Norwest
Tech focused growth equity firm
San Francisco CA
Overall Rank: 17
Category: Venture Growth
Category Rank: 1
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Profile
Norwest is a leading venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel.
Awards
2023 Top Women Leaders in Growth Investing, Sonya Brown
2022 The Top 25 Growth Equity Firms
2022 Top 40 Under 40 Growth Investors, Scott Mitchell
2022 Top 25 Private Equity Firms
2022 Top Women in Growth Investing, Sonya Brown
2021 Top 25 Growth Equity Firms
2021 Top 40 Under 40 Growth Investors, Ran Ding
2021 Top 25 Private Equity Firms for Growth Companies of
2021 Top 25 Healthcare Investors, Dr. Ryan Harris
2020 Top 25 Growth Equity Firms
2020 Top 40 Under 40 Growth Investors, Stew Campbell
2020 Top Women in Growth Equity and Private Equity, Sonya Brown
2019 Top 40 Under 40 Growth Investors, Rob Arditi
2014 Top 25 Growth Equity Investors
Key People
Norwest is led by Senior Managing Partner Jeff Crowe and Managing Partners Promod Haque and Jon Kossow. Crowe has 20+ years of experience building companies and is a Midas List investor. Haque has 30+ years of investing experience and is a Midas List and “Hall of Fame” investor with more than $40 billion in exit value. Kossow has 20 + years of investment experience and is the co-head of the growth equity team.
Funds Raised
Norwest Venture Partners has raised a total of $12.5 billion across 13 funds. The latest fund was announced on 12/14/21 and raised $3 billion.
| Fund Name | Size | Date | |
|---|---|---|---|
| NVP XVI | $3 billion | 12/14/21 | |
| NVP XV | $2 billion | 11/14/19 | |
| NVP XIV | $1.5 billion | 2/14/18 | |
| NVP XIII | $1.2 billion | 1/20/16 | |
| NVP XII | 1.2 billion | 4/13/14 |
Key Investments
List several of your firm’s most notable investments. If you have exited the investment, the exit should not have been more than five years ago.
| Company Name | Investment/Exit Date | Sector | Description |
|---|---|---|---|
| Grove Collaborative | Exit – June 2022 | Consumer | |
| Infutor | Exit – Feb 2022 | Enterprise | Expert in Consumer Identity Management. |
| Classy | Exit – Jan 2022 | Enterprise | Helps nonprofits maximize their impact through a suite of world-class online fundraising tools. |
| Dave | Exit – Jan 2022 | Consumer | App-based financial services platform. |
| Udemy | Exit – Oct 2021 | Consumer | World’s largest marketplace for online teaching and learning. |
| Envisage Technologies | Exit – Sept 2021 | Enterprise | Public safety training and compliance management systems. |
| Agari | Exit – May 2021 | Enterprise | Security against advanced phishing attacks. |
| VisitPay | Exit – May 2021 | Healthcare | The first and only platform for Patient Financial Health. |
| Galvanize | Exit – April 2021 | Enterprise | Security, risk management, compliance, and audit software. |
| Opendoor | Exit – Dec 2020 | Consumer | Online home-selling service. |
| CyberX | Exit – June 2020 | Enterprise | Cybersecurity platform. |
| BlueJeans | Exit – April 2020 | Enterprise | Video calling platform. |
| Shape Security | Exit – Dec 2019 | Enterprise | Defense against malicious automated cyber-attacks. |
| 6 River Systems | Exit – Sept 2019 | Enterprise | Collaborative robotic fulfillment solutions. |
| Amagi | Investment – Sep 2021 | Enterprise | Cloud solutions for media and entertainment. |
| Babylist | Investment – Nov 2021 | Consumer | Baby registry. |
| Calm | Investment – Jan 2021 | Consumer | Calm is the leading mental wellness brand with the #1 app for sleep, meditation and relaxation. |
| Celona | Investment – Sept 2019 | Enterprise | Bridging the divide between 5G and enterprise infrastructures. |
| Citcon | Investment – Oct 2021 | Consumer | Global all-in-one payment gateway with a unified API to 100+ digital wallets. |
| Dremio | Investment – Jan 2018 | Enterprise | Open source Data-as-a-Service platform. |
| Excision BioTherapeutics | Investment – Mar 2021 | Healthcare | Developing CRISPR-based therapies to cure viral infectious diseases. |
