Norwest Venture Partners, a global venture capital and growth equity investment firm, today announced the formation of its latest fund, Norwest Venture Partners XIII, LP.
The $1.2 billion fund targets early to late stage venture and growth equity investments across a wide range of sectors and geographies. Norwest Venture Partners XIII, which brings Norwest’s total capital and commitments to more than $6 billion, closes on the heels of a record year and a half, as 22 of the Norwest’s portfolio companies experienced liquidity events in the past 18 months.
Since the announcement of the firm’s previous fund, Norwest opened new offices in San Francisco and New York City, and made significant investments in key areas of focus including healthcare, consumer Internet and enterprise.
Norwest also further expanded its portfolio services advisory resources to support its growing network of companies in the areas of talent and retention, human resources advisory, business development, marketing, and operations, including domestic and international tax counsel. Norwest has invested in more than 575 companies since inception, and currently has over 130 active companies across its venture and growth equity portfolio.
Promod Haque, senior managing partner at Norwest Venture Partners, stated:
“Norwest has a long track record of working with the most innovative companies across geographies, sectors and stages, and our new fund helps us continue this tradition. As a firm, entrepreneurs have relied on our team for decades not only as business partners, but for expertise across every part of their business. With the new fund we’ll be able to reach even more entrepreneurs and help them on their paths to building great companies that last.”
The firm’s exit success has continued across the portfolio in the last 18 months, including seven public offerings in the U.S., India and Israel, as well as 15 acquisitions.
Initial Public Offerings:
- On the heels of FireEye’s (NASDAQ: FEYE) initial public offering in late 2013, a company in which Norwest was an early-stage and long-term investor, the firm continued its success on the public markets with the debut of the number one credit marketplace, Lending Club (NASDAQ: LC). Norwest served as a Series A and lead investor supporting Lending Club from the early stages of the company through one of the most successful initial public offerings of 2014.
- Within the firm’s growing healthcare sector, commercial drug-device company Intersect ENT (NASDAQ: XENT) filed its initial public offering in July 2014.
- Other initial public offerings included such companies as Apigee (NASDAQ: APIC), MobileIron (NASDAQ: MOBL), Sadbhav (NSE: SADBHAV), Snowman Logistics (NSE: SNOWMAN) and Solar Edge Technologies (NASDAQ: SEDG).