Multi-stage venture capital firm Norwest Venture Partners (NVP) has started a new $1.2 bn fund which will invest in early to late stage companies. The Norwest Venture Partners XII, LP brings the firms total capital and commitments to approximately $5 billion.
NVP said that more than 11 of the firm’s portfolio companies experienced liquidity events in 2013. The previous fund (NVP XI- $1.2 Bn) which began investing in 2010 made more than 40 investments. In total, the 50 year old firm has invested in nearly 550 companies. Currently, it has over 120 active companies across its venture and growth equity portfolio.
Promod Haque, senior managing partner at Norwest Venture Partners said
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.
NVP was an early-stage investor in cyber security company, FireEye which listed on the Nasdaq in 2013. The firm was also a lead investor in RetailMeNot, an online coupon business which IPO’d in July 2013. It’s portfolio company Virtela was acquired by NTT Communications for $525 million; fraud detection company 41st Parameter was sold to Experian for $324 million and storage management software company ScaleIO was acquired 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.
The stage agnostic fund with presence in US, Israel and India invests in companies across sectors including technology (cloud & IT infrastructure, Internet & consumer, SaaS), business services, financial services, consumer products/services, and healthcare.