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Norwest Venture Partners
Company typePrivate
IndustryVenture Capital + Growth Equity
Founded1961
HeadquartersPalo Alto & San Francisco
Total assets$12.5 billion
Number of employees
125
Websitewww.nvp.com

Norwest Venture Partners (Norwest) is an American venture and growth equity (GE) investment firm with more than $12.5B in capital under management.[1] The firm targets early to late-stage venture and growth equity investments across several sectors, including cloud computing and information technology, Internet, software as a service, business and financial services, consumer and healthcare. Headquartered in Palo Alto, California, Norwest has offices in San Francisco and subsidiaries in Mumbai, India and Herzelia, Israel.[2] The firm has funded more than 650 companies since inception. As of 2022, the firm has approximately 200 active companies across its venture and growth [3]equity portfolio.[4]

History

History of private equity
and venture capital
Early history
(origins of modern private equity)
The 1980s
(leveraged buyout boom)
The 1990s
(leveraged buyout and the venture capital bubble)
The 2000s
(dot-com bubble to the credit crunch)
The 2010s
(expansion)
The 2020s
(COVID-19 recession)

Norwest traces its roots back to 1961 with the formation of the Northwest Venture Fund, a private equity and venture capital affiliate of Norwest Corporation, a midwestern bank based in Minneapolis that merged with Wells Fargo in 1998. In the late 1950s and early 1960s, Minneapolis was an early site for both venture capital and high-technology business.[5]

The VC industry was active with the formation of the first Small Business Investment Company (SBIC) and First Midwest Capital Corporation. In 1957, Control Data Corporation, a pioneering supercomputer company, was founded by William Norris. Two years later Norris was instrumental in the formation of the Northwest Growth Fund and the firm was active in the Minneapolis high-tech industry.[6]

The Northwest Growth Fund grew under the leadership of CEO Robert Zicarelli including the opening of an office in Silicon Valley. Zicarelli retired in 1988 and was succeeded by Daniel Haggerty who retired in the 1990s.[7] George J, Still, Jr. (now partner emeritus) and Promod Haque took over as managing partners in 1994.[8]

Norwest's main LP is Wells Fargo (and Norwest Corporation before Wells Fargo merged with Norwest). Norwest's managing general partner, John Lindahl, was quoted in the article, "Having a sole limited partner means we do not have to spend time raising outside money and trying to communicate to 25 limited partners."[9]

In January 2016, the firm announced Norwest Venture Partners XIII, a $1.2B fund, and Wells Fargo was the sole investor in this fund.[10] In February 2018, the firm announced Norwest Venture Partners XIV, a $1.5B fund, in which Wells Fargo is a major investor.[11] In November 2019, the firm announced the firm announced Norwest Venture Partners XV, a $2B fund, bringing its total capital under management to $9.5B.[12]

In December 2021,[13] the firm announced Norwest Venture Partners XVI, a $3B fund, bringing its total capital under management to $12.5B.[14][15]

Notable investments for Norwest include 6 River Systems, Adaptive Insights, Aporeto, Blue Cloud, Casper, Cority, CyberX, Dairy Queen, Dave, DeVoro Medical, Fabric, Faire, Glint, Gong, Health Catalyst, Kendra Scott,[16] MIST Systems, Opendoor, Plaid, Senreve, Shape Security, Spotify, Talkspace, Udemy, Vuori, Workato, and YipitData.

Acclaim

  • Inc. Founder Friendly Investors[17]
  • VCJ 50: The Top Venture Fundraisers of 2021[18]
  • Top 25 Private Equity Firms for Growth Companies[19]
  • Private Equity International 300[20]

See also

References

  1. ^ "Norwest Launches $3 Billion Fund NVP XVI to Empower Visionary Leaders Creating Businesses for the Future". Norwest Venture Partners. Retrieved 2022-02-09.
  2. ^ "Contact". Norwest Venture Partners. Retrieved 2022-02-09.
  3. ^ "Norwest Launches $3 Billion Fund NVP XVI to Empower Visionary Leaders Creating Businesses for the Future". Norwest Venture Partners. Retrieved 2022-02-09.
  4. ^ Norwest Venture Partners Closes $1.5 Billion Fund, NVP XIV Norwest press release, February 14, 2018
  5. ^ Richard Florida (Carnegie Mellon University) and Martin Kenney (Ohio State University). Venture Capital and High Technology Entrepreneurship. Elsevier Science Publishing Co, 1988
  6. ^ Norwest Equity Partners - Our History [1], accessed July 17, 2017
  7. ^ EXECUTIVE CHANGES: Norwest Venture Capital Management. The New York Times, November 28, 1988
  8. ^ Bloomberg - George J. Still Jr. [2]
  9. ^ Bolista, Phil (2010-07-01). "John Lindahl". Twin Cities Business. Retrieved 2019-11-29.{{cite web}}: CS1 maint: url-status (link)
  10. ^ Norwest Raises Third Consecutive $1.2 Billion Fund in Five Years [3], TechCrunch, January 20, 2016
  11. ^ Venture firm Norwest raises $1.5 billion fund, its largest ever [4], Reuters, February 14, 2018
  12. ^ "NVP XV Our $2B Fund". Norwest Venture Partners. Retrieved 2022-02-11.
  13. ^ "Our Newest Fund is Sweet XVI". Norwest Venture Partners. Retrieved 2022-02-10.
  14. ^ "Norwest Launches $3 Billion Fund NVP XVI to Empower Visionary Leaders Creating Businesses for the Future". Norwest Venture Partners. Retrieved 2022-02-09.
  15. ^ "Jeff Crowe". Norwest Venture Partners. Retrieved 2022-02-09.
  16. ^ Lung, Tiffany. "How Luxury DTC Brand Senreve Found Growth In Asia Amid Pandemic". Forbes. Retrieved 2021-11-29.
  17. ^ "The Top 146 Founder-Friendly PE and VC Firms". Inc.com. Retrieved 2022-02-17.
  18. ^ Goldfisher, Alastair (2021-11-01). "VCJ 50: The top venture fundraisers of 2021 are making waves". Venture Capital Journal. Retrieved 2022-02-17.
  19. ^ "The Top 25 Private Equity Firms for Growth Companies of 2021 | GrowthCap". Retrieved 2022-02-17.
  20. ^ "PEI 300 | Top private equity firms". Private Equity International. Retrieved 2022-02-17.

External links

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