![]() “It’s becoming machine learning- and AI-focused,” Haque said. But enterprise datacenter and data analytics investments are pretty hot, Haque said. The firm also stayed away from game, virtual reality, and esports investments. With growth equity deals, some of the investment checks will go as high as $100 million, Kossow said, though if justified the company might write even bigger checks.Īs for market segments that have matured? Semiconductors are pretty soft in terms of startup activity. “From 2009, it has pretty much been the same strategy,” Haque said. The firm itself was founded in 1961, and Haque joined in 1989 during the fourth fund’s time.Ībout a decade ago, the firm started making growth equity investments and added big areas like consumer, healthcare, and enterprise. Since its inception, Norwest has invested in more than 600 companies and has partnered with over 150 active companies currently in its venture and growth equity portfolio. She brings over 20 years of experience from strategic roles at Facebook and Google. Norwest also made a new hire in mid-2018 with the addition of Priti Youssef Choksi, who joined the consumer team as a partner. Two additional promotions on the growth equity team include Stew Campbell and Ran Ding to principal. On the venture consumer team, Ed Yip and Lisa Wu were promoted to partner. On the growth equity team, Rob Arditi was promoted to general partner. Norwest has added new partners over the past 18 months. ![]() And as you can see from the list, we have made a lot of investments in that space.” New partners and promotions “We are starting to see a reasonable of deals that are coming from female founders. ![]() Notable female-founded or female-led investments include Birdies, HoneyBook, Madison Reed, Minted, Modsy, Policygenius, Ritual, Science Exchange, Senreve, and Talkspace, among others. Norwest said it is also a strong investing partner for companies founded and run by women across many diverse industries and has invested in 28 female-founded companies to date. India exits: Appnomic, Capillary, CRMNext, ElasticRun, Manthan, Zenoti.Healthcare exits: Health Catalyst, Silk Road Medical.Enterprise exits: 6 River Systems, Adaptive Insights, Avetta, Cority, Glint, Mist Systems, TrustID, Velostrata.Consumer exits: PCA Skin, Spotify, the Learning Experience, Turnitin, Uber.The firm saw nearly 50 new investments, 23 initial public offerings, and portfolio company acquisitions across the firm’s investment sectors. Norwest’s exit success and investment pace reached new highs over the past 24 months. “One of the benefits of raising a larger fund - there may be a greater period of economic uncertainty around an election, and having a larger fund allows us to support our venture investments and to do larger deals on the growth and private equity side,” Kossow said. But the economy is still growing and there is more use of technology across all stages to get better productivity and outcomes, Haque said. “That’s mind-boggling.”Īs for the economy, anytime it gets a headwind, it’s time to be careful about valuations. spends 19% of our GDP on healthcare,” Haque said. Promod Haque, senior manager partner at Norwest, said in an interview that the “graying” of the population is a big trend driving the healthcare sector. The investments are represented by leading portfolio companies across the consumer, healthcare, and enterprise sectors in North America, India, and Israel. Both practices at Norwest invest out of a single, global fund and contribute significantly to the overall success of the firm. “We have spent a lot of time with data analytics and the intersection with software, and in our consumer practice, omni-channel consumer brands that start on a direct-to-consumer basis and then move into wholesale and retail as well.” Diversification strategyįor over a decade, Norwest has expanded its growth equity practice to augment and diversify its strong record of venture investments. “Our late-stage focus is similar,” said managing partner Jon Kossow in an interview with VentureBeat. Since the 14th fund closed, Norwest has made nearly 50 new investments across a range of stages and industries, as well as hired and promoted several investment partners. The launch of Norwest Venture Partners XV, which brings the firm’s total capital commitments to more than $9.5 billion, closes on the heels of a record two years, as 23 of the firm’s portfolio companies achieved notable liquidity events.
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