Global investment firm Norwest has closed its latest fund, Norwest 18, at $4 billion, marking the largest fundraise in its 65-year history. The new fund takes the firm's total assets under management (AUM) to $18 billion and will support venture capital and growth equity investments across technology, healthcare and consumer sectors in the US, India and Israel.
Key Highlights
- Investment firm Norwest closes its largest-ever fund, Norwest 18, at $4 billion, taking its total assets under management to $18 billion.
- The firm has made over 87 investments since April 2024 and is expanding its focus across AI, cybersecurity, healthcare and industrial technology.
The fund will back businesses at different stages of growth, with Norwest continuing to expand its investment activity across established sectors and emerging technology categories. Its portfolio includes companies such as Babylist, Gong, Monogram Health, OfBusiness, VAST Data, Vuori and YipitData.
Norwest Records 87 Investments Since Previous Fund
Since launching its previous fund, Norwest 17, in April 2024, the firm has made more than 87 investments. During the same period, it supported over 30 portfolio companies in achieving liquidity events through public listings and strategic acquisitions.
Companies from its portfolio that went public include India's Amagi Media Labs and Swiggy, along with BillionToOne, MBX Biosciences and Omada Health.
Norwest has also seen several portfolio companies acquired by strategic and financial buyers. These include Avetta, acquired by EQT; AbsenceSoft, acquired by Luminate Capital Partners; Ouro Medicines, acquired by Gilead Sciences; Qualified, acquired by Salesforce; tvScientific, acquired by Pinterest; and Veza, acquired by ServiceNow.
Norwest Expands Investments Across AI and Emerging Technology
Norwest is broadening its investment focus to include next-generation financial infrastructure, physical and voice artificial intelligence (AI), agentic cybersecurity, technology-enabled industrial and aerospace businesses, and healthcare AI.
In financial infrastructure, its recent investments include Beltic, Rain and Stablecore. In AI systems and agentic technologies, the firm has backed Coval, Generalist AI and LlamaIndex.
Its cybersecurity portfolio includes Above Security, ORION Security, Red Access and Zenity. Norwest has also invested in industrial and aerospace businesses such as East Range Group, Padmini VNA, JJG Aerospace and Raghu Vamsi Aerospace Group.
Healthcare AI and Technology Remain Key Investment Areas
Norwest's healthcare investments include Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health and Vitalize Care. These companies are applying technology and AI across areas such as drug discovery, clinical workflows and healthcare delivery.
The firm's investment approach extends beyond capital deployment. It also provides portfolio companies with strategic advisory and operational support to help them navigate business expansion and growth.
Also Read: Startup Funding Report: 28 Firms Raise $258.1 Mn in the Latest Week
Norwest Strengthens Portfolio Support Platform
Norwest has expanded its Portfolio Success platform by doubling its Senior Advisor Network, adding Operating Executives and launching the Norwest Operator Collective and Norwest Kinetic.
Founded in 1961, Norwest has invested in more than 750 companies and currently partners with over 275 businesses across its venture and growth equity portfolio.
The firm operates from offices in Menlo Park and San Francisco in California, Mumbai in India, and Tel Aviv in Israel. With the closure of its $4 billion Norwest 18 fund, it is continuing to build its investment presence across multiple geographies and sectors.
