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April 25, 2024

Introducing NVP 17: A New Fund for Multi-Stage Investments in the World’s Most Innovative Companies

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:

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:


“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.

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