Singh Founded, Grew and Led Concur from Startup to Enterprise SaaS Powerhouse
SEATTLE–(BUSINESS WIRE)–Madrona today announced the appointment of Steve Singh to Managing Director. Singh is an accomplished operating executive, having cofounded, built and led Concur from startup to leader in corporate travel and expense management over two decades. SAP acquired Concur in 2014 for $8.3 billion – the largest acquisition in the Pacific NW at that time and one of the largest acquisitions of an enterprise application company. Singh went on to serve on the Executive Board of SAP, responsible for their Cloud Business Group and later served as CEO of open source software company Docker.
“Steve is a truly exceptional leader and mentor who is passionate about sharing his many years of company building experience with outstanding entrepreneurs and their companies,” commented Matt McIlwain, managing director, Madrona Venture Group. “Steve has been a Madrona Strategic Director for many years, an active angel investor and created the Perfect Trip Fund during his time leading Concur. He has already been incredibly valuable to our companies and other rapidly growing companies, and we are very excited to have him working with us to find new companies and actively foster our current portfolio.”
“From its own founding, Madrona has steadfastly operated with a philosophy that mirrors how great companies are built – from day one for the long run. It is an honor to join one of the leading venture capital firms in the country,” said Singh. “While there are a number of broad themes we are excited about, I am particularly passionate about the potential of intelligent applications to transform business and our lives. Next generation, cloud-native application companies such as Clari, HighSpot, and Amperity have incredible opportunities to solve large scale business challenges and become multi-billion-dollar businesses. I look forward to working with these entrepreneurs, as well as future entrepreneurs, to build the next generation of companies that will define the technology industry.”
Singh joins Madrona at an exciting time. Venture investment in Seattle area companies is at an all-time high and Madrona is celebrating its 25th year of making initial investments here in seed and early-stage companies. In the past year, Madrona also raised an Acceleration Fund to invest in companies that have found product-market fit and are looking for partners who can help accelerate their growth. Steve worked closely with Madrona on the firm’s recent investment in Clari, out of that fund, and previously invested in and served on the Buuteeq board, a Madrona portfolio company acquired by Priceline.
Madrona has also actively expanded the investment team – Singh is the third managing director appointed in recent years with significant operating and company building experience. He joins S. Somasegar, previously Corporate VP at Microsoft of the developer division where he launched products used by hundreds of thousands of developers to build modern applications, and Hope Cochran, a CFO and operator who has taken two companies public and raised billions of dollars across different industries.
Singh also serves on the boards of public and private companies, including Docusign, Talend, WaFd Bank, and Clari.
Madrona (www.madrona.com) has been investing in early-stage technology companies in the Pacific Northwest since 1995 and has been privileged to play a role in some of the region’s most successful technology ventures. The firm invests predominately in seed and Series A rounds across the information technology spectrum, and in 2018 raised a fund to expand initial investments into acceleration stage companies. Madrona manages approximately $1.8 billion and was an early investor in companies such as Amazon, Smartsheet, Rover, and Redfin.