Over the past 60 years, our firm has been fortunate to work shoulder-to-shoulder with incredible companies and teams. We’re just as steadfast in our commitment to funding great leaders, enduring businesses, and innovative ideas today as we’ve always been. That’s why we’re delighted to announce the close of NVP Fund 17, our newest $3 billion venture and growth equity fund, bringing our total capital under management to $15.5 billion.
With NVP 17, our team will continue to collaborate closely with founders, CEOs, and management teams through the ups and downs of company building. We look forward to partnering with visionary entrepreneurs and best-in-class founding teams to build the next generation of thriving companies.
Our Track Record of Global and Diversified Investing
Wherever founders and CEOs are in their journey – early-stage, late-stage, somewhere in the middle – we know a winner when we see one. We’ve partnered with over 700 companies spanning a diverse set of sectors and stages across the globe, with a primary focus on North America, India, and Israel.
“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.”
– Jeff Crowe, Senior Managing Partner, Norwest
For decades, our primary investment strategy was focused on early-stage enterprise and consumer companies based in the U.S. In 2005, we started a deliberate expansion and diversification strategy.
Norwest’s expansion milestones include:
- September 2005 – We extended our investment reach to Israel, where we have continued our stage- and sector-agnostic investment approach under the leadership of General Partner Dror Nahumi.
- November 2005 – Our team began investing in India. Prioritizing growth, stability, and profitability, our Norwest India team, led by Niren Shah, Managing Director and Head, India, has been a strong contributor to our top-quartile returns.
- April 2009 – We expanded beyond venture in 2009 with the launch of our growth equity practice, leaning in to create value for late-stage companies. Since then, the growth equity team, led by Managing Partner Jon Kossow, General Partner Sonya Brown, and General Partner Ran Ding has grown tremendously.
- October 2010 – We launched our healthcare practice, investing in impactful healthcare companies across both venture and growth equity, led by General Partner Ryan Harris and General Partner Casper de Clercq.
- January 2022 – We expanded the focus of our healthcare practice by adding biotech to existing areas of medical devices and diagnostics, healthcare services, healthcare software and tech-enabled services. Our world-class biotech investment team is led by General Partner Tiba Aynechi, PhD, who joined the firm in 2022.
Our diversified investment strategy has served us well for the last 15 years. From minority to majority investments, we’re always looking to partner with growing, capital-efficient businesses, wherever they might be. With NVP 17, we’ll continue to employ our successful multi-stage, multi-geography approach to investing in enterprise, consumer, and healthcare businesses.
Strong Momentum Leading Into NVP 17
Since raising NVP 16, our previous $3 billion fund in December 2021, our team has made 69 new investments and helped 36 portfolio companies achieve liquidity events.
Notable exits include:
- Blue Cloud (PE acquisition)
- Ermetic (acquired by Tenable)
- Five Star Finance (IPO)
- Infutor (acquired by Verisk)
- Junk King (acquired by Neighborly)
- SmartSign (acquired by Sentinel)
- Spiff (acquired by Salesforce)
- YipitData (PE recapitalization)
In the past two years, we’ve expanded the focus of our healthcare practice to include biotech, building upon our success in areas such as medical devices and diagnostics, healthcare services, healthcare software and tech-enabled services. To support this effort, we’ve doubled the size of our healthcare team. Our most recent healthcare investments include Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical, and Vertos Medical.
Leading a World-Class Team to Fund High-Impact Companies
Just as they have for the last several funds, Jeff Crowe and Jon Kossow will continue to lead the firm as managing general partners in Fund 17. After serving the firm as a managing partner for over 30 years, Promod Haque will transition from managing partner to general partner as part of succession planning.
Alongside the new fund, we’re elated to recognize key hires and promotions across our investment and Portfolio Services teams. We’re particularly proud to acknowledge the following individuals who have contributed significantly to Norwest and have added strategic value to our portfolio.
New Hires:
- Zack Scott, MD, General Partner, Healthcare
- Irem Rami, Principal, Healthcare
- Brian Matesic, MD, Principal, Healthcare
- Philip Fleischman, Vice President, Healthcare
- Chris Scullin, Principal, Growth Equity
- Mary Miller, Head of Business Development, Growth Equity
- David Rudnitsky, CRO Operating Executive, Principal, Portfolio Services
- Renée Cohen, Marketing Operating Executive, Portfolio Services
- Eyal Manor, Entrepreneur in Residence
Promotions:
- Ran Ding was promoted to General Partner and named co-sector head of the Growth Equity team
- Matt DeDominicis, the firm’s CFO, was promoted to Administrative Partner
- Nikhil Kookada and Ankit Prasad were promoted to Principal on the Norwest India team
- Krish Kapadia (India) and Jordan Leites (Venture) were promoted to Vice President
“The team we’ve built represents our commitment to finding the next category-defining companies and supporting them with value-creation services and resources as they scale their businesses.”
– Jon Kossow, Managing Partner, Norwest
We’ve always believed that our people, who lead with passion and integrity every day, are what sets Norwest apart.
Our Enduring Commitment to Our Portfolio & Future Founders
Over six decades, we’ve learned what it takes to build durable businesses in boom times or down cycles. Most recently, the market fluctuations have challenged our portfolio leaders, who, in response, have hustled even harder. Our investment team, in tandem with our deep bench of operators, advisors, and experts, has rallied alongside our companies to meet every obstacle head-on.
We fielded an NPS survey to assess how well we support our companies – a core value of our firm. Receiving a world-class score of 77 among our CEOs was a testament to how Norwest partners with our portfolio leaders. And while we love reveling in our companies’ successes, we are at our best supporting and working shoulder-to-shoulder with founders and CEOs as an invited guest to help them navigate obstacles.
From our deep operating experience and entrepreneurial backgrounds, we know how great companies are built — and that challenging times provide fertile ground for next-generation businesses.
Many thanks to all who have played a part in our shared success. Our deepest gratitude extends to the outstanding entrepreneurs within our portfolio who have entrusted us to join them on the journey of building high-impact companies.
