MENLO PARK, Calif. – April 25, 2024 – Norwest Partners, a prominent global venture capital and growth equity firm, has announced the successful closing of its latest fund, NVP XVII, LP (NVP 17), totaling $3 billion. This new capital injection will empower Norwest to continue its mission of supporting ambitious entrepreneurs and innovative teams in building the next generation of leading companies. Following the precedent set by its predecessor, NVP 16, which also stood at $3 billion, NVP 17 elevates the firm’s total assets under management to an impressive $15.5 billion.
Jeff Crowe, senior managing partner at Norwest Partners, stated, “For over six decades, Norwest Partners has cultivated strong partnerships with an exceptional array of companies. Our adaptable investment strategy, unwavering long-term perspective, and collaborative ethos enable us to navigate diverse market conditions and provide robust support to founders and CEOs throughout every phase of their entrepreneurial journey.”
A Diversified Global Investment Strategy
Since its inception in 1961, Norwest Partners has refined a robust and diversified investment strategy. The firm is known for its close collaboration with entrepreneurs and CEOs across various stages of company development, spanning multiple sectors and geographical regions. Demonstrating its global vision, Norwest expanded its investment scope beyond North America in 2005, venturing into the dynamic markets of Israel and India. In 2009, the firm strategically broadened its capabilities by establishing a growth equity practice. A year later, Norwest further diversified its portfolio by incorporating healthcare as a core investment sector, complementing its established focus on enterprise and consumer industries. Norwest’s current investment portfolio encompasses over 230 companies in venture and growth equity, including industry frontrunners like Vuori, Gong, Monogram Health, and Five Star Finance.
With the launch of NVP 17, Norwest Partners reaffirms its commitment to a multi-stage, multi-sector investment approach, targeting enterprise, consumer, and healthcare businesses. Headquartered in Menlo Park, California, with additional offices in San Francisco, Mumbai, India, and Tel Aviv, Israel, Norwest operates on a global scale, with a primary emphasis on the North American, Indian, and Israeli markets.
Strong Performance and Recent Exits
Since the successful raising of NVP 16 in December 2021, Norwest Partners has actively deployed capital, making 69 new investments. Furthermore, the firm has played a pivotal role in facilitating liquidity events for 36 portfolio companies, demonstrating its commitment to nurturing and growing successful businesses. Notable exits include Blue Cloud (PE acquisition), Ermetic (acquired by Tenable), Five Star Finance (IPO), Infutor (acquired by Verisk), Junk King (acquired by Neighborly), SmartSign (acquired by Sentinel), Spiff (acquired by Salesforce), and YipitData (PE recapitalization). These successful exits underscore Norwest Partners’ expertise in guiding companies towards significant milestones and delivering value to its investors and portfolio companies.
Recognizing the evolving landscape of the healthcare industry, Norwest Partners has strategically expanded the focus of its healthcare practice over the past two years. By incorporating biotechnology into its existing areas of expertise—medical devices and diagnostics, healthcare services, and healthcare software and tech-enabled services—Norwest has doubled the size of its dedicated healthcare venture team. Recent healthcare investments across both venture and growth equity platforms include Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical, and Vertos Medical. These investments highlight Norwest Partners’ proactive approach to identifying and supporting innovation within the healthcare sector.
World-Class Leadership Team
The leadership of Norwest Partners remains in the capable hands of Jeff Crowe and Jon Kossow, who will continue to serve as managing general partners. As part of a strategic succession plan, Promod Haque will transition from managing partner to the role of general partner, ensuring continuity and leveraging his extensive experience within the firm. Norwest Partners has also recently strengthened its team through several key hires and promotions across its Investment and Portfolio Services divisions, reflecting the firm’s ongoing growth and commitment to excellence.
New Additions to the Norwest Partners Team:
- Healthcare Investment Team: Dr. Zack Scott, MD, joins as general partner; Irem Rami as principal; Dr. Brian Matesic, MD, as principal; and Philip Fleischman as vice president.
- Growth Equity Team: Chris Scullin will join Norwest in June as principal; Mary Miller appointed as head of business development for growth equity.
- Portfolio Services and Team Members: David Rudnitsky, CRO operating executive, appointed as principal; Renée Cohen, marketing operating executive, as vice president; and Eyal Manor as entrepreneur in residence.
Recent Promotions within Norwest Partners:
- Ran Ding promoted to general partner and co-head of the growth equity team.
- Matthew De Dominicis elevated to administrative partner and CFO.
- Nikhil Kookada and Ankit Prasad promoted to principal.
- Krish Kapadia and Jordan Leites promoted to vice president.
Jon Kossow, managing partner at Norwest Partners, commented, “Our experienced team is a crucial asset, providing invaluable support to portfolio companies as they navigate periods of rapid growth and challenging economic conditions. The team we have assembled embodies our dedication to identifying and nurturing companies that are poised to define new market categories. We are committed to providing these companies with the value-creation services and resources necessary to effectively scale their businesses and achieve their full potential.”
About Norwest Partners
Norwest Partners is a global venture capital and growth equity investment firm with over $15.5 billion in capital under management. Since its founding, Norwest has invested in over 700 companies and currently partners with more than 230 companies within its venture and growth equity portfolio. The firm focuses on investments in early to late-stage businesses across key sectors, including enterprise, consumer, and healthcare. The Norwest Partners team offers portfolio companies access to a deep network of industry connections, extensive operational expertise, and a comprehensive suite of impactful services designed to help CEOs and founders scale their businesses. Norwest has offices located in Menlo Park and San Francisco, California; Mumbai, India; and Tel Aviv, Israel. For more information, please visit www.nvp.com.
SOURCE Norwest Partners
