Norwest Venture Partners introduced at this time that it has closed a brand new fund of $1.5 billion baptized NVP XIV. This is the agency’s largest fund up to now, bringing its complete capital commitments to greater than $7.5 billion, in line with a press release. NVP XIV follows NVP XIII, a $1.2 billion fund that closed in January 2016.
The Bay Area-based agency initially started investing in enterprise startups inside the U.S. however has expanded over time throughout sector, geography, and stage. Today, the agency additionally invests in client and well being care and has workplaces in Israel and India to supply offers domestically. Stage-wise, the companions added a development fairness staff 9 years in the past to make minority and controlling investments in quickly rising companies.
Jon Kossow, who spearheads the expansion fairness staff, has been promoted to managing accomplice, the agency introduced at this time. He joins managing companions Jeff Crowe and Promod Haque.
When we final coated Norwest, the third managing accomplice was Matthew Howard. We requested Norwest about this transition and the agency offered this assertion:
Matthew Howard continues to steer the enterprise apply as a basic accomplice and is a valued member of the staff, having served within the position of managing accomplice for a few years. The new managing accomplice construction is a mirrored image of the diversification technique we launched into 10 years in the past. Promoting Jon Kossow to managing accomplice was a pure evolution inside that technique, as we needed development fairness to be represented on the administration staff.
Norwest additionally introduced the promotion of Lisa Wu to accomplice on the enterprise capital staff. She joined the agency in 2012 and focuses on client web, digital commerce, and marketplaces. Wu sourced Jet.com, which was acquired by Walmart.com, and can be an investor in Ritual, a ladies’s well being model. She is Norwest’s second feminine accomplice (Sonya Brown is a basic accomplice on the expansion fairness staff).
On whether or not Norwest can be seeking to spend money on cryptocurrencies and blockchain with its new fund, managing accomplice Jeff Crowe informed VentureBeat:
“We usually are not buyers in cryptocurrencies and preliminary coin providing (ICOs). We view these as far too speculative. However, we actually assume that blockchain may resolve many issues throughout many alternative applied sciences.”
Founded in 1961, Norwest counts Lending Club, Opendoor, Prosperworks, Spotify, and Uber amongst its portfolio corporations.
This article sources info from VentureBeat