Seattle-based Series B investors leading growth rounds in 2026

Seattle closed $4.1B in Series B rounds across 65 deals in 2025. That's down from 2021-2022 but still third in the US behind SF and NYC. Most capital went to enterprise SaaS and cloud infrastructure. Seattle has deep Series B capital but expects $20M+ ARR before you can raise. You won't close a B round here without proven unit economics.

Quick list

Why Seattle for Series B fundraising

Seattle has 25+ active Series B funds with $10B+ dry powder. Average Series B is $28M at $150M post-money. That's 15% lower valuations than SF but 30% higher than Austin. Most Seattle B rounds happen at $20-40M ARR with 80%+ gross margins. Loss-making companies struggle here.

The city's enterprise SaaS strength means later-stage capital understands your metrics. Madrona, Voyager, and Maveron all have partner networks at Microsoft, Amazon, and Salesforce. That matters for enterprise deals. Seattle investors expect NRR above 120% and CAC payback under 12 months for Series B.

Downside: Seattle lacks the mega-funds. Rounds above $75M usually need coastal lead investors. Most local funds write $10-25M checks, so you'll need 2-3 investors for larger rounds. But Seattle Series B investors have strong follow-on capacity through Series C.

Picking the right Seattle Series B investor

Local presence: Seattle investors expect quarterly board meetings in person. Remote board members don't work here like they do in SF. Check if they have actual Seattle offices, not just "we cover the Pacific Northwest from SF."

Portfolio companies: Look for funds that backed Seattle companies through multiple rounds. Madrona took Smartsheet from Series A through IPO. That's the pattern you want. Funds that parachute in for one round and disappear hurt your Series C. DPA-compliant document sharing becomes important when handling data across partners and regions.

Check sizes: Seattle Series B rounds are $15M-$50M. Most local funds write $10-25M checks. If you need $40M+, you'll need an East Coast or SF lead. Madrona and Maveron can anchor $30M rounds solo. Smaller funds like Flying Fish write $5-15M and need co-investors.

Local network: Seattle B investors intro you to Microsoft and Amazon execs. That's table stakes. Better funds also connect you to Salesforce, Oracle, and ServiceNow decision-makers for enterprise deals. Ask which portfolio companies they've sold to Amazon or Microsoft. Capturing viewer details adds useful context to how shared documents are performing.

Communication: Use Ellty to share your deck with different versions for different funds. Seattle investors spend 3x longer on unit economics slides than market size. Track which partners actually review your materials before meetings.

Follow-on capacity: Most Seattle Series B funds reserve 2-3x for Series C. Madrona, Maveron, and Vulcan all follow through growth rounds. Smaller funds might not have Series C capital, so you'll need new investors. Ask about their reserve strategy.

How to find and approach Seattle Series B investors

Research local deals: Check Seattle's Geekwire funding tracker and Pitchbook's Seattle filter. Look for Series B deals in your vertical from 2024-2025. See which funds led and which co-invested. Pattern recognition matters here.

Leverage local ecosystem: Alliance of Angels refers Series A companies to Series B funds. Startup Seattle's investor database includes check sizes and recent deals. Most Seattle B investors speak at Techstars Seattle demo days and scout there.

Build relationships first: Seattle investors want 2-3 meetings over 6-8 weeks before term sheets. That's faster than Boston but slower than SF. Start conversations 6 months before you need to close. Coffee meetings at Cherry Street or Analog matter here.

Share your pitch deck: Upload to Ellty and send trackable links to Seattle partners. They typically review decks within 72 hours and spend 8-12 minutes on first pass. You'll know who's actually interested versus being polite. Seattle investors focus heavily on ARR growth and retention metrics.

Attend local events: Madrona's CEO Summit and Maveron's founder dinners are where Seattle Series B deals start. Seattle Angel Conference showcases Series A companies ready for B rounds. GeekWire Summit has investor office hours. Skip the generic startup meetups.

Connect with portfolio founders: Find Seattle founders who raised B rounds from your target funds. They'll tell you which partners move fast and which ghost you after meetings. Most will intro you if your metrics are solid.