| Fabric | Investment – Feb 2021 | Enterprise | Headless commerce platform. |
| Faire | Investment – Dec 2020 | Consumer | Online wholesale marketplace connecting 100,000+ local retailers & brands. |
| Flyhomes | Investment – June 2021 | Consumer | Flyhomes is reinventing the home-buying process and bringing every step under one roof. |
| Gong | Investment – June 2016 | Enterprise | Revenue intelligence technology for sales teams. |
| Icon | Investment – Aug 2021 | Consumer | 3-D printed homes. |
| Maelys | Investment – May 2021 | Consumer | Direct-to-consumer body-care brand. |
| Mindful Health Solutions | Investment – May 2021 | Healthcare | Comprehensive mental health services for patients with anxiety, depression, and other conditions. |
| Plaid | Investment – Dec 2018 | Consumer | APIs to connect financial applications. |
| Policygenius | Investment – May 2017 | Consumer | Insurance without the insurance agent. |
| UPSIDE Foods | Investment – Jan 2020 | Consumer | Cell-based meat maker. |
| Supplier.io | Investment – July 2021 | Enterprise | Supplier diversity solutions. |
| Third Wave Automation | Investment – Aug 2021 | Enterprise | Advanced autonomous forklifts. |
| Vanmoof | Investment – Sep 2020 | Consumer | eBike maker. |
| Poolwerx | Investment – July 2022 | Consumer | Global franchise pool service brand. |
| Noyo | Investment – May 2022 | Consumer | Connected benefits network. |
| Velocity Global | Investment – May 2022 | Consumer | Global talent platform. |
| Veza | Investment – April 2022 | Enterprise | Data security platform. |
| tvScientific | Investment – April 2022 | Consumer | CTV performance advertising platform |
Capital Responsibility
Norwest incorporates environmental, social and governance (ESG) considerations into its investment analysis, decision-making and portfolio services.
The firm takes pride in helping its companies enhance their value and long-term sustainability while managing and mitigating risk. Norwest also recognizes the value of strong ESG management in its internal operations as a firm and holds itself to the same standard as its portfolio companies.
Norwest believes that optimizing ESG performance can drive value creation, while ignoring ESG performance exposes a company to material risks. This has been reflected in how the firm has done business for decades.
CEO Reviews
Myong Lee, President & Co-Founder, Clever Care Health Plan
“We have been fortunate to partner with Norwest, whose healthcare expertise was invaluable in helping us launch and scale our company. It is exciting that Norwest believes in and shares our vision of helping underserved aging populations.”
Neeraj Shah, President & Ceo, Supplier.Io
“In Norwest, we’ve found a partner that shares our mission to help make a difference through supplier diversity. Norwest’s strategic, operational and ESG expertise will allow us to significantly accelerate our goal to help companies increase their use of diverse suppliers everywhere.”
Christopher Himes, CEO, Classy
“At Classy, balancing purpose and profit has been in our ethos since our founding. In Norwest we found a partner that aligned with these values and could also help us continue to build the best technology to serve the social sector. Norwest’s investment allows us to pour more focus into product development and drive the biggest impact and ROI for our nonprofit customers.”
Kendra Scott, Founder & CEO, Kendra Scott
“I feel blessed every day that we found Norwest.”
Stuart Landesberg, CEO & Co-Founder, Grove Collaborative
“Norwest is an unwavering partner—committed to our success and actively working on our behalf.”
Joe Kudla, CEO & Founder, Vuori
“Norwest was the first institutional investor to back Vuori. Jon Kossow and team understood my vision, offered guidance and resources, and never over-inserted themselves in running our business. Norwest truly partners with its portfolio to build solid, sustainable companies for the future.”
Amy Errett, CEO & Founder, Madison Reed
“I always feel like Norwest is in our court and will do whatever it takes to make sure that our company succeeds.”
