Norwest Venture Partners Raises $3B for 17th Fund

Norwest Venture Partners, a Menlo Park, CA-based venture capital and growth equity investment firm, has raised $3 billion for its 17th flagship fund, the second consecutive vehicle to do so following its 2021 predecessor.

The new fund aims to support multi-stage investments across the enterprise, consumer, and healthcare sectors.

Norwest began investing in U.S. companies before expanding into India and Israel in 2005 with new offices in Mumbai and Tel Aviv. Four years later, the firm introduced its growth equity offering.

The VC will invest $10 million to $30 million in early- to mid-stage companies with a solid business concept and some revenue traction. Within the growth equity stages, the firm will write checks ranging from $20 million to $100 million.

Norwest is one of the longest-running venture firms in the U.S., having been founded in 1961 until merging with Wells Fargo in 1998, which has since served as the VC’s major limited partner.

“For more than six decades, we have been fortunate to partner with an incredible set of companies,” said Jeff Crowe, senior managing partner at Norwest. “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.”

The firm also announced a slew of hires to its healthcare investment team, including Zack Scott, MD, general partner; Irem Rami, principal; Brian Matesic, MD, principal; and Philip Fleischman, VP.

Within its growth equity team, the firm added Chris Scullin, principal, and Mary Miller, head of business development for growth equity.

Crowe and Jon Kossow will continue to lead the firm as managing general partners. Promod Haque was promoted to general partner.

Norwest Venture Partners manages over $15.5 billion. Since its inception, it has invested in over 700 companies and is now partners with over 230 companies.