Norwest has raised a $4 billion fund, Norwest 18, the largest in the firm's 65-year history, and it plans to put much of that money behind AI startups across technology, healthcare and consumer markets. Norwest announced the fund on Thursday.
The new fund brings Norwest's total capital under management to $18 billion. That is up from $15.5 billion after the firm closed Norwest 17 in April 2024.
Norwest 18 is a step up in size from its two predecessors. Norwest 17 was a $3 billion fund, and the one before it, NVP 16, was also $3 billion. Since closing Norwest 17, the firm says it has backed more than 85 new companies and recorded more than 30 liquidity events.
Key facts
- 01Norwest raised Norwest 18, a $4 billion fund and the largest in the firm's history.
- 02Capital under management rises to $18 billion, up from $15.5 billion after Norwest 17 closed in April 2024.
- 03Norwest 17 and the fund before it, NVP 16, were each $3 billion.
- 04Since Norwest 17, the firm has backed more than 85 new companies and recorded more than 30 liquidity events.
- 05Named AI focus areas include physical AI, voice AI, agentic cybersecurity, aerospace, patient care and drug discovery.
AI runs through the strategy for the new fund. Norwest named physical AI, voice AI, agentic cybersecurity and aerospace as areas where it plans to expand. In its announcement, the firm also pointed to AI in financial infrastructure, patient care, drug discovery, and industrial systems, along with security for AI agents.
“We're taking a broad approach to AI because its impact is broad”— Jeff Crowe, Senior managing partner at Norwest
Jeff Crowe, Norwest's senior managing partner, tied the approach to the rise of AI agents. He said adapting to an agentic environment means applying AI across products and services that solve problems.
Norwest is a multi-stage firm backed solely by Wells Fargo. It makes both venture and growth equity investments, with active programs in the United States, India and Israel, and says it has invested in more than 750 companies over six decades. Its portfolio includes Plaid, Spotify and Uber.
Recent Norwest investments reflect the AI tilt. The firm listed Generalist AI, ORION Security, YipitData and VAST Data among its technology bets, and it has also backed Coval. Fintech companies Rain and Stablecore and industrial and aerospace companies East Range Group and JJG Aero are in the portfolio as well.
On the healthcare and consumer side, Norwest named Ennoble Care, Vitalize Care and Ouro Medicines, along with apparel brand Vuori. The Norwest 18 announcement was bylined by Crowe and managing partner Jon Kossow, and the firm said the fund keeps its multi-stage model across technology, healthcare and consumer.
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