Norwest Venture Partners Announces its 17th Fund Close at USD 3 Bn The new fund aims to support multi-stage investments across the enterprise, consumer, and healthcare sectors.
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Norwest Venture Partners, a global venture capital and growth equity investment firm, announced that it has closed a USD 3 billion fund, NVP XVII, LP (NVP 17).
The new fund aims to support multi-stage investments across the enterprise, consumer, and healthcare sectors.
The VC will invest between USD 10 million and USD 30 million in early- to mid-stage businesses that have a strong business plan and some revenue traction. It has supported Amagi Labs, Swiggy, Xpressbees Logistics, Duroflex, and Ofbusiness, among others, in India.
Following NVP 16, also a USD 3 billion fund, NVP 17 now brings the firm's total capital under management to USD 15.5 billion.
Jeff Crowe, Senior Managing Partner at Norwest, said, "Our diversified investment strategy, long-term commitment, and collaborative approach allow us to adapt to a wide range of market conditions and support founders and CEOs at every stage of their journey."
Founded in 1961, Norwest expanded beyond the North American market in 2005 when it started investing in Israel and India. In 2009, the firm launched its growth equity practice and, a year later, added healthcare as a core investment sector alongside enterprise and consumer.
According to the platform, its current venture and growth equity portfolio includes over 230 companies, such as Vuori, Gong, Monogram Health, and Five Star Finance.
With headquarters in Menlo Park, Calif., and offices in San Francisco, Mumbai, India, and Tel Aviv, Israel, the firm invests globally, with a primary focus on the North America, India and Israel markets.
Since raising NVP 16 in December 2021, Norwest has made 69 new investments and worked closely with 36 portfolio companies. Notable exits included 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).
Norwest has expanded the focus of its healthcare practice over the last two years by adding biotech to existing areas of medical devices and diagnostics, healthcare services, healthcare software, and tech-enabled services.
Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical, and Vertos Medical are among the healthcare companies in which venture and growth equity investments have been made most recently.
