“Can I run something by you?”
We’ve heard versions of this question countless times over the years. Sometimes it comes during a board meeting, but more often, it’s an unexpected call from a founder or CEO weighing a pivotal decision and looking for another perspective.
Chances are, we’ve been thinking about the challenge too, or have run into it before with other companies. Maybe they’re wrestling with a difficult leadership change, considering whether to enter a new market, or wondering if an acquisition offer is the right next step for the company they’ve spent years building. Eventually, they might ask, “What would you do?”
Our answer is usually, “You know your company better than anyone else. But here’s what we’d be thinking about.”
We’ve spent decades working to earn the trust behind calls like these. Being there when our founders need us — and in the moments when they have good news to share — is one of the most rewarding parts of what we do and why we’re eager to do more of it.
Today, we’re announcing Norwest 18, a $4 billion fund and the largest in our firm’s history, bringing our total capital under management to $18 billion. The fund continues our global, multi-stage strategy, spanning venture and growth equity investments across three core sectors: technology, healthcare, and consumer. It is the fuel for entrepreneurs everywhere, from those who are just getting started to those who have bootstrapped their businesses for years and are ready to scale.
Having a diversified fund strategy means we can back companies at any point in their lifecycle. We became the first institutional investor in Vuori years before it became the $5.5B apparel brand it is today. We backed Rain when it was just a Notion doc with the big idea to make stablecoin-powered payments work for businesses. Our ability to meet founders where they are has shaped our work with more than 750 companies over six decades, and we’re proud to carry that forward with Norwest 18.
Sixty-five years of doing this teaches you to look past the hype, as cycles crest and fall. We’ve invested through the earliest days of enterprise software, the rise of the consumer internet, and the mobile and cloud revolutions, and now this generation’s shift to AI.
We see enormous opportunity in newer frontiers: financial infrastructure being rebuilt from the rails up, physical systems that are starting to think and act for themselves, AI transforming patient care and accelerating drug discovery, industrial and aerospace systems being reshaped by defense technology and autonomy, and cybersecurity built for a world where AI agents make their own decisions.
We’re already backing companies advancing these fields, from Stablecore and Generalist AI to ORION Security, Ennoble Care, Vitalize Care, Ouro Medicines, East Range Group, JJG Aero, YipitData, VAST Data, and so many more. Since announcing our last fund, Norwest 17 in April 2024, we’ve welcomed more than 85 new companies into our portfolio and supported over 30 liquidity events.
The story of Norwest is not and never has been a one-market story. Our conviction in the India and Israel markets has hit its 20-year mark. We’ve backed talented founders and teams in India across enterprise tech, consumer platforms and tech-enabled financial services. In Israel, we continue to see some of the most fundamental technical innovation anywhere, especially in data infrastructure and cybersecurity.
What ties it all together is how we show up once the capital is committed. Many of us at Norwest have been operators and know firsthand the peaks and valleys of building a company. That experience gives us empathy and patience for the journey entrepreneurs go on and shapes how we show up as partners. Through our Portfolio Success team, extensive advisor network, and community programs, we connect companies with the expertise and resources to navigate strategic decisions, accelerate growth, and create lasting value.
What this fund gives us is more room. Room to stay close to the founders we already back. Room to build the relationships we haven’t started yet. If you’re pursuing an ambitious idea or building a company ready for its next stage of growth, we’d love to hear you run something by us.
