi US Gateway Fund Management, LLCEverettWA1$6.1M2025
28Hexa Management Group LLC EmergingSeattleWA1$3.9M2026
29Trilogy Investment Advisors EmergingTrilogy Investment Advisors, LLCBellevueWA2$2432026

New funds raising from Washington

8 venture funds managed from Washington started raising in 2025 or later and filed a Form D since October 2025: managers with new money to invest. Amounts are as each fund’s latest Form D reports them, newest filing first.

FundManagerStartedRaised so farTargetLatest filing
SNR 826 dBU, L.P.SNR Ventures2026$22M$22MSeptember 15, 2026
Discipulus Fund II Aggregator, LLCDiscipulus Management LLC2026$605K$2.5MAugust 20, 2026
SNR -6 dB, L.P.SNR Ventures2025$75M$165MAugust 12, 2026
Discipulus Ventures II, LPDiscipulus Management LLC2026$2.8M$30MMay 14, 2026
Pioneer Square Ventures Fund III, L.P.Pioneer Square Investment Advisor, LLC2026—$100MApril 29, 2026
Fuse Venture Partners Alpha III, LPFuse2026——April 22, 2026
Fuse Venture Partners III, LPFuse2026——April 22, 2026
Flying Fish Ineffable A LLCFlying Fish Management, LLC2026$12M$32MApril 6, 2026

Other sources of capital in Washington

20 union pension plans, 13 community development lenders, 11 SBA lenders, 6 pension master trusts, 2 angel groups, 2 revenue-based financing providers, 1 venture studio, 1 placement agent, 1 corporate pension plan, and 1 SBIC. From public registers and what each organization publishes; see Capital Sources for every state.

