2011 was a busy year for Madrona Venture Group, with the Seattle venture capital firm bankrolling 14 new startup companies. Now, Madrona — which incubated four new companies at its offices — is gearing up for even bigger things.
The firm today is announcing that three investment professionals — Len Jordan, Tim Porter and Scott Jacobson — have been appointed as managing directors.
That’s the highest ranking position at Madrona, a title held previously by just five partners.
The last time Madrona added a managing director was in 2009 when former aQuantive CEO Brian McAndrews joined the firm. Adding three at one time may signal bigger things ahead for the firm, a backer of companies such as Redfin, Cheezburger, Zapd, Decide and AppFog.
Founded in 1995 as a loose network of angel investors, Madrona now manages $650 million. Its last fund — the $250 million fund IV — was raised in 2008. Given the life cycles of venture funds and the active investment pace over the past year at Madrona, it is likely that the firm will try to raise a new fund in the near future.
The new managing directors have ties to some of Seattle’s most successful technology companies. Jordan, who joined Madrona in 2010 from Frazier Technology Ventures, previously served as a senior vice president at RealNetworks. Jacobson previously worked at Amazon.com, and Porter spent time in the corporate development group at Microsoft.
“We are excited about expanding our Managing Director group and will continue investing in the best early-stage technology companies and the amazing innovation ecosystem in the Pacific Northwest,” said Madrona’s Matt McIlwain in a statement.