Norwest Venture Partners

Last updated
Norwest Venture Partners
Company type Private
IndustryVenture Capital + Growth Equity
Founded1961
Headquarters Menlo Park & San Francisco
Key people
Promod Haque, Jeff Crowe, Jon Kossow
Total assets $12.5 billion
Number of employees
125
Website www.nvp.com

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.

Contents

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

See also

Related Research Articles

<span class="mw-page-title-main">Venture capital</span> Form of private-equity financing

Venture capital (VC) is a form of private equity financing that is provided by firms or funds to startup, early-stage, and emerging companies that have been deemed to have high growth potential or which have demonstrated high growth. Venture capital firms or funds invest in these early-stage companies in exchange for equity, or an ownership stake. Venture capitalists take on the risk of financing risky start-ups in the hopes that some of the companies they support will become successful. Because startups face high uncertainty, VC investments have high rates of failure. Start-ups are usually based on an innovative technology or business model and they are usually from high technology industries, such as information technology (IT), clean technology or biotechnology.

<span class="mw-page-title-main">Draper Fisher Jurvetson</span> American venture capital firm

Draper Fisher Jurvetson (DFJ) is an American venture capital firm. In January 2019, DFJ Venture, the early-stage team, spun out and formed Threshold Ventures. DFJ Growth continues to be managed by co-founder John Fisher and co-founders Mark Bailey, Randy Glein, and Barry Schuler.

Sequoia Capital is an American venture capital firm headquartered in Menlo Park, California which specializes in seed stage, early stage, and growth stage investments in private companies across technology sectors. As of 2022, the firm had approximately US$85 billion in assets under management.

Khosla Ventures is an American venture capital firm founded by Vinod Khosla, focused on early-stage companies in the Internet, computing, mobile, financial services, agriculture, healthcare and clean technology sectors. Some of its most successful investments include Affirm, DoorDash, Square, Impossible Foods, Instacart, and OpenAI.

<span class="mw-page-title-main">Accel (company)</span> Venture capital firm

Accel, formerly known as Accel Partners, is an American venture capital firm. Accel works with startups in seed, early and growth-stage investments. The company has offices in Palo Alto, California and San Francisco, California, with additional operating funds in London, India and China.

<span class="mw-page-title-main">Insight Partners</span> American investment manager

Insight Partners is a global venture capital and private equity firm that invests in high-growth technology, software, and Internet businesses. The company is headquartered in New York City, with offices in London, Tel Aviv, and Palo Alto.

Pamlico Capital, which was formerly called First Union Capital Partners and then Wachovia Capital Partners, is an independent private equity firm focused on growth capital and leveraged buyout investments in middle-market companies in the business services, technology services, telecommunications and healthcare industries.

<span class="mw-page-title-main">Bain Capital Ventures</span> American venture capital division within Bain Capital

Bain Capital Ventures LLC is the venture capital division within Bain Capital, which has approximately $160 billion of assets under management worldwide. The firm's early-stage investments have included Attentive, Bloomreach, Billtrust, Docusign, Flywire, LinkedIn, Justworks, Turbonomic, Rent the Runway, Twilio, Rapid7, and Redis. Bain Capital Ventures manages $10 billion of committed capital, has over 400 active portfolio companies, and has offices in New York City, Palo Alto, and San Francisco.

Andreessen Horowitz is a private American venture capital firm, founded in 2009 by Marc Andreessen and Ben Horowitz. The company is headquartered in Menlo Park, California. As of April 2023, Andreessen Horowitz ranks first on the list of venture capital firms by assets under management, with $35 billion as of March 2022.

FirstMark is a Venture capital firm based in New York City. FirstMark invests in early-stage technology companies, frequently as the first institutional investor and leading the rounds it participates in. Notable investments include Airbnb, Pinterest, Shopify, DraftKings, Stubhub, Upwork, and Ro.

<span class="mw-page-title-main">Vista Equity Partners</span> American investment firm

Vista Equity Partners is an American private equity firm that invests in software, data, and technology-enabled businesses. With over $100 billion in AUM, it is one of the largest private equity firms in the world. Vista Equity Partners has invested in hundreds of technology companies, including Citrix, SentinelOne, and Marketo, and has achieved many accolades in the space, most recently being named as 2023's Global Technology Private Equity Firm of the Year by Private Equity International.

<span class="mw-page-title-main">Udemy</span> American online learning platform

Udemy, Inc. is an education technology company that provides an online learning and teaching platform. It was founded in May 2010 by Eren Bali, Gagan Biyani, and Oktay Caglar.

<span class="mw-page-title-main">Balderton Capital</span> British venture capital firm

Balderton Capital is a venture capital firm based in London, UK, that invests in early-stage, technology and internet startup companies in Europe. It is considered to be among the four-biggest venture capital firms in the English capital.

