Norwest Venture Partners, a venture and growth equity investment firm, has closed its largest fund to date, Norwest Venture Partners XV (NVP XV) at USD2 billion.
The fund targets disruptive and market-leading companies from seed to late-stage across consumer, enterprise and healthcare sectors. The launch of Norwest Venture Partners XV, which brings the firm’s total capital commitments to more than USD9.5 billion, closes on the heels of a record two years, as 23 of the firm’s portfolio companies achieved notable liquidity events.
Norwest Venture Partners XV follows Norwest Venture Partners XIV, a USD1.5 billion fund, which closed in February 2018. Since then, Norwest has made nearly 50 new investments across a range of stages and industries, as well as hired and promoted several investment partners.
For over a decade, Norwest has expanded its growth equity practice to augment and diversify its strong record of venture investments. Both practices at Norwest invest out of a single, global fund and contribute significantly to the overall success of the firm. The investments are represented by leading portfolio companies across the consumer, healthcare and enterprise sectors in North America, India, and Israel.
Norwest’s exit success and investment pace reached new highs over the past 24 months. The firm saw nearly 50 new investments, 23 initial public offerings and portfolio company acquisitions across the firm’s investment sectors, including companies such as:
• Consumer Exits – PCA Skin, Spotify, The Learning Experience, Turnitin, Uber
• Enterprise Exits – 6 River Systems, Adaptive Insights, Avetta, Cority, Glint, Mist Systems, TRUSTID, Velostrata
• Healthcare Exits – Health Catalyst, Silk Road Medical
• India Exits – Appnomic, Capillary, CRMNext, ElasticRun, Manthan, Zenoti
Over the past 60 years, Norwest has partnered with hundreds of founders and CEOs, and believes that a combination of patience, courage, empathy, and conviction are essential when helping CEOs build their companies for the long term. This guiding principle uniquely positions Norwest as a strong partner for today’s leaders and their teams, working together to build great businesses in fast-evolving markets.
“We have had many high profile exits in the last two years,” says Jon Kossow, managing partner, Norwest. “As our portfolio continues to grow and deliver strong returns, we are looking forward to partnering with the next group of founders who will change the status quo in consumer, healthcare, and technology.”
“Our founders and CEOs are at the heart of everything we do,” says Jeff Crowe, managing partner at Norwest. “To us, that means not only investing capital, but also time and resources to help our leaders and their organisations grow. We’re proud of the founder community we’ve built at Norwest and look forward to partnering with strong innovators for years to come.”