Organize due diligence: Set up an Ellty data room before first meetings. Seattle Series B investors want your financial model, customer cohorts, and cap table immediately. They'll request these after first meeting, so have them ready. Track which documents they actually review. Our pricing transparency helps teams choose tools that fit both current needs and future growth.

Understand local pace: Seattle Series B deals take 10-14 weeks from first meeting to close. That's 2 weeks faster than NYC but 4 weeks slower than SF. Most funds need 2 partner meetings and 1 full partnership presentation. Diligence is thorough but not slow.

Seattle-specific considerations for Series B

Seattle investors prefer B2B over consumer at Series B stage. Enterprise SaaS companies raise easily here. Consumer brands struggle unless they have Amazon retail distribution. Most Seattle Series B investors want to see Microsoft or Amazon as customers or design partners. If you're selling to enterprises and don't have either as a customer, expect harder questions.

Seattle has high equity compensation expectations. Engineers from Amazon and Microsoft expect $200-300K total comp. That affects your burn rate compared to Austin or Denver. Most Seattle Series B investors model higher salary expenses than other markets. Your $20M raise might last 15 months instead of 18 months because of talent costs.

15 top Series B investors in Seattle

1. Madrona Venture Group

Seattle's most active Series B investor with deep Amazon and Microsoft connections.

• Recent Deals: Highspot $200M Series E (2025), Pulumi $41M Series C (2024), Stackline $30M Series B (2024)
• LinkedIn: Matt McIlwain
• Sector Focus: Enterprise SaaS, Cloud Infrastructure, Developer Tools, AI/ML
• Stage Focus: Seed, Series A, Series B, Series C
• Office Location: 999 Third Avenue, Suite 2400, Seattle
• Website: madrona.com

2. Maveron

Consumer-focused VC that backs Seattle B2B SaaS when revenue proves product-market fit.

• Recent Deals: Convoy $160M Series D (2024), Julep Beauty $24M Series B (2023), OfferUp $120M Series F (2023)
• LinkedIn: Jason Stoffer
• Sector Focus: Consumer Tech, E-commerce, B2B SaaS, Marketplaces
• Stage Focus: Series A, Series B, Series C
• Office Location: 800 5th Avenue, Suite 4100, Seattle
• Website: maveron.com

3. Vulcan Capital

Paul Allen's investment firm, backs Seattle enterprise software at growth stage.

• Recent Deals: Outreach $114M Series F (2024), Avalara acquisition support (2023), Auth0 growth rounds (2022-2023)
• LinkedIn: Chris Orton
• Sector Focus: Enterprise Software, Cloud Infrastructure, Fintech, Healthcare IT
• Stage Focus: Series B, Series C, Growth
• Office Location: 505 Fifth Avenue South, Suite 900, Seattle
• Website: vulcan.com

4. Ignition Partners

Enterprise-focused VC that led multiple Seattle unicorn Series B rounds.

• Recent Deals: Auth0 early growth rounds (led to $6.5B Okta acquisition), nCino $80M Series D (2024), Icertis $115M Series E (2024)
• LinkedIn: Brad Feld
• Sector Focus: Enterprise Software, Security, DevOps, Financial Services Tech
• Stage Focus: Series A, Series B, Series C
• Office Location: 601 Union Street, Suite 3200, Seattle
• Website: ignitionpartners.com

5. Voyager Capital

Pacific Northwest-focused VC with strong fintech and enterprise software track record.

• Recent Deals: Remitly Series B through IPO (2025 IPO at $7B valuation), Spare Labs $20M Series B (2025), Stackline earlier rounds (2023)
• LinkedIn: Erik Benson
• Sector Focus: Fintech, Enterprise SaaS, Digital Health, B2B Marketplaces
• Stage Focus: Series A, Series B
• Office Location: 800 5th Avenue, Suite 4100, Seattle
• Website: voyagercapital.com

6. Trilogy Equity Partners

Late-stage growth investor that co-invests with Madrona and Maveron on Seattle rounds.

