Norwest Undertaking Companions introduced nowadays that it has closed a brand new fund of $1.five billion baptized NVP XIV. That is the company’s greatest fund so far, bringing its overall capital commitments to greater than $7.five billion, in step with a observation. NVP XIV follows NVP XIII, a $1.2 billion fund that closed in January 2016.
The Bay Space-based company first of all started making an investment in undertaking startups inside the U.S. however has expanded through the years throughout sector, geography, and degree. Lately, the company additionally invests in client and well being care and has workplaces in Israel and India to supply offers in the neighborhood. Level-wise, the companions added a expansion fairness crew 9 years in the past to make minority and controlling investments in swiftly rising companies.
Jon Kossow, who spearheads the expansion fairness crew, has been promoted to managing spouse, the company introduced nowadays. He joins managing companions Jeff Crowe and Promod Haque.
After we ultimate lined Norwest, the 3rd managing spouse used to be Matthew Howard. We requested Norwest about this transition and the company supplied this observation:
Matthew Howard continues to steer the undertaking observe as a common spouse and is a valued member of the crew, having served within the position of managing spouse for a few years. The brand new managing spouse construction is a mirrored image of the diversification technique we launched into 10 years in the past. Selling Jon Kossow to managing spouse used to be a herbal evolution inside of that technique, as we needed expansion fairness to be represented at the control crew.
Norwest additionally introduced the promotion of Lisa Wu to spouse at the project capital crew. She joined the company in 2012 and makes a speciality of client web, virtual trade, and marketplaces. Wu sourced Jet.com, which used to be bought by way of Walmart.com, and may be an investor in Ritual, a ladies’s well being emblem. She is Norwest’s 2d feminine spouse (Sonya Brown is a common spouse at the expansion fairness crew).
On whether or not Norwest might be taking a look to put money into cryptocurrencies and blockchain with its new fund, managing spouse Jeff Crowe advised VentureBeat:
“We don’t seem to be buyers in cryptocurrencies and preliminary coin providing (ICOs). We view the ones as a ways too speculative. Alternatively, we undoubtedly assume that blockchain may just remedy many issues throughout many various applied sciences.”
Based in 1961, Norwest counts Lending Membership, Opendoor, Prosperworks, Spotify, and Uber amongst its portfolio firms.