Norwest Venture Partners Raises $3 Billion for 17th Fund

Norwest Venture Partners, a 65-year-old firm backed solely by Wells Fargo, announced it has raised its 17th fund at $3 billion. This fund, combined with their previous fund NVP 16, also valued at $3 billion, brings the firm's total capital under management to $15.5 billion.

According to its press release, since raising NVP 16 in December 2021, Norwest has made 69 new investments and worked closely with 36 portfolio companies to help them achieve liquidity events. 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).

NVP 17 will continue Norwest's multi-stage, multi-sector approach, primarily investing in enterprise, consumer, and healthcare businesses. With headquarters in Menlo Park, California, and offices in San Francisco, Mumbai, and Tel Aviv, Norwest focuses on markets in North America, India, and Israel.

Norwest Venture Partners is a global venture and growth equity investment firm managing more than $15.5 billion in capital. With a portfolio of over 230 companies, Norwest invests in early- to late-stage businesses across key sectors, including enterprise, consumer, and healthcare.