Seattle VC firm Fuse reveals size of inaugural fund that has backed 17 Pacific Northwest startups

Fuse, a new Seattle-based early-stage venture capital firm, has disclosed the size of its inaugural fund for the first time.

The firm raised $170 million for the fund, which has backed 17 B2B software startups based across the Pacific Northwest. It plans to make 25-to-30 total investments.

GeekWire previously reported that Fuse had raised at least $118 million.

Some of the firm’s recent investments include Zuper, which sells software to help service companies; Pictory, a video automation startup; and Route Line, an adventure travel startup.

“The Pacific Northwest is the most important technology ecosystem in the world,” the firm wrote in a blog post.

Fuse launched in 2020 as a spinoff from longtime Seattle-area firm Ignition Partners. Former Ignition investors Kellan Carter and Cameron Borumand helped startup Fuse as general partners.

John Connors, an Ignition managing partner and former Microsoft CFO, joined Fuse as operating managing partner, along with Satbir Khanuja, who was a venture advisor at Ignition.

Ignition effectively sunsetted its brand name and continues to manage existing investments in portfolio companies.

Seattle Seahawks star Bobby Wagner is a venture partner at Fuse.

Last year the firm added longtime Bay Area tech startup investor Brendan Wales as its third general partner. Other employees include associates Sara Lindquist and Zane Khatib, who just joined from Brighton Jones.

Fuse is among a crop of newer early-stage firms in Seattle hoping to capitalize on the city’s startup activity. Flying Fish raised $80 million for its first fund in 2018 and is raising another fund. Pioneer Square Labs raised $80 million for its first fund as well, and raised $100 million for its second.

Other new firms include Ascend ($15 million first fund) and Graham & Walker ($10 million first fund).