HomeUSANorwest Closes $3 Billion Global Fund

Norwest Closes $3 Billion Global Fund


Norwest Venture Partners, a Menlo Park, CA-based global venture capital and growth equity investment firm, closed a $3 Billion fund, NVP XVII, LP (NVP 17).

The new fund enables the team to continue partnering with entrepreneurs and teams building enduring companies. Following NVP 16, also a $3 Billion fund, NVP 17 now brings the firm’s total capital under management to $15.5 Billion.

Since raising NVP 16 in December 2021, Norwest has made 69 new investments and worked closely with 36 portfolio companies to help them achieve liquidity events. Notable exits included Blue Cloud (PE acquisition), Ermetic (acquired by Tenable), Five Star Finance (IPO), Infutor (acquired by Verisk), Junk King (acquired by Neighborly), SmartSign (acquired by Sentinel), Spiff (acquired by Salesforce) and YipitData (PE recapitalization).

Norwest expanded the focus of its healthcare practice over the last two years by adding biotech to existing areas of medical devices and diagnostics, healthcare services, healthcare software and tech-enabled services, thereby doubling the size of its healthcare venture team. The most recent healthcare investments across both venture and growth equity include Cytovale, Diana Health, Engrail Therapeutics, HighFive Healthcare, Nectero Medical, Ray Therapeutics, SetPoint Medical and Vertos Medical.

Jeff Crowe and Jon Kossow will continue to lead the firm as managing general partners. As part of succession planning, Promod Haque will transition from managing partner to the role of general partner. Norwest also recently announced several key hires and promotions across its Investment and Portfolio Services teams.

New Hires:

  • Healthcare Investment Team: Zack Scott, MD, general partner; Irem Rami, principal; Brian Matesic, MD, principal; and Philip Fleischman, vice president.
  • Growth Equity Team: Chris Scullin, principal, will be joining Norwest in June; Mary Miller, head of business development for growth equity.
  • Portfolio Services and Other Team Members: David Rudnitsky, CRO operating executive, principal; Renée Cohen, marketing operating executive, vice president; and Eyal Manor, entrepreneur in residence.


  • Recent promotions include Ran Ding to general partner and co-head of the growth equity team; Matthew De Dominicis to administrative partner and CFO; Nikhil Kookada and Ankit Prasad to principal; and Krish Kapadia and Jordan Leites to vice president.

Founded in 1961, Norwest has developed a proven diversified investment strategy and works closely with entrepreneurs and CEOs across a broad range of stages, sectors and geographies. It expanded beyond the North American market in 2005 when it started investing in Israel and India. In 2009, the firm launched its growth equity practice and a year later added healthcare as a core investment sector, alongside enterprise and consumer.

Norwest’s current venture and growth equity portfolio includes over 230 companies, such as industry leaders Vuori, Gong, Monogram Health and Five Star Finance.