Norwest Venture Partners (NVP), a prominent global venture capital and growth equity firm, has announced the successful closing of its latest fund, NVP XVII, LP (NVP 17), with a massive $3 billion in capital. This new fund will empower Norwest Venture Partners Nvp to continue its mission of supporting ambitious entrepreneurs and innovative teams in building industry-leading companies across various sectors. Building upon the momentum of its predecessor, NVP 16, which was also a $3 billion fund, Norwest Venture Partners NVP now boasts a total of $15.5 billion in assets under management, solidifying its position as a major player in the venture capital landscape.
Jeff Crowe, Senior Managing Partner at Norwest Venture Partners NVP, emphasized the firm’s enduring commitment and adaptable strategy, stating, “For more than six decades, we have been fortunate to partner with an incredible set of companies. Our diversified investment strategy, long-term commitment, and collaborative approach allows us to adapt to a wide range of market conditions and support founders and CEOs at every stage of their journey.” This statement underlines the core principles that have guided Norwest Venture Partners NVP’s success and its approach to nurturing burgeoning businesses.
Norwest Venture Partners NVP: A Diversified and Global Investment Strategy
Founded in 1961, Norwest Venture Partners NVP has cultivated a robust and diversified investment strategy, collaborating closely with entrepreneurs and CEOs across a spectrum of stages, sectors, and geographies. Recognizing the importance of global reach, Norwest Venture Partners NVP expanded its investment horizons beyond North America in 2005, venturing into the dynamic markets of Israel and India. This global outlook was further strengthened in 2009 with the launch of its growth equity practice, followed by the incorporation of healthcare as a core investment sector in 2010, complementing its established focus on enterprise and consumer industries. Today, Norwest Venture Partners NVP’s extensive portfolio encompasses over 230 companies, featuring industry frontrunners such as Vuori, Gong, Monogram Health, and Five Star Finance, demonstrating the breadth and depth of its investment expertise.
With the newly secured NVP 17 fund, Norwest Venture Partners NVP is poised to maintain its multi-stage, multi-sector investment approach, targeting promising businesses within the enterprise, consumer, and healthcare domains. Headquartered in Menlo Park, California, and strategically positioned with offices in San Francisco, Mumbai, India, and Tel Aviv, Israel, the firm operates on a global scale with a primary emphasis on North America, India, and Israel – key regions for innovation and growth.
Recent Successes and Portfolio Momentum
Since the successful raising of NVP 16 in December 2021, Norwest Venture Partners NVP has been exceptionally active, making 69 new investments and working in close partnership with 36 portfolio companies to achieve significant liquidity events. This period of high activity underscores Norwest Venture Partners NVP’s commitment to its portfolio and its ability to guide companies towards successful exits. 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 highlight the firm’s strategic investment choices and its effective support in helping companies realize their full potential.
In a strategic move to further strengthen its healthcare investment capabilities, Norwest Venture Partners NVP has expanded the focus of its healthcare practice over the past two years to include biotech, adding to its existing expertise in medical devices and diagnostics, healthcare services, healthcare software, and tech-enabled services. This expansion has effectively doubled the size of its healthcare venture team, demonstrating the firm’s commitment to this vital sector. 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, showcasing Norwest Venture Partners NVP’s dedication to fostering innovation in healthcare.
World-Class Leadership and Team Expansion at Norwest Venture Partners NVP
The leadership of Norwest Venture Partners NVP remains in the capable hands of Jeff Crowe and Jon Kossow, who will continue to serve as Managing General Partners, providing strategic direction and oversight to the firm. As part of a well-planned succession strategy, Promod Haque will transition from Managing Partner to the role of General Partner, ensuring continuity and leveraging his extensive experience. Furthermore, Norwest Venture Partners NVP has recently welcomed several key additions and promotions across its Investment and Portfolio Services teams, reinforcing its commitment to attracting and nurturing top-tier talent.
Key new hires include Zack Scott, MD, General Partner; Irem Rami, Principal; Brian Matesic, MD, Principal; and Philip Fleischman, Vice President, joining the Healthcare Investment Team. The Growth Equity Team is strengthened by the addition of Chris Scullin, Principal (joining in June), and Mary Miller, Head of Business Development for Growth Equity. Enhancing Portfolio Services are David Rudnitsky, CRO Operating Executive, Principal; Renée Cohen, Marketing Operating Executive, Vice President; and Eyal Manor, Entrepreneur in Residence.
Recent promotions within Norwest Venture Partners NVP recognize and elevate key contributors, including 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.
Jon Kossow, Managing Partner at Norwest Venture Partners NVP, emphasized the strength of the team and its value to portfolio companies: “Our experienced team helps portfolio companies navigate hyper-growth phases and challenging economic environments. The team we’ve built represents our commitment to finding the next category-defining companies and supporting them with value-creation services and resources as they scale their businesses.”
About Norwest Venture Partners NVP
Norwest Venture Partners NVP 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 NVP has invested in over 700 companies and currently partners with more than 230 companies in its venture and growth equity portfolio. The firm focuses on early- to late-stage businesses across critical sectors, including enterprise, consumer, and healthcare. The Norwest Venture Partners NVP team provides portfolio companies with a valuable network of connections, extensive operational expertise, and a wide array of impactful services to support CEOs and founders in scaling their businesses. With offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel, Norwest Venture Partners NVP is strategically positioned to identify and support the next generation of global business leaders. For more detailed information, please visit www.nvp.com.
