Norwest Venture Partners Sets Up Massive $2 Billion Fund As Its Largest To Date

By Amit Chowdhry ● Nov 18, 2019
  • Norwest Venture Partners recently announced it closed its largest fund to date called Norwest Venture Partners XV, LP at $2 billion

Leading venture and growth equity investment firm Norwest Venture Partners recently announced it closed its largest fund to date called Norwest Venture Partners XV, LP. This new $2 billion fund targets disruptive and market-leading companies from seed to late-stage across consumer, enterprise, and healthcare sectors.

Including the launch of the Norwest Venture Partners XV fund, it brings the firm’s total capital commitments to over $9.5 billion and closes on the heels of a record two years with 23 of the firm’s portfolio companies achieving notable liquidity events.

Some of these exits include PCA Skin, Spotify, The Learning Experience, Turnitin, Uber, 6 River Systems, Adaptive Insights, Avetta, Cority, Glint, Mist Systems, TRUSTID, Velostrata, Health Catalyst, Silk Road Medical, Appnomic, Capillary, CRMNext, ElasticRun, Manthan, and Zenoti.

“We have had many high profile exits in the last two years,” said Jon Kossow, managing partner at Norwest. “As our portfolio continues to grow and deliver strong returns, we are looking forward to partnering with the next group of founders who will change the status quo in consumer, healthcare, and technology.”

Norwest Venture Partners XV follows Norwest Venture Partners XIV — which is a $1.5 billion fund that closed in February 2018. And since then, Norwest made nearly 50 new investments across a range of stages and industries as well as hired and promoted several investment partners.

In the past 60 years, Norwest partnered with hundreds of founders and CEOs. And the firm believes that a combination of patience, courage, empathy, and conviction are essential while helping CEOs build their companies for the long term. And this guiding principle positions Norwest as a strong partner for today’s leaders.

“Our founders and CEOs are at the heart of everything we do,” added Jeff Crowe, managing partner at Norwest. “To us, that means not only investing capital, but also time and resources to help our leaders and their organizations grow. We’re proud of the founder community we’ve built at Norwest and look forward to partnering with strong innovators for years to come.”

Another point worth mentioning is that Norwest is also a strong investing partner for companies founded and run by women across many diverse industries. And Norwest invested in 28 female-founded companies to date. Some of these investments include Birdies, HoneyBook, Madison Reed, Minted, Modsy, Policygenius, Ritual, Science Exchange, Senreve, and Talkspace.

In the past 18 months, Norwest has invested in promoting and hiring key partners.

On the growth equity team, Rob Arditi was promoted to general partner. And on the venture consumer team, Edward Yip and Lisa Wu were promoted to partner. Plus on the growth equity team, Stew Campbell and Ran Ding were promoted to principal.

In mid-2018, Norwest hired Priti Youssef Choksi, who joined the consumer team as a partner. She has more than 20 years of experience from strategic roles at Facebook and Google.

“We’re proud of the strong investment team we’ve built. From our leadership in the health technology space where we continue to deliver strong returns, to our growing portfolio of consumer enthusiast brands and enterprise companies, we are evolving with the market and have bright new talent to help our entrepreneurs lead their industries,” explained Promod Haque, senior managing partner at Norwest.