Venture capital firm Norwest Venture Partners has announced, that the company has raised a sum of $1.2 Billion, for the third consecutive time for its newly announced fund.
Speaking on the occasion, Senior Managing Partner Promod Haque said,
When we look at it, there’s all kinds of innovation taking place in the marketplace. There’s a lot of new opportunities.
He also remarked upon his company’s different investment strategy which, instead of breaking its fund into specific groups, prefers to stay connected to and support the entrepreneur throughout his/her venture, so that the assistance provided extends far beyond just financial.
Our pitch to entrepreneurs is to provide more than just money. What we have to look at, what else we can do, our long history, network, strategic offering, and analysts can provide a host of services in addition to capital, whether to help recruit or do other things, so that the companies are successful.”
The company holds a whole variety of cross spectrum investment to its credit and has previously backed companies sectors like healthcare, consumer web, infrastructure, and enterprise space. Some of its more notable beneficiaries include names like Blue Jeans Network, Casper Sleep, Honybook, IFTTT, Jet, Lumosity, Modcloth, Spotify, Uber, and Udemy.
Interestingly, this is the third such fund closed by the company in recent years and while the company declined to comment on the performance of its last fund — that it closed in May of 2014 — it did disclose that the last 18 months had seen seven public offerings in the United States, India, and Israel, and 15 acquisitions from companies in its portfolio.
So, it is probably a safe bet to assume that companies backed by Norwest seem to be doing pretty well, a fact which can be attributed to both its strategic/financial guidance as well as a string of good selections.
Haque also reiterated his firms commitment to stand by the startups it backs — Through fair weather or foul.
When you’ve gone through downturns, it sharpens your vision. This business is apprenticeship-driven. I’ve been through downturns before. Very few venture firms have seen difficult times. This fund confirms that our history continues and we’ll bring more portfolio services, recruiting, tax, advice, and a whole bunch of other things to the platform.
History is about the right word. The 55 year old firm has certainly withstood the test of time and funded over 500 ventures in the period.
The latest round of funding — realized as part of the company’s 13th fund — takes the size of its total commitments to a massive 6 billion dollars. The company is open to deploying these funds on behalf of both early stage start up as well as for well-known brands.