Venture Capital: Madrona, Frazier seek investors, more cash
Even though it was burned by several failed dot-com investments at the beginning of the decade, Madrona has produced 26 positive exits (either a company sale or initial public offering) since it was founded.

Its current portfolio of 17 companies, including Impinj, Isilon Systems and ShareBuilder, remains strong with more than half generating positive cash flow. Furthermore, Madrona has realized positive returns on four investments in recent months: Celebrate Express, Classmates Online, Dantz Development and Rendition Networks.

Even with those results, Madrona has yet to pay back investors on the first fund. It has returned only about $40 million so far, a dismal performance but one that surpasses many technology-focused venture capital funds created in 1999."