Norwest Venture Partners Raises $3 Billion in New Fund

Venture capital (VC) firm Norwest Venture Partners closed its 17th fund, NVP 17, at $3 billion. The multi-stage fund will invest in startups across sectors like enterprise tech, consumer and healthcare in the US, Israel, and India, a continued focus market for the firm.

“The new fund enables Norwest to partner with visionary entrepreneurs building the next generation of companies,” the investment firm said in a statement.

Senior managing partner Jeff Crowe highlighted Norwest’s six decades of experience and credited their success to a “diversified investment strategy, long-term commitment and collaborative approach” that allows them to adapt to market conditions and support founders throughout their journey.

Along with the fund announcement, Norwest elevated Nikhil Kookada and Ankit Prasad to principals at its India arm. NVP 17 follows the $3 billion Norwest Venture Partners XVI raised in 2021. Since then, Norwest claims to have made 69 new investments and helped 36 portfolio companies achieve liquidity events.

Leadership changes include Crowe and Jon Kossow remaining managing general partners, while Promod Haque is promoted to general partner. Founded in 1961, Norwest has invested in over 700 companies and manages more than $15.5 billion in capital.

In India, the VC major has backed 43 companies since 2009, including Amagi Media Labs, Mensa Brands, Swiggy, Xpressbees Logistics, OfBusiness, Oxyzo, and Quikr. Norwest typically invests in early-stage to late-stage startups across sectors like fintech, SaaS, manufacturing, and consumer technology, with investment sizes ranging from $10 million to $100 million depending on the stage of the company.

This latest fund positions Norwest among VC firms capitalizing on India’s booming digital adoption, rising disposable income, and flourishing tech ecosystem.

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