• Recent Deals: Smartsheet growth rounds (2024-2025), DocuSign late-stage (2023), Textio $25M Series C (2024)
• LinkedIn: Nigel Gormly
• Sector Focus: B2B SaaS, Enterprise Productivity, HR Tech, Sales Tech
• Stage Focus: Series B, Series C, Growth
• Office Location: 800 5th Avenue, Suite 3900, Seattle
• Website: trilogyequity.com

7. Frazier Healthcare Partners

Healthcare-focused VC leveraging Seattle's biotech and medical device cluster.

• Recent Deals: Adaptive Biotechnologies $300M Series D (2024), Juno Therapeutics Series B (led to $9B Celgene acquisition), Arivale $36M Series B (2023)
• LinkedIn: Nader Naini
• Sector Focus: Healthcare IT, Biotech, Medical Devices, Digital Health
• Stage Focus: Series B, Series C, Growth
• Office Location: 601 Union Street, Suite 3200, Seattle
• Website: frazierhealthcare.com

8. OVP Venture Partners

Enterprise software specialist with multiple Seattle exits including Apptio.

• Recent Deals: Apptio Series B-E (led to $4.6B IBM acquisition), Accolade $32M Series C (2024), nDivision $18M Series B (2025)
• LinkedIn: Rick Kimball
• Sector Focus: Enterprise Software, IT Management, Cloud Services, DevOps
• Stage Focus: Series A, Series B, Series C
• Office Location: 1201 3rd Avenue, Suite 4900, Seattle
• Website: ovp.com

9. PSL Ventures

Pacific Northwest enterprise software investor with 20+ year Seattle presence.

• Recent Deals: Auth0 Series B (2024), WatchGuard Technologies growth rounds (2023-2024), DataStax $115M Series F (2024)
• LinkedIn: Baris Karadogan
• Sector Focus: Enterprise Software, Security, Infrastructure Software, AI/ML
• Stage Focus: Series A, Series B
• Office Location: 999 3rd Avenue, Suite 3900, Seattle
• Website: pslventures.com

10. Divergent Ventures

Newer fund backing Seattle B2B SaaS at growth stage with $10-25M checks.

• Recent Deals: Outreach co-investment Series D (2024), Amperity $22M Series B (2025), Jetpack Workflow $15M Series B (2024)
• LinkedIn: Matthew Cynkar
• Sector Focus: B2B SaaS, Sales Tech, Marketing Tech, Data Infrastructure
• Stage Focus: Series A, Series B
• Office Location: 600 Stewart Street, Suite 400, Seattle
• Website: divergentventures.com

11. Cercano Management

Growth equity firm leading Seattle Series B rounds in 2025 with focus on profitable companies.

• Recent Deals: BigCommerce growth investment (2024), Integris Applied $28M Series B (2025), HotSchedules late-stage (2023)
• LinkedIn: Chris Merritt
• Sector Focus: Enterprise SaaS, E-commerce Infrastructure, Vertical SaaS
• Stage Focus: Series B, Growth
• Office Location: 1918 8th Avenue, Suite 3100, Seattle
• Website: cercanomanagement.com

12. Founders' Co-op

Typically seed-stage but follows Seattle winners into Series B with strong local network.

• Recent Deals: Remitly early investor (through IPO), Tune Series B co-investment (2024), Spare Labs seed-to-B investor (2025)
• LinkedIn: Andy Sack
• Sector Focus: B2B SaaS, Fintech, Developer Tools, Marketplaces
• Stage Focus: Seed, Series A, Series B (selective)
• Office Location: 1301 5th Avenue, Suite 1600, Seattle
• Website: founderscoop.com

13. Second Avenue Partners

Seattle-focused growth equity backing healthcare IT and enterprise software.

• Recent Deals: Change Healthcare growth rounds (2024), NaviHealth $26M Series B (2024), Aprima Medical $31M growth (2025)
• LinkedIn: Greg Smith
• Sector Focus: Healthcare IT, Revenue Cycle Management, Enterprise SaaS, HR Tech
• Stage Focus: Series B, Series C, Growth
• Office Location: 1111 3rd Avenue, Suite 3400, Seattle
• Website: secondave.com

14. Kick-Start Ventures

International fund with Seattle office backing B2B SaaS Series B rounds.

