Global venture capital and growth equity investment firm Norwest Venture Partners said Thursday it has raised $3 billion for its new fund, NVP 17.
The new fund enables the Norwest team to continue partnering with visionary entrepreneurs and teams building the next generation of enduring companies, the firm said in a release. It will deploy the fund across the US, India, and Israel.
Following NVP 16, which is also a $3 billion fund, NVP 17 brings the firm’s total capital under management to $15.5 billion.
"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," said Jeff Crowe, senior managing partner at Norwest.
Norwest’s investments range across stages. Its ticket size ranges from $10 million to $30 million in the early and mid-stage companies which show strong growth potential, proven business models and initial revenue traction. In the growth equity stages, it invests with a ticket size ranging from $20 million to $100 million in companies with strong market positions, proven management teams, significant revenue and net income traction. It invests in both listed and unlisted companies.
Norwest has been investing in India since 2005. To date, it has invested in 43 companies, with its current active portfolio companies standing at 23. It primarily invests 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, and technology.
Its India team is led by Niren Shah, who is the managing director and the head of Norwest India. It also recently promoted Nikhil Kookada and Ankit Prasad to principal. Both are part of its India team.
Its India portfolio includes Amagi Media Labs, NSE, Five-Star Business Finance, Mensa Brands, Swiggy, Xpressbees Logistics, CityMall, Culinary Brands, Duroflex, Fibe, Finova Capital, Kishlay Foods, Mintifi, OfBusiness, Oxyzo, Quikr, Regency Health, Sadbhav, SILA, SK Finance, Sulekha, Ummeed Housing, Vastu Housing, Veritas Finance, and Xpedeon.