SourceLocationOn the record
Alliance of AngelsAngel groupSeattleWASeattle angel group whose accredited members fund high-growth technology, hardware, consumer and life science startups in the Pacific Northwest.
E8 AngelsAngel groupWANonprofit angel investment group whose 200-plus members have invested in early-stage climate technology companies across the US and Canada since 2006.
Lighter CapitalRevenue-based financingWAProvides non-dilutive revenue-based and term debt financing of up to $10M to SaaS and tech startups, without taking equity or board seats.Checks: Up to $10M
SaaS CapitalRevenue-based financingSeattleWALender focused solely on SaaS, providing non-dilutive growth debt to SaaS and subscription AI application companies with $3 million or more in ARR.
Pioneer Square LabsVenture studioSeattleWAStartup studio and early-stage venture fund; the studio tests ideas, builds products and spins companies out with founders.
Thomas Capital Group, Inc.Placement agentGig HarborWA5 venture funds, 2014–2021None since 2021 · median fund $108M
Retirement Plan for Employees of the Avista CorporationCorporate pension planSpokaneWAIn partnerships and joint ventures: $59MSingle-employer defined-benefit pension plan of Avista Corporation, reporting $58.6M in partnership and joint venture interests at 2024-12-31.
Sound Growth Partners Fund I, LPSBICEdmondsWAPrivate Equity · Buyout$275M fund · vintage 2024 · making new investments
Alaska Laborers-Employers Retirement FundUnion pension planSeattleWAIn partnerships and joint ventures: $89MMultiemployer (union) defined-benefit pension plan reporting $89.5M in partnership and joint venture interests at 2025-06-30.
Automotive Machinists Pension PlanUnion pension planSeattleWAIn partnerships and joint ventures: $247MMultiemployer (union) defined-benefit pension plan reporting $247.1M in partnership and joint venture interests at 2025-09-30.
BAC Local No. 1 Washington Pension TrustUnion pension planSeattleWAIn partnerships and joint ventures: $53MMultiemployer (union) defined-benefit pension plan reporting $53.3M in partnership and joint venture interests at 2024-12-31.
Defined Benefit Pension Plan of Agc-Iuoe Local 701 Pension Trust FundUnion pension planSeattleWAIn partnerships and joint ventures: $32MMultiemployer (union) defined-benefit pension plan reporting $32.2M in partnership and joint venture interests at 2024-12-31.
Engineers AGC Pension Plan of the Inland EmpireUnion pension planMercer IslandWAIn partnerships and joint ventures: $37MMultiemployer (union) defined-benefit pension plan reporting $36.6M in partnership and joint venture interests at 2024-12-31.
GCIU - Employer Retirement Benefit PlanUnion pension planSeattleWAIn partnerships and joint ventures: $81MMultiemployer (union) defined-benefit pension plan reporting $80.6M in partnership and joint venture interests at 2024-12-31.
I.B.E.W. Pacific Coast Pension FundUnion pension planSpokaneWAIn partnerships and joint ventures: $41MMultiemployer (union) defined-benefit pension plan reporting $41.1M in partnership and joint venture interests at 2025-03-31.
IBT Consolidated Pension PlanUnion pension planSeattleWAIn partnerships and joint ventures: $38MMultiemployer (union) defined-benefit pension plan reporting $37.8M in partnership and joint venture interests at 2024-12-31.
Intermountain Retail Store Employees Pension PlanUnion pension planBothellWAIn partnerships and joint ventures: $44MMultiemployer (union) defined-benefit pension plan reporting $43.9M in partnership and joint venture interests at 2025-08-31.
Iron Workers Local No. 5 & IWEA Employees Pension Trust FundUnion pension planMercer IslandWAIn partnerships and joint ventures: $87MMultiemployer (union) defined-benefit pension plan reporting $87.1M in partnership and joint venture interests at 2025-06-30.
Locals 302 & 612 of the IUOE - Employers Construction Industry Retirement PlanUnion pension planSeattleWAIn partnerships and joint ventures: $712MMultiemployer (union) defined-benefit pension plan reporting $712.0M in partnership and joint venture interests at 2024-12-31.
Northwest Ironworkers Retirement PlanUnion pension planMercer IslandWAIn partnerships and joint ventures: $151MMultiemployer (union) defined-benefit pension plan reporting $151.1M in partnership and joint venture interests at 2025-06-30.
Puget Sound Electrical Workers Pension PlanUnion pension planSeattleWAIn partnerships and joint ventures: $92MMultiemployer (union) defined-benefit pension plan reporting $92.4M in partnership and joint venture interests at 2025-05-31.
Sound Retirement TrustUnion pension planBothellWAIn partnerships and joint ventures: $835MMultiemployer (union) defined-benefit pension plan reporting $835.0M in partnership and joint venture interests at 2025-09-30.
WA State Plumbing and Pipefitting Industry Pension PlanUnion pension planTukwilaWAIn partnerships and joint ventures: $101MMultiemployer (union) defined-benefit pension plan reporting $100.6M in partnership and joint venture interests at 2024-12-31.
Wa-Id Laborers Employers Pension TrustUnion pension planBothellWAIn partnerships and joint ventures: $53MMultiemployer (union) defined-benefit pension plan reporting $53.2M in partnership and joint venture interests at 2025-05-31.
Western Conference of Teamsters Pension PlanUnion pension planSeattleWAIn partnerships and joint ventures: $14.5BMultiemployer (union) defined-benefit pension plan reporting $14.54B in partnership and joint venture interests at 2024-12-31.
Western Glaziers Retirement PlanUnion pension planTukwilaWAIn partnerships and joint ventures: $39MMultiemployer (union) defined-benefit pension plan reporting $39.5M in partnership and joint venture interests at 2025-06-30.
Western Metal Industry Pension PlanUnion pension planSeattleWAIn partnerships and joint ventures: $78MMultiemployer (union) defined-benefit pension plan reporting $78.2M in partnership and joint venture interests at 2024-12-31.
