American venture and growth equity investment firm
Norwest Venture Partners (Norwest ) is an American venture and growth equity investment firm.
[1] The firm targets early to late-stage venture and
growth equity investments across several sectors, including
cloud computing and
information technology ,
Internet ,
SaaS , business and financial services, and
healthcare . Headquartered in
Menlo Park, California , Norwest has offices in
San Francisco and subsidiaries in
Mumbai ,
India and
Tel Aviv, Israel .
[2] The firm has funded more than 650 companies since inception.
As of 2022, the firm has approximately 200 active companies across its venture and growth portfolio.
[1]
[3]
History
Northwest Venture Fund, a
private equity and
venture capital affiliate of
Norwest Corporation , was founded in
Minneapolis in 1961. It later merged with
Wells Fargo in 1998.
[4]
The Northwest Growth Fund grew under the leadership of CEO Robert Zicarelli, including the opening of an office in
Silicon Valley . Zicarelli retired in 1988 and was succeeded by Daniel Haggerty who retired in the 1990s.
[5] George J, Still, Jr. (now partner emeritus) and Promod Haque took over as managing partners in 1994.
[6]
Norwest's main LP is
Wells Fargo (and Norwest Corporation before Wells Fargo merged with Norwest).
[7]
In January 2016, the firm announced Norwest Venture Partners XIII, a $1.2B fund, and Wells Fargo was the sole investor in this fund.
[8] In February 2018, the firm announced Norwest Venture Partners XIV, a $1.5B fund, in which Wells Fargo is a major investor.
[9] In November 2019, the firm announced the firm announced Norwest Venture Partners XV, a $2B fund, bringing its total capital under management to $9.5B.
[10]
In December 2021,
[11] the firm announced Norwest Venture Partners XVI, a $3B fund, bringing its total capital under management to $12.5B.
[1]
[12]
Investments
Notable investments for Norwest include:
Adaptive Insights ,
[13]
Casper ,
[14]
Dairy Queen ,
[15]
Cray
[15]
Dave ,
[16]
Kendra Scott ,
[17]
Opendoor ,
[18]
Plaid ,
[19]
Spotify ,
[20]
Uber ,
[20]
Talkspace ,
[21]
Udemy ,
[22] and
Wiliot .
[23]
Recognition
Inc. Founder Friendly Investors
[24]
VCJ 50: The Top Venture Fundraisers of 2021
[25]
Top 25 Private Equity Firms for Growth Companies
[26]
Private Equity International 300
[27]
See also
References
^
a
b
c
"Norwest Launches $3 Billion Fund NVP XVI to Empower Visionary Leaders Creating Businesses for the Future" . Norwest Venture Partners . Retrieved 2022-02-09 .
^
"Contact" . Norwest Venture Partners . Retrieved 2022-02-09 .
^
Norwest Venture Partners Closes $1.5 Billion Fund, NVP XIV Norwest press release, February 14, 2018
^ Richard Florida (Carnegie Mellon University) and Martin Kenney (Ohio State University).
Venture Capital and High Technology Entrepreneurship . Elsevier Science Publishing Co, 1988
^
EXECUTIVE CHANGES: Norwest Venture Capital Management . The New York Times, November 28, 1988
^
Bloomberg - George J. Still Jr
^ Bolista, Phil (2010-07-01).
"John Lindahl" . Twin Cities Business . Retrieved 2019-11-29 .
^ Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years
[1] , TechCrunch, January 20, 2016
^ Venture firm Norwest raises $1.5 billion fund, its largest ever
[2] , Reuters, February 14, 2018
^
"NVP XV Our $2B Fund" . Norwest Venture Partners . Retrieved 2022-02-11 .
^
"Our Newest Fund is Sweet XVI" . Norwest Venture Partners . Retrieved 2022-02-10 .
^
"Jeff Crowe" . Norwest Venture Partners . Retrieved 2022-02-09 .
^ Cromwell Schubarth (June 11, 2018).
"Here are the big winners in Workday's $1.6B purchase of Adaptive Insights" . Silicon Valley Business Journal . Retrieved October 7, 2022 .
^ Lung, Tiffany.
"How Luxury DTC Brand Senreve Found Growth In Asia Amid Pandemic" . Forbes . Retrieved 2021-11-29 .
^
a
b Peter DeLevett (January 20, 2014).
"Elevator Pitch: Norwest's Promod Haque is the $35 billion man" . Mercury News . Retrieved October 7, 2022 .
^ Jonathan Shieber (September 30, 2019).
"Upstart banking company Dave is now worth $1 billion, as Norwest puts in $50 million" . TechCrunch . Retrieved October 7, 2022 .
^ Will Anderson (December 22, 2016).
"Kendra Scott's $1 billion empire: PE firm buys into jewelry business at big valuation" . Austin Business Journal . Retrieved October 7, 2022 .
^ Kyle Tibbitts (November 30, 2016).
"Online real estate company Opendoor raises $210M" . Opendoor . Retrieved October 7, 2022 .
^ Connie Loizos (December 14, 2021).
"Norwest unveils a $3 billion fund, which is nearly one-fourth the capital it has ever raised" . TechCrunch . Retrieved October 7, 2022 .
^
a
b Connie Loizos (November 14, 2019).
"Norwest closes its 15th fund with $2 billion - its biggest vehicle to date" . TechCrunch . Retrieved October 7, 2022 .
^ Jordan Crook (June 14, 2016).
"Talksapce online therapy platform raises $15 million Series B" . TechCrunch . Retrieved October 7, 2022 .
^ Lora Kolodny (May 8, 2014).
"Udemy Raises $32M to Teach 'Lifelong Learners' Online, Around the World" . Wall Street Journal . Retrieved October 7, 2022 .
^ Mike Freeman (2021-07-27).
"Internet of Things sensor startup Wiliot pulls in $200 million from SoftBank Vision Fund" .
San Diego Union Tribune . Retrieved 2022-07-08 .
^
"The Top 146 Founder-Friendly PE and VC Firms" . Inc.com . Retrieved 2022-02-17 .
^ Goldfisher, Alastair (2021-11-01).
"VCJ 50: The top venture fundraisers of 2021 are making waves" . Venture Capital Journal . Retrieved 2022-02-17 .
^
"The Top 25 Private Equity Firms for Growth Companies of 2021 | GrowthCap" . Retrieved 2022-02-17 .
^
"PEI 300 | Top private equity firms" . Private Equity International . Retrieved 2022-02-17 .
External links
Investment strategy
History Investors