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Norwest Venture Partners closes 17th fund at $3 billion

ISN Team
New Update
Norwest Venture Partners closes 17th fund at $3 billion

Norwest Venture Partners, a global venture capital and growth equity investment firm based in Menlo Park, California, has closed its seventeenth fund, Norwest XVII, LP (NVP 17), amassing $3 billion.

The fund is set to target multi-stage investments across a diverse range of sectors, including enterprise, consumer technology, financial services, healthcare, and more. The new fund matches the size of its predecessor, the NVP 16, which also raised $3 billion in December 2021.

Geographical focus and investment strategy

NVP 17 plans to deploy capital primarily in the United States, India, and Israel. The fund aims to invest in early to mid-stage companies that demonstrate a strong business model and some initial revenue traction. Investment amounts are expected to range from $10 million to $30 million.


The approach follows a diversified investment strategy that allows the firm to adapt across various market conditions, supporting founders and CEOs at every stage of their business journey.

Recent performance and strategic growth

NVP 16, Norwest Venture Partners has invested in 69 new companies and achieved 36 liquidity events. These events include the IPO of Five Star Business Finance and several significant acquisitions, such as Spiff by Salesforce and Avetta by EQT. 

Leadership and organizational developments

The firm announced important leadership transitions, with Promod Haque moving from managing partner to general partner.

Jeff Crowe, along with Jon Kossow, will lead as managing general partners. Additionally, the firm has bolstered its team with several key appointments across various roles, demonstrating a strong commitment to its growth equity and healthcare practices.

Future outlook and sector focus

Looking forward, Norwest Venture Partners will continue to focus on a range of sectors including technology, SaaS, enterprise software, business and IT services, and healthcare, among others.

The firm has recently expanded its healthcare practice by incorporating biotech investments, reflecting its strategic response to market opportunities. The firm’s ability to maintain a steady investment pace despite market downturns highlights its robust operational strategy and long-term commitment to its portfolio companies.