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Norwest closes $4B fund to back AI, healthcare and financial infra

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Norwest closes $4B fund to back AI, healthcare and financial infra

Norwest, an investment firm focused on venture capital and growth equity, has closed a $4 billion fund, Norwest 18, the largest in its 65-year history. It will back companies in technology, healthcare and consumer markets across the US, India and Israel, from early-stage ventures to established businesses.

Founded in 1961, Norwest says it has invested in more than 750 companies and currently works with over 275 portfolio businesses. Its Indian investments include OfBusiness and Swiggy, and it has a Mumbai office. The firm notes its multi-stage approach is intended to support companies as they move from early development to expansion.

Norwest 18 follows Norwest 17, launched in April 2024. Since then, the firm says it has made more than 87 investments and worked with over 30 portfolio companies to achieve liquidity events, when investors can realise value from a holding. These include stock market listings by Amagi Media Labs and Swiggy, and acquisitions of businesses including Qualified by Salesforce and Veza by ServiceNow.

The firm believes its role extends beyond providing capital, particularly as businesses face more complicated growth decisions. Senior Managing Partner Jeff Crowe said companies are staying private for longer, expanding across markets and navigating increasingly complex decisions involving technology, talent and growth. 

“Capital is only one part of what they need,” he said, emphasising the importance of long-term support, industry experience and networks.

Norwest expects AI to create opportunities across its established sectors and newer areas, including financial infrastructure, physical and voice AI, cybersecurity for AI agents, industrial technology, aerospace and healthcare.


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