TLDR:
– Norwest Venture Partners has closed its $3 billion seventeenth fund, setting the stage for another chapter in the VC industry’s history.
– The firm’s expansion, starting from the Norwest Corporation in 1961, has now grown to be multi-stage and multi-sector, with a big presence in India.
Exclusive: Norwest Venture Partners has recently closed its $3 billion seventeenth fund, marking another milestone in the firm’s long history. Founded in 1961, the firm has roots that trace back to the Norwest Corporation, a Minneapolis-based banking conglomerate. Despite the potential for failure, Norwest has become a multi-stage and multi-sector firm with a distinctly international identity, particularly focusing on expanding its presence in India. The firm has also diversified its business by adding new threads, such as its health vertical in 2010 and a biotech sector overseen by Dr. Tiba Aynechi as general partner.
Furthermore, Norwest’s growth equity business, led by Jon Kossow, has seen success with companies like CoreLogic, Vuori, Avetta, and Kendra Scott. The firm’s approach to deals involves a thoughtful cold-call strategy followed by a patient, long-term mindset. This personalized touch is a key element of their success, as they aim to prove that scale is not incompatible with individualized attention. As Norwest enters this new chapter with its $3 billion fund, they continue to prioritize maintaining a personal connection with their vast array of investments.
