Seattle-based Pioneer Square Labs has raised $100 million for its second fund. It marks a key milestone for the 5-year-old firm and shows investor confidence in its unique model that combines a startup studio with a venture capital fund. Fund II: PSL planned to raise $80 million but had more demand from existing institutional investors. It also added new backers and deliberately aimed to diversify its limited partner base for the second fund, as represented by individual investors and partners at the institutions that invested. The $100 million fund will back more than 30 companies.