Western Washington Laborers-Employers Pension PlanUnion pension planBothellWAIn partnerships and joint ventures: $164MMultiemployer (union) defined-benefit pension plan reporting $163.7M in partnership and joint venture interests at 2024-12-31.
Alaska Air Group Retirement Master TrustPension master trustSeattleWAIn partnerships and joint ventures: $53MMaster trust investment account of Alaska Airlines, Inc., reporting $52.8M in partnership and joint venture interests at 2024-12-31.
Providence Health & Services and Swedish Health Services Master Retirement TrustPension master trustRentonWAIn partnerships and joint ventures: $138MMaster trust investment account of Providence Health & Services, reporting $137.7M in partnership and joint venture interests at 2024-12-31.
Wacap - O Direct Lending Fund Unlevered Feeder LLCPension master trustSeattleWAIn partnerships and joint ventures: $107M103-12 investment entity (a pooled vehicle holding plan assets) of Washington Capital Management, Inc., reporting $107.2M in partnership and joint venture interests at 2024-12-31.
Wacap - O Real Estate Opportunity Fund VIII Feeder LLCPension master trustSeattleWAIn partnerships and joint ventures: $47M103-12 investment entity (a pooled vehicle holding plan assets) of Washington Capital Management, Inc., reporting $46.7M in partnership and joint venture interests at 2024-12-31.
Wacap - O Transportation Infrastructure Capital Partners Feeder LLCPension master trustSeattleWAIn partnerships and joint ventures: $87M103-12 investment entity (a pooled vehicle holding plan assets) of Washington Capital Management, Inc., reporting $87.4M in partnership and joint venture interests at 2024-12-31.
Wacap SP Infrastructure Fund IV Feeder LLCPension master trustSeattleWAIn partnerships and joint ventures: $194M103-12 investment entity (a pooled vehicle holding plan assets) of Washington Capital Management, Inc., reporting $194.5M in partnership and joint venture interests at 2024-12-31.
Business Impact NWCommunity development lenderTukwilaWACommunity development loan fund in Tukwila, WA, certified by the US Treasury’s CDFI Fund.
Chehalis Tribal Loan FundCommunity development lenderOakvilleWANative community development loan fund in Oakville, WA, certified by the US Treasury’s CDFI Fund.
Denkyem SPCCommunity development lenderRentonWACommunity development loan fund in Renton, WA, certified by the US Treasury’s CDFI Fund.
HomeSightCommunity development lenderSeattleWACommunity development loan fund in Seattle, WA, certified by the US Treasury’s CDFI Fund.
Jamestown S'Klallam Tribal Capital, IncorporatedCommunity development lenderSequimWANative community development loan fund in Sequim, WA, certified by the US Treasury’s CDFI Fund.
New Roots FundCommunity development lenderSeattleWACommunity development loan fund in Seattle, WA, certified by the US Treasury’s CDFI Fund.
Northwest Access FundCommunity development lenderShorelineWACommunity development loan fund in Shoreline, WA, certified by the US Treasury’s CDFI Fund.
Northwest Native Development FundCommunity development lenderCoulee DamWANative community development loan fund in Coulee Dam, WA, certified by the US Treasury’s CDFI Fund.
Pacific Northwest Tribal Lending, a Community Development Financial InstitutionCommunity development lenderBellinghamWANative community development loan fund in Bellingham, WA, certified by the US Treasury’s CDFI Fund.
Rainier Valley Community Development FundCommunity development lenderSeattleWACommunity development loan fund in Seattle, WA, certified by the US Treasury’s CDFI Fund.
SNAP Financial AccessCommunity development lenderSpokaneWACommunity development loan fund in Spokane, WA, certified by the US Treasury’s CDFI Fund.
Taala FundCommunity development lenderTaholahWANative community development loan fund in Taholah, WA, certified by the US Treasury’s CDFI Fund.
Washington Community Reinvestment AssociationCommunity development lenderSeattleWACommunity development loan fund in Seattle, WA, certified by the US Treasury’s CDFI Fund.
Banner BankSBA lenderWalla WallaWA7(a) loans approved, fiscal year 2026: $62MSBA 7(a) lender in Walla Walla, WA: 172 loans approved for $61.8 million in fiscal year 2026.
Gesa CUSBA lenderRichlandWA7(a) loans approved, fiscal year 2026: $29MSBA 7(a) lender in Richland, WA: 55 loans approved for $28.7 million in fiscal year 2026.
Harborstone CUSBA lenderLakewoodWA7(a) loans approved, fiscal year 2026: $16MSBA 7(a) lender in Lakewood, WA: 22 loans approved for $15.9 million in fiscal year 2026.
Heritage BankSBA lenderOlympiaWA7(a) loans approved, fiscal year 2026: $26MSBA 7(a) lender in Olympia, WA: 49 loans approved for $26.0 million in fiscal year 2026.
Mountain Pacific BankSBA lenderEverettWA7(a) loans approved, fiscal year 2026: $39MSBA 7(a) lender in Everett, WA: 20 loans approved for $39.0 million in fiscal year 2026.
Numerica CUSBA lenderSpokane ValleyWA7(a) loans approved, fiscal year 2026: $5.2MSBA 7(a) lender in Spokane Valley, WA: 9 loans approved for $5.2 million in fiscal year 2026.
Peoples BankSBA lenderBellinghamWA7(a) loans approved, fiscal year 2026: $11MSBA 7(a) lender in Bellingham, WA: 17 loans approved for $11.3 million in fiscal year 2026.
RiverBankSBA lenderSpokaneWA7(a) loans approved, fiscal year 2026: $29MSBA 7(a) lender in Spokane, WA: 75 loans approved for $29.2 million in fiscal year 2026.
Sound Credit UnionSBA lenderTacomaWA7(a) loans approved, fiscal year 2026: $9.2MSBA 7(a) lender in Tacoma, WA: 72 loans approved for $9.2 million in fiscal year 2026.
WaFd BankSBA lenderSeattleWA7(a) loans approved, fiscal year 2026: $32MSBA 7(a) lender in Seattle, WA: 213 loans approved for $32.5 million in fiscal year 2026.
Washington Trust BankSBA lenderSpokaneWA7(a) loans approved, fiscal year 2026: $34MSBA 7(a) lender in Spokane, WA: 55 loans approved for $33.7 million in fiscal year 2026.

