Key Takeaways
- • Norwest closed Norwest 18, a $4 billion fund and the largest in the firm's 65-year history, lifting total capital under management to $18 billion, according to a Business Wire announcement.
- • The fund will back venture and growth equity investments across technology, healthcare, and consumer sectors in the U.S., India, and Israel.
- • Since launching Norwest 17 in April 2024, the firm has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events, including IPOs of Swiggy, Omada Health, BillionToOne, MBX Biosciences, and Amagi Media Labs.
- • Norwest is expanding into financial infrastructure, physical and voice AI, agentic cybersecurity, industrial and aerospace, and healthcare AI, while doubling its Senior Advisor Network to support portfolio companies.
Summary
Norwest, a global, multi-stage investment firm, announced the close of Norwest 18, a $4 billion fund that is the largest in the firm's 65-year history. The close brings the firm's total capital under management to $18 billion. The fund will support venture and growth equity investments across technology, healthcare, and consumer sectors in the U.S., India, and Israel, building on the firm's portfolio of companies including Babylist, Gong, Monogram Health, OfBusiness, VAST Data, Vuori, and YipitData.
The firm reported strong exit activity during the Norwest 17 cycle, which launched in April 2024. Since then, Norwest has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events. These include initial public offerings from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health, and Swiggy, among others. Strategic acquisitions of portfolio companies include Avetta by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest, and Veza by ServiceNow.
Jeff Crowe, Senior Managing Partner at Norwest, said companies are staying private longer and scaling across markets, and that capital is only one part of what they need. Jon Kossow, Managing Partner, said the firm's multi-stage strategy allows it to meet companies where they are and support them as they grow, with Norwest 18 providing greater flexibility across sectors, stages, and geographies.
Norwest said AI is creating new categories and reshaping established industries, and that it is expanding into next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace, and healthcare AI. Recent investments cited include Beltic, Rain, and Stablecore in financial infrastructure; Coval, Generalist AI, and LlamaIndex in AI systems; Above Security, ORION Security, Red Access, and Zenity in cybersecurity; East Range Group, Padmini VNA, JJG Aerospace, and Raghu Vamsi Aerospace Group in industrial and aerospace; and Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health, and Vitalize Care in healthcare AI.
Beyond capital, Norwest has expanded its Portfolio Success platform by doubling its Senior Advisor Network, adding Operating Executives, and launching the Norwest Operator Collective and Norwest Kinetic. Founded in 1961, Norwest has invested in more than 750 companies and currently partners with more than 275 companies. The firm has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel.
The firm reported strong exit activity during the Norwest 17 cycle, which launched in April 2024. Since then, Norwest has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events. These include initial public offerings from Amagi Media Labs, BillionToOne, MBX Biosciences, Omada Health, and Swiggy, among others. Strategic acquisitions of portfolio companies include Avetta by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest, and Veza by ServiceNow.
Jeff Crowe, Senior Managing Partner at Norwest, said companies are staying private longer and scaling across markets, and that capital is only one part of what they need. Jon Kossow, Managing Partner, said the firm's multi-stage strategy allows it to meet companies where they are and support them as they grow, with Norwest 18 providing greater flexibility across sectors, stages, and geographies.
Norwest said AI is creating new categories and reshaping established industries, and that it is expanding into next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace, and healthcare AI. Recent investments cited include Beltic, Rain, and Stablecore in financial infrastructure; Coval, Generalist AI, and LlamaIndex in AI systems; Above Security, ORION Security, Red Access, and Zenity in cybersecurity; East Range Group, Padmini VNA, JJG Aerospace, and Raghu Vamsi Aerospace Group in industrial and aerospace; and Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health, and Vitalize Care in healthcare AI.
Beyond capital, Norwest has expanded its Portfolio Success platform by doubling its Senior Advisor Network, adding Operating Executives, and launching the Norwest Operator Collective and Norwest Kinetic. Founded in 1961, Norwest has invested in more than 750 companies and currently partners with more than 275 companies. The firm has offices in Menlo Park and San Francisco, Calif.; Mumbai, India; and Tel Aviv, Israel.
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