Seattle-based venture capital investment firm Madrona Venture Group has raised $300M, in its fifth fund, the company said Wednesday. According to Madrona, Funv V was originally targeted at $250M, but was oversubscribed. The limited partners in the new fund include existing investors, including "several large endowments and foundations", including the Kauffman Foundation, a prior Madrona investor. In an announcement about the fund, Matt McIlwain, one of the firm's managing directors, said that "Early-stage venture capital is a local business" and pointing to its many local portfolio firms, which include Amazon.com, Isilon Systems, Redfin, Apptio, and others. Madrona now managed over $1 billion across all of its funds. The company said the new fund continues its focus primarily investing in seed and Series A-stage companies, primarily based in the Pacific Northwest.