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Norwest VP launches $3 billion new fund to back early & growth stage startups
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Called NVP 17, the fund will invest in early and growth-stage startups in the US, India and Israel, across sectors such as enterprise tech, consumer and healthcare.
Norwest Venture Partners, that has backed unicorns like Amagi, OfBusiness, Swiggy and Mensa, has raised its 17th global fund of $3 billion. The latest fund brings the firm’s total capital under management to $15.5 billion.
Called NVP 17, the fund will invest in early and growth-stage startups in the US, India and Israel, across sectors such as enterprise tech, consumer and healthcare.
The VC has backed 43 Indian companies since entering the country in 2009. Their current active portfolio companies stand at 23. The firm that has so far backed tech-focussed companies such as Amagi Media Labs, NSE India, Five Star Finance, Infinx, Mensa Brands, Swiggy, Xpressbees Logistics, OfBusiness, Oxyzo, Quikr, SK Finance, Sulekha, Ummeed Housing, Vastu Housing, Veritas Finance, among others
They invest in sectors like Financial – services and technology, consumer – technology, products, and services, B2B Tech, industrials and manufacturing, SaaS and enterprise software, business and IT services, healthcare, technology.
“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.”
Their investments range across stages – in the early and mid-stage companies the ticket size ranges from $10 – $30 million, and in the growth equity stages the ticket size ranges from $20 – $100 million. Recently, Norwest has also promoted three of its India team members — Nikhil Kookada and Ankit Prasad to principal; and Krish Kapadia to vice president.
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