LPs based in Washington

Foundations, pension plans, and other LPs here that report the venture funds they hold, by the number they hold. Local LPs often back local managers.

#LPLocationVenture fundsIn venture fundsTotal assets
1Raven Trust FundPrivate foundation · as of December 31, 2024SeattleWA22$19M$66M
2Marguerite Casey FoundationPrivate foundation · as of December 31, 2024SeattleWA214 new$91M$877M
3Casey Family ProgramsPrivate foundation · as of December 31, 2024SeattleWA81 new$62M$2.7B
4Laidir FoundationPrivate foundation · as of December 31, 2024SeattleWA71 new$10M$81M
5Gates Foundation TrustPrivate foundation · as of December 31, 2024KirklandWA61 new$46M$77.6B
6SS Family FoundationPrivate foundation · as of December 31, 2024BellevueWA66 new$11M$63M
7Aven FoundationPrivate foundation · as of December 31, 2024MedinaWA5$11M$108M
8The Satterberg Foundation IncPrivate foundation · as of December 31, 2024SeattleWA52 new$3.6M$431M
9The Russell Family FoundationPrivate foundation · as of December 31, 2024Gig HarborWA4$6.2M$77M
10Clementine FundPrivate foundation · as of December 31, 2024TacomaWA4$3.5M$38M
11Crystal Springs FoundationPrivate foundation · as of December 31, 2024SeattleWA4$3.4M$43M
12Wayne D Kuni and Joan E Kuni FoundationPrivate foundation · as of December 31, 2024VancouverWA3$25M$189M
13Allen Family PhilanthropiesPrivate foundation · as of December 31, 2024SeattleWA3$2.7M$1.4B
14Neukom Family FoundationPrivate foundation · as of March 31, 2025SeattleWA31 new$1.9M$75M
15Sulis Springs Fund F/K/A Seven Kinds of Honey FoundationPrivate foundation · as of December 31, 2024SeattleWA2$1.1M$29M
16Vadon FoundationPrivate foundation · as of December 31, 2024SeattleWA2$777K$54M
17The Martin Fabert FoundationPrivate foundation · as of June 30, 2025SeattleWA2$521K$23M
18Singh Family Foundation WashingtonPrivate foundation · as of December 31, 2025SeattleWA2$442K$13M
19Biella FoundationPrivate foundation · as of December 31, 2024BothellWA21 new$179K$70M
20Western Conference of Teamsters Pension PlanUnion pension plan · as of December 31, 2024SeattleWA1$232M$56.4B
21The Longbrake Family FoundationPrivate foundation · as of December 31, 2025SeattleWA1$11M$12M
22Apex FoundationPrivate foundation · as of December 31, 2024BellevueWA1$9.9M$185M
23The Com Family FoundationPrivate foundation · as of December 31, 2024KirklandWA1$1.5M$11M
24Washington Research FoundationPrivate foundation · as of June 30, 2025SeattleWA1$1.4M$341M
25College Spark WashingtonPrivate foundation · as of September 30, 2025SeattleWA11 new$351K$124M
26The Honzel Family FoundationPrivate foundation · as of December 31, 2024TacomaWA1$287K$40M
27Eggnog Latte Foundation Dba Renee and Jeff Harbers Family FDNPrivate foundation · as of December 31, 2024BellevueWA1$124K$25M
28Ginger and Barry Ackerley FoundationPrivate foundation · as of December 31, 2024SeattleWA1$91K$16M
29The Richard and Maude Ferry FoundationPrivate foundation · as of December 31, 2024SeattleWA0$2M$28M
30D&G Charitable FundPrivate foundation · as of December 31, 2024SeattleWA0$1.3M$29M
31Laird Norton Family FoundationPrivate foundation · as of December 31, 2024SeattleWA0$757K$46M
32Bezos Family FoundationPrivate foundation · as of December 31, 2024SeattleWA0$670K$155M
33The Bridgehead FoundationPrivate foundation · as of December 31, 2024VancouverWA0$500K$23M
34The Nick and Leslie Hanauer FoundationPrivate foundation · as of December 31, 2024SeattleWA0$447K$11M
35The Bullitt FoundationPrivate foundation · as of December 31, 2024SeattleWA0$213K$46M
36Kaphan FoundationPrivate foundation · as of December 31, 2024SeattleWA0$199K$479M
37USVC Venture Capital Access FundRegistered fund · as of June 30, 2026SeattleWA0—$39M

Family offices in Washington

Family offices registered with the SEC as investment advisers, from the Family Office Index. Most family offices are exempt from registering and aren’t on this list.

Family officeCityRegulatory assets
LNWSeattle$12.2B
Rainier Family Wealth, INC.Tacoma$331M
Seneschal Family OfficeTacoma$301M

About the data

An adviser’s state is where its Form ADV says its main office is. A fund-index firm is placed by the headquarters city the index lists, or by its Form ADV when the city doesn’t tell. Capital sources, LPs, and family offices are placed by the address their own register gives. Angel investors who list themselves are at hottub.vc/investors. Organizations only: no individuals are listed here, and a listing is a public record, not a recommendation. See the methodology.