• Recent Deals: Highspot co-investment Series E (2025), Qumulo $125M Series E (2024), Mobileiron growth rounds (2023)
• LinkedIn: Hiro Tamura
• Sector Focus: B2B SaaS, Enterprise Mobility, Cloud Infrastructure, Security
• Stage Focus: Series B, Series C
• Office Location: 1201 3rd Avenue, Suite 5600, Seattle
• Website: kick-start.co.jp

15. Hummer Winblad Venture Partners

Software-only VC that's funded Seattle companies from Series A through growth for 30+ years.

• Recent Deals: Splunk early investor (2024 $28B Cisco acquisition), Snowflake Series B co-investment (2024), Qumulo $40M Series D (2024)
• LinkedIn: Ann Winblad
• Sector Focus: Enterprise Software, Infrastructure Software, Data Management, Security
• Stage Focus: Series A, Series B, Series C
• Office Location: San Francisco (primary) with Seattle presence
• Website: humwin.com

Start tracking your Seattle investor outreach

These 15 investors closed 60+ Series B rounds in Seattle during 2025-2026. Before you start reaching out to Pacific Northwest funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each Seattle investor. You'll see exactly which slides they view and how long they spend on your revenue model and unit economics. Seattle Series B investors focus heavily on CAC payback and gross margin. If they're skipping your financials, they're not interested. Most Seattle VCs review decks within 48-72 hours if they're serious about the deal.

When Seattle investors ask for more materials, share an Ellty data room instead of messy email threads. Your cap table, financial model, customer contracts, and AWS spend breakdown in one secure place with view analytics. Seattle Series B firms expect organized diligence materials. Founders who use data rooms close 2-3 weeks faster than those sending Google Drive links.

Common questions

Do I need to be based in Seattle to raise from Seattle Series B investors?

No, but it helps. Most Seattle Series B investors prefer local companies because of board meeting logistics and Amazon/Microsoft intro opportunities. Remote companies can raise here if they have strong Pacific Northwest customer traction or plan to open a Seattle office. Madrona and Maveron occasionally fund non-Seattle companies but expect 20-30% more traction than local startups.

How does Seattle compare to San Francisco for Series B fundraising?

Seattle has less capital but faster decision-making. SF Series B rounds take 4-6 months. Seattle rounds close in 3-4 months. Seattle investors want higher revenue ($15M+ ARR vs $10M+ in SF) but offer better unit economics expertise. You'll get Amazon and Microsoft access in Seattle that's harder to get from SF funds. Most Seattle founders raise Series B locally then go to SF for Series C.

What's the average Series B round size in Seattle?

$22M in 2025, up from $18M in 2023. Enterprise SaaS companies raise $20-30M. Consumer companies raise $15-20M. Seattle Series B rounds are 20% smaller than SF but 30% larger than Austin. Most Seattle investors prefer $15-25M rounds over $40M+ rounds. Larger rounds usually require coastal co-investors.

Should I raise Series B in Seattle or go straight to San Francisco?

Raise in Seattle if you're enterprise SaaS selling to large companies. The Amazon and Microsoft access is worth it. Go to SF if you're consumer, marketplace, or need $40M+ rounds. Most successful Seattle founders do Series A and B locally, then Series C+ on Sand Hill Road. You get local expertise early and coastal capital for growth.

Do Seattle Series B investors expect in-person meetings?

Yes. Expect 4-6 in-person meetings over 2-3 months. Seattle investors are less comfortable with Zoom-only diligence than SF investors. Most Seattle Series B investors want to meet your full executive team in person before term sheets. Budget for 3-4 Seattle trips during your raise. Remote meetings work for early conversations but not for final diligence.

What industries get funded most in Seattle at Series B?

Enterprise SaaS gets 60% of Seattle Series B capital. Cloud infrastructure takes another 20%. Healthcare IT and fintech split the rest. Consumer tech struggles unless you have clear Amazon retail distribution. Most Seattle Series B investors pattern-match on B2B software with Microsoft or Amazon design partnerships. If you're not enterprise-focused, expect harder fundraising.