Silicon Valley’s Norwest raises hopes with new $1.2b fund

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Silicon Valley VC firm Norwest Venture Partners today announced a new fund of US$1.2 billion, raising its total capital to US$6 billion.

Norwest is an active investor in India, with offices in Bangalore and Mumbai. Indian startups in its portfolio include leading lights like Yatra, Capillary, Quikr, Manthan, and Thyrocare. Its latest investment was just a few days ago when it contributed to the US$35 million series C round of food delivery app Swiggy.

There has been talk in India that 2016 will see a tightening of fund flows after the boom years of 2014 and 2015. The huge fund raise by Norwest will therefore come as a relief to many.

The firm has had a good run with exits in the past 18 months, with 7 IPOs and 15 acquisitions among its portfolio companies.

“Our exit success over the past 18 months, and our continued track record for partnering with passionate and innovative founders to help them build and grow meaningful businesses, enabled us to raise our third consecutive US$1.2 billion fund,” said Jeff Crowe, managing partner at Norwest Venture Partners, in a statement. “Our portfolio company leaders have created more than US$8 billion in market value over the last 18 months alone. We look forward to partnering with the next set of talented entrepreneurs to help them bring new technologies, products and services to life, as we are in the midst of an extraordinary time in innovation across sectors.”

The last fund raised by Norwest was in May 2014. India and Israel are its focal points outside the US, accounting for at least one-fifth of its investments.

See: 7 most active investors in India in 2015