Norwest Venture Partners Closes $1.2 Billion Fund
May 13 2014 - 6:00AM
Marketwired
Norwest Venture Partners Closes $1.2 Billion Fund
NVP XII Builds on Record Year of Success as NVP Continues to
Fuel Technology Innovation Across Sectors, Stages, and
Geographies
PALO ALTO, CA--(Marketwired - May 13, 2014) - Norwest Venture
Partners (NVP), a global, multi-stage venture and growth equity
investment firm, today announced the formation of its latest fund,
Norwest Venture Partners XII, LP. The $1.2B fund targets early to
late stage venture and growth equity investments across a wide
range of sectors. The new fund, which brings NVP's total capital
and commitments to approximately $5 billion, closes on the heels of
a record year for NVP as more than 11 of the firm's portfolio
companies experienced liquidity events in 2013.
NVP XII follows the firm's NVP XI, a $1.2 billion fund which the
partnership began investing in 2010. Over the course of NVP XI, the
firm celebrated its 50th anniversary, strengthened its leadership
team with key managing partner appointments, announced its
healthcare practice, added more than 40 investment, services and
operations professionals to its staff and promoted 11 investment
and portfolio services executives to partners/general partners. NVP
has invested in nearly 550 companies since inception, and currently
has over 120 active companies across its venture and growth equity
portfolio.
"A key strategy for success at NVP is investment
diversification. We invest across multiple sectors, stages and
geographies, all with a team approach that enables our portfolio
companies to tap into the breadth and depth of our expertise," said
Promod Haque, senior managing partner at Norwest Venture Partners.
"The closing of NVP XII will enable us to expand our focus in the
enterprise IT, consumer Internet, healthcare, consumer products and
services sectors and grow our presence in thriving entrepreneurial
hubs. We look forward to working closely with passionate and
talented entrepreneurs to build the next wave of successful
companies."
NVP's 2013 exit success across its portfolio included
significant initial public offerings and merger and acquisition
activity. Of note, NVP was an early-stage investor in cyber
security leader, FireEye (NASDAQ: FEYE), which celebrated one of
the most successful initial public offerings in 2013. NVP was also
a lead investor in the world's largest digital coupon destination,
RetailMeNot (NASDAQ: SALE), which celebrated a successful initial
public offering in July 2013. Other liquidity events last year
included the acquisition of leading global managed and cloud-based
network services company Virtela by NTT Communications for $525
million, the sale of fraud detection leader 41st Parameter to
Experian for $324 million and the acquisition of storage management
software company ScaleIO by EMC. The firm also witnessed the sale
of low-power wireless semiconductor company Passif to Apple, the
acquisition of cybersecurity company Morta Security by Palo Alto
Networks, and the partial sale of NVP shares of India financial
services company Shriram City Union Finance Ltd (NSE: SCUF).
NVP's liquidity momentum has continued in 2014 with the
acquisition of music intelligence platform company The Echo Nest by
Spotify, the initial public offering of leading technology provider
to the global travel and tourism industry Sabre Corporation
(NASDAQ: SABR), the sale of wearable device technologies company
Basis to Intel, and the acquisition of personalized entertainment
discovery solutions company Veveo by Rovi.
Active companies in NVP's portfolio span a wide variety of
sectors and stages including such innovators as Adaptive Insights,
Apigee, BlueJeans Network, CareCloud, Clarus Marketing Group, Gilt
Groupe, Health Catalyst, Intersect ENT, Lending Club, Lumosity,
MobileIron, Skybox Imaging, Spotify, Turn and Yatra.
In addition to growing its investment staff across various
stages and sectors, NVP has expanded its internal portfolio
services resources to further support its companies in the areas of
marketing, business development, recruiting, human resources,
domestic and international tax counsel and more.
"Because we invest out of one global fund, NVP partners are
committed to each investment in the portfolio, regardless of the
location or stage, and they all have a vested interest in making
every NVP company successful," said Jeff Crowe, managing partner,
NVP. "Furthermore, our ongoing commitment to serving as a value
added business partner to our entrepreneurs has always been an
important part of NVP's culture. Continuing to invest in our
portfolio services team is a significant part of our strategy, and
we'll continue to grow our staff in marketing, recruiting, HR,
finance and other key areas to help our portfolio companies grow
and thrive."
"We are experiencing another significant technology shift in the
industry and it's an exciting time to be an investor," said Matthew
Howard, managing partner, NVP. "The growing significance of such
technologies as cloud, mobility, marketplaces and healthcare IT
continue to create new venture and growth equity opportunities in
an extremely promising investment climate. We are more excited than
ever to continue partnering with leading entrepreneurs to build
great businesses, and it's our philosophy to add value and fuel the
growth of these companies in every way possible."
NVP Snapshot
- Sectors: NVP invests in companies across a wide range of
sectors including: technology (cloud & IT infrastructure,
Internet & consumer, SaaS), business services, financial
services, consumer products/services, and healthcare.
- Stages: NVP works with companies of all sizes and at all stages
of investment from seed and Series A to late stage venture and
growth equity.
- Geographies: NVP is a global venture and growth equity firm
headquartered in Palo Alto, California, with subsidiaries in Mumbai
and Bengaluru, India, and Herzelia, Israel.
About Norwest Venture Partners Norwest Venture Partners (NVP) is
a global, multi-stage venture and growth equity investment firm
that has partnered with entrepreneurs to build great businesses for
more than 50 years. The firm manages approximately $5 billion in
capital and has funded more than 550 companies since inception.
Headquartered in Palo Alto, Calif., NVP has subsidiaries in Mumbai
and Bengaluru, India, and Herzelia, Israel. NVP makes early to
late-stage venture and growth equity investments across a wide
range of sectors including: technology, information services,
business services, financial services, consumer products/services
and healthcare. For more information visit: www.nvp.com. Follow NVP
on Twitter @NorwestVP.
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