Norwest Venture Partners, which has the legacy of 58 years in the venture capital business, has bagged $2 billion in its 15th fund, its personal best since existence. With this, the company has bagged a total of $9.5 billion through all its funds till date.

The Wells Fargo backed firm raised 1.5 billion in its last fund, which ended in the February of 2018. The 15th investment fund is the highest raiser for the company till date.

It has been observed over past few years that the firm has substantially paced up its fund events from once in four or five years to an interval of roughly two years. Company’s managing partner Jeff Crowe revealed that the paced up cycle is result of committing most of the money to its ventures, and the new funds are to gain investments for company’s new procceds.

Crowe said, “Deal sizes have gotten larger across the industry. And that’s been true for us as well over the last couple of years. And therefore, that’s one of the reasons behind the larger fund.”

Crowe told that company’s growth equity team has been rather active in last few years, writing huge checks to Cority, Vuori, SmartSign and others. Where Cority is a manufacturer of nvironmental, health, safety and quality (EHSQ) software, Vuori is a brand for performance apparel and SmartSign produces customized signs.

Some bids from Norwest’s most recent funds include a range of consumer brands, such as personal finance app Dave, smart home product manufacturer Wyze, home buying space OpenDoor and co working space company Knotel.

The company also invests in giants like Uber and Spotify, however, Crowe did not reveal company’s stakes in each of these holdings. He said;

“We don’t disclose how much we make on individual investment, but it was a nice multiple.”

It is expected that with the new found investment, the company will cite to expand their course in the fields of consumer, enterprise and healthcare in the U.S., India and Israel.

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