Norwest Venture Partners closes 17th fund at $3 billion
Norwest Venture Partners, headquartered in Menlo Park, California, has successfully concluded fundraising for its seventeenth fund, Norwest XVII, LP (NVP 17), securing a total of $3 billion in commitments.
NVP 17 is poised to pursue investments spanning multiple stages within a broad spectrum of industries, encompassing enterprise, consumer technology, financial services, healthcare, and beyond. With this latest fund matching the scale of its predecessor, NVP 16, which similarly raised $3 billion in December 2021, Norwest Venture Partners continues its robust support for innovative ventures across various sectors.
Geographical focus and investment strategy
NVP 17 intends to allocate its capital primarily in the United States, India, and Israel. Focused on early to mid-stage companies showcasing robust business models and initial revenue traction, the fund plans to invest sums ranging from $10 million to $30 million.
Embracing a diversified investment strategy, the approach enables the firm to flexibly navigate through diverse market conditions, providing steadfast support to founders and CEOs at every juncture of their business journey.
In NVP 16, Norwest Venture Partners made investments in 69 new companies and realized 36 liquidity events. Notable among these were the IPO of Five Star Business Finance and several noteworthy acquisitions, including Spiff by Salesforce and Avetta by EQT.
Leadership and organizational developments
The firm disclosed significant leadership transitions, as Promod Haque transitioned from managing partner to general partner. Jeff Crowe and Jon Kossow step up as managing general partners. Furthermore, Norwest has reinforced its team with pivotal appointments across diverse roles, showcasing a robust dedication to its growth equity and healthcare practices.
Future outlook and sector focus
Moving ahead, Norwest Venture Partners remains steadfast in its focus on an array of sectors, including technology, SaaS, enterprise software, business, and IT services, alongside healthcare, among others. Recent expansions into biotech investments bolster the firm's healthcare practice, underscoring its strategic agility in seizing market opportunities. Despite market downturns, Norwest's capacity to sustain a consistent investment pace underscores its resilient operational strategy and enduring dedication to its portfolio companies.
