Norwest Venture Partners, a prominent global venture capital and growth equity firm, has announced the successful closing of its latest fund, NVP XVII, LP, with a staggering $3 billion in capital. This new fund, designated as NVP 17, underscores Norwest’s ongoing commitment to partnering with ambitious entrepreneurs and supporting the development of groundbreaking companies across various sectors. Building upon the momentum of its predecessor, NVP 16, which also secured $3 billion, this recent fundraise elevates Norwest Venture Partners’ total assets under management to an impressive $15.5 billion.
Jeff Crowe, Senior Managing Partner at Norwest Venture Partners, stated, “For over six decades, we have been privileged to collaborate with an exceptional array of companies. Our well-rounded investment strategy, enduring dedication, and collaborative ethos enable us to navigate diverse market landscapes and provide comprehensive support to founders and CEOs throughout every phase of their entrepreneurial journey.”
A Diversified Global Investment Strategy
Established in 1961, Norwest Venture Partners has cultivated a robust and diversified investment strategy. The firm is known for its close partnerships with entrepreneurs and CEOs, offering support across a wide spectrum of stages, industries, and geographical locations. Recognizing the importance of global markets, Norwest Venture Partners expanded its reach beyond North America in 2005, venturing into investments in Israel and India. This global outlook was further solidified in 2009 with the launch of its growth equity practice. In 2010, healthcare was incorporated as a pivotal investment sector, complementing the firm’s established focus on enterprise and consumer markets. Today, Norwest Venture Partners boasts a diverse portfolio encompassing over 230 companies, including industry leaders like Vuori, Gong, Monogram Health, and Five Star Finance.
With the deployment of NVP 17, Norwest Venture Partners will maintain its multi-stage, multi-sector investment approach, targeting enterprise, consumer, and healthcare businesses. Headquartered in Menlo Park, California, and fortified by additional offices in San Francisco, Mumbai, India, and Tel Aviv, Israel, the firm operates on a global scale, with a primary emphasis on key markets in North America, India, and Israel.
Recent Success and Portfolio Growth
Since the successful raise of NVP 16 in December 2021, Norwest Venture Partners has demonstrated significant activity, making 69 new investments and actively assisting 36 portfolio companies in achieving successful liquidity events. 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 exits highlight Norwest Venture Partners’ ability to identify and nurture high-growth companies towards successful outcomes.
In recent years, Norwest Venture Partners has strategically broadened the scope of its healthcare practice. Expanding beyond medical devices and diagnostics, healthcare services, and healthcare software, the firm has incorporated biotech as a core area of focus. This expansion has effectively doubled the size of its dedicated healthcare venture team, demonstrating Norwest Venture Partners’ commitment to innovation within the healthcare sector. Recent healthcare investments, spanning both venture and growth equity, include Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical, and Vertos Medical, showcasing the breadth and depth of their engagement in this critical industry.
Leadership and Team Expansion
Norwest Venture Partners continues to be led by Jeff Crowe and Jon Kossow, who serve as Managing General Partners, providing consistent leadership and direction. As part of a strategic succession plan, Promod Haque is transitioning from Managing Partner to the role of General Partner, ensuring a smooth evolution of leadership within the firm. Norwest Venture Partners has also recently strengthened its team through several key appointments and promotions across its Investment and Portfolio Services divisions, reinforcing its operational capabilities.
New Additions to the Team:
- Healthcare Investment Team: Welcoming Zack Scott, MD, as General Partner; Irem Rami, Principal; Brian Matesic, MD, Principal; and Philip Fleischman, Vice President, bringing significant expertise to the expanding healthcare focus.
- Growth Equity Team: Chris Scullin, Principal, set to join Norwest Venture Partners in June, and Mary Miller, Head of Business Development for Growth Equity, enhancing the growth equity practice.
- Portfolio Services and Operations: David Rudnitsky, CRO Operating Executive, Principal; Renée Cohen, Marketing Operating Executive, Vice President; and Eyal Manor, Entrepreneur in Residence, adding crucial operational and strategic support for portfolio companies.
Recent Promotions:
- Recognizing internal talent, recent promotions include Ran Ding to General Partner and Co-Head of the Growth Equity team; Matthew De Dominicis to Administrative Partner and CFO; Nikhil Kookada and Ankit Prasad to Principal; and Krish Kapadia and Jordan Leites to Vice President, highlighting the firm’s commitment to nurturing and advancing its team members.
Jon Kossow, Managing Partner at Norwest Venture Partners, commented, “Our experienced team is instrumental in guiding portfolio companies through periods of rapid growth and challenging economic conditions. The team we have assembled reflects our dedication to identifying and supporting companies that are poised to define new categories, providing them with valuable resources and services to facilitate their scaling journeys.”
About Norwest Venture Partners
Norwest Venture Partners is a leading global venture capital and growth equity investment firm with over $15.5 billion in capital under management. Since its inception, Norwest Venture Partners has invested in over 700 companies and currently actively partners with more than 230 companies within its venture and growth equity portfolio. The firm focuses on investments across early to late-stage businesses in key sectors, including enterprise, consumer, and healthcare. Norwest Venture Partners distinguishes itself by offering portfolio companies a robust network of connections, extensive operational experience, and a diverse suite of impactful services designed to assist CEOs and founders in scaling their businesses effectively. With offices strategically located in Menlo Park and San Francisco, California, as well as Mumbai, India, and Tel Aviv, Israel, Norwest Venture Partners maintains a significant global presence. For further information, please visit www.nvp.com.