<span class="mw-page-title-main">Stripes (growth equity firm)</span>

Stripes is a private equity and venture capital firm based in Manhattan, New York, founded in 2008. In 2023, Stripes has US$6.5 billion of assets under management and more than 80 investments. Notable investments include On Running and Monday.com.

CapitalG Management Company LLC is the independent growth fund under Alphabet Inc. Founded in 2013, it focuses on larger, growth-stage technology companies, and invests for profit rather than strategically for Google. In addition to capital investment, CapitalG's approach includes giving portfolio companies access to Google's people, knowledge, and culture to support the companies' growth and offer them guidance.

Social Capital, formerly known as Social+Capital Partnership, is a venture capital firm based in Palo Alto, California. The firm specializes in technology startups, providing seed funding, venture capital, and private equity.

<span class="mw-page-title-main">Carta (software company)</span> American software company

eShares, Inc., doing business as Carta, Inc., is a San Francisco, California-based technology company that specializes in capitalization table management and valuation software. The company digitizes paper stock certificates along with stock options, warrants, and derivatives to allow companies, investors, and employees to manage their equity and track company ownership. The company also operates CartaX, a private stock exchange.

Summit Partners is an American investment firm based in Boston, Massachusetts. The firm focuses on investing in technology, healthcare, life sciences and other growth industries.

<span class="mw-page-title-main">Left Lane Capital</span> American venture capital firm

Left Lane Capital is a global venture capital firm that invests in internet and technology companies with a consumer orientation. The firm is headquartered in Brooklyn, New York, with an office in London.

References

  1. 1 2 3 "Norwest Launches $3 Billion Fund NVP XVI to Empower Visionary Leaders Creating Businesses for the Future". Norwest Venture Partners. Retrieved 2022-02-09.
  2. ↑ "Contact". Norwest Venture Partners. Retrieved 2022-02-09.
  3. ↑ Norwest Venture Partners Closes $1.5 Billion Fund, NVP XIV Norwest press release, February 14, 2018
  4. ↑ Richard Florida (Carnegie Mellon University) and Martin Kenney (Ohio State University). Venture Capital and High Technology Entrepreneurship . Elsevier Science Publishing Co, 1988
  5. ↑ EXECUTIVE CHANGES: Norwest Venture Capital Management. The New York Times, November 28, 1988
  6. ↑ Bloomberg - George J. Still Jr
  7. ↑ Bolista, Phil (2010-07-01). "John Lindahl". Twin Cities Business. Retrieved 2019-11-29.
  8. ↑ Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years , TechCrunch, January 20, 2016
  9. ↑ Venture firm Norwest raises $1.5 billion fund, its largest ever , Reuters, February 14, 2018
  10. ↑ "NVP XV Our $2B Fund". Norwest Venture Partners. Retrieved 2022-02-11.
  11. ↑ "Our Newest Fund is Sweet XVI". Norwest Venture Partners. Retrieved 2022-02-10.
  12. ↑ "Jeff Crowe". Norwest Venture Partners. Retrieved 2022-02-09.
  13. ↑ 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.
  14. ↑ Lung, Tiffany. "How Luxury DTC Brand Senreve Found Growth In Asia Amid Pandemic". Forbes. Retrieved 2021-11-29.
  15. 1 2 Peter DeLevett (January 20, 2014). "Elevator Pitch: Norwest's Promod Haque is the $35 billion man". Mercury News. Retrieved October 7, 2022.
  16. ↑ 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.
  17. ↑ 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.
  18. ↑ Kyle Tibbitts (November 30, 2016). "Online real estate company Opendoor raises $210M". Opendoor. Retrieved October 7, 2022.
  19. ↑ 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.
  20. 1 2 Connie Loizos (November 14, 2019). "Norwest closes its 15th fund with $2 billion - its biggest vehicle to date". TechCrunch. Retrieved October 7, 2022.
  21. ↑ Jordan Crook (June 14, 2016). "Talksapce online therapy platform raises $15 million Series B". TechCrunch. Retrieved October 7, 2022.
  22. ↑ Lora Kolodny (May 8, 2014). "Udemy Raises $32M to Teach 'Lifelong Learners' Online, Around the World". Wall Street Journal. Retrieved October 7, 2022.
  23. ↑ 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.
  24. ↑ "The Top 146 Founder-Friendly PE and VC Firms". Inc.com. Retrieved 2022-02-17.
  25. ↑ Goldfisher, Alastair (2021-11-01). "VCJ 50: The top venture fundraisers of 2021 are making waves". Venture Capital Journal. Retrieved 2022-02-17.
  26. ↑ "The Top 25 Private Equity Firms for Growth Companies of 2021 | GrowthCap" . Retrieved 2022-02-17.
  27. ↑ "PEI 300 | Top private equity firms". Private Equity International. Retrieved 2022-02-17.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.