Norwest Venture Partners, a global venture capital and growth equity investment firm, has launched a new fund, Norwest Venture Partners XIII with an amount of $1.2 billion. The firm raised the same amount in 2014 as well as in 2010 during its previous fund launch. The latest fund brings Norwest’s total capital to more than $6 billion. The fund will be used to make investment in Indian and Israel startups, outside the US.
The firm has invested in more than 575 companies since inception, and currently has over 130 active companies across its venture and growth equity portfolio. Indian companies in its portfolio include like Yatra, Capillary, Quikr, Manthan and Thyrocare. A couple of days back, it has invested series C round of $35 million in food ordering and delivering startup Swiggy.
Its exit success has continued in the last 18 months, including 7 IPOs and 15 acquisitions among its portfolio companies.
“Our exit success over the past 18 months, and our continued track record for partnering with passionate and innovative founders to help them build and grow meaningful businesses, enabled us to raise our third consecutive $1.2 billion fund,” said Jeff Crowe, managing partner, Norwest Venture Partners. “Our portfolio company leaders have created more than $8 billion in market value over the last 18 months alone. We look forward to partnering with the next set of talented entrepreneurs to help them bring new technologies, products and services to life, as we are in the midst of an extraordinary time in innovation across sectors.”
Norwest invests in companies across a range of sectors including: technology (cloud & IT infrastructure, Internet & consumer, SaaS), business services, financial services, consumer, and healthcare. It works with companies of all sizes and at all stages of investment from seed and Series A to late stage venture and growth equity.
“Norwest has a long track record of working with the most innovative companies across geographies, sectors and stages, and our new fund helps us continue this tradition. As a firm, entrepreneurs have relied on our team for decades not only as business partners, but for expertise across every part of their business,” said Promod Haque, senior managing partner at Norwest Venture Partners. “With the new fund we’ll be able to reach even more entrepreneurs and help them on their paths to building great companies that last.”
Apart from this, Silicon Valley-based venture capital firm, Storm Ventures has also launched a $10 million fund to make investment in Indian SaaS startups in seed and series A rounds.