Seattle-area startups raised roughly $1.5B across 69 deals in Q1 2026 — the region’s lowest deal count since mid-2020, per GeekWire. Capital is concentrating behind a smaller set of AI and space winners. Seattle ranked 7th by capital and 10th by deal count nationwide.

Key Q1 2026 deals

• Stoke Space — $350M.
• Temporal — $300M Series D.
• Starcloud — $170M.
• XBOW — $120M Series C.
• Overland AI — $100M.

Most active Seattle VCs in 2026

• Madrona Venture Group — region’s anchor.
• Founders’ Co-op — seed specialist.
• Pioneer Square Labs (PSL) Ventures — studio + fund.
• Flying Fish Partners — B2B + applied AI.
• Voyager Capital — B2B software / infrastructure.
• Ascend — pre-seed Pacific Northwest.

Practical takeaway (founder + investor)

1. Founders: Seattle capital favors engineering-heavy B2B, AI infrastructure, and space.
2. Investors: Watch Stoke Space, Starcloud, and Madrona’s AI portfolio for follow-on exits; consumer and fintech are underrepresented locally.

Sources

1. GeekWire Seattle Q1 2026: https://www.geekwire.com/2026/bigger-checks-fewer-bets-seattle-startup-deal-count-drops-to-lowest-level-since-2020/
2. Puget Sound Business Journal: https://www.bizjournals.com/seattle/news/2026/04/14/venture-capital-puget-sound-ascend-pitchbook.html