Global venture capital and growth equity investment firm Norwest Venture Partners has closed its seventeenth fund, NVP 17, at $3 billion to back startups in India, the US and Israel.
Norwest expanded beyond the North American market in 2005 when it started investing in Israel and India. It currently manages more than $15.5 billion in capital.
Norwest has backed 43 startups in India so far. It has 23 active investments in its India portfolio including Swiggy, Xpressbees Logistics, Ummeed Housing, Quikr, Mintifi, Off Business, and Oxyzo.
With the new fund, Norwest will continue to employ a multi-stage, multi-sector approach to invest in enterprise, consumer and healthcare businesses.
In early and mid-stage companies, Norwest’s ticket size ranges from $10-30 million, while its growth equity investments are in the $20-100 million bracket.
“Our diversified investment strategy, long-term commitment, and collaborative approach allow us to adapt to a wide range of market conditions and support founders and CEOs at every stage of their journey,” said Jeff Crowe, senior managing partner at Norwest in a statement.
Despite the so-called funding winter, global funds including Peak XV, Accel, LightSpeed, and Matrix Partners have either raised new funds or are in talks to raise capital to tap tech investment opportunities in India.
