Norwest Venture Partners (NVP), the US-based venture capital firm that manages funds on behalf of financial services firm Wells Fargo, closed its 13th fund at $1.2bn yesterday.
Originally founded in 1961, NVP invests primarily in the US, with some deals in India and Israel, and from seed to late stage. The size of the fund is the same as the last two raised by the firm, in 2010 and 2014.
The fundraising comes on the heels of a busy 18 months in which NVP secured 22 exits, with seven portfolio companies – including interface technology company Apigee and solar inverter producer SolarEdge – going public and 15 – including satellite imaging company Skybox Imaging and wearable device maker Misfit – being acquired.
Companies currently in NVP’s portfolio include music streaming platform Spotify, ride hailing service Uber, health data platform Health Catalyst and enterprise software provider Bracket Computing.
The firm said in a statement: “Looking forward, this latest fund will enable us to continue pursuing the next generation of early to late stage venture and growth equity investments across a wide range of sectors and geographies.
“Norwest has a long track record of working with the most innovative companies in the key sectors that are important to us: technology (cloud and IT infrastructure, internet and consumer, software-as-a-service), business services, financial services, consumer, and healthcare.
“Our new fund helps us carry on this tradition and enables us to reach even more entrepreneurs and help them on their paths to building and growing great companies that last.”