VC firm Norwest Venture Partners (NVP) has announced its latest fund Norwest Venture Partners XIII at $1.2 billion. The fund will look to invest in early to late stage venture and growth equity investments across sectors and geographies. Norwest now has capital and commitments worth $6 billion. The company said that it closed the fund in a year and a half, since 22 of Norwest’s portfolio companies experienced liquidity in the last 1.5 years.
The new fund follows NVP’s previous XII fund which had $1.2 billion. NVP has also expanded (pdf) its portfolio services to support its network of companies in talent acquisition, HR advisory, business development, marketing, operations etc. The VC firm states that it has invested in more than 575 companies since its birth and has over 130 active companies in its venture and growth equity portfolio.
In the last year, along with 7 IPOs across the world, the company also saw 15 acquisitions, some of which are: Skybox Imaging by Google for $500 million, Misfit by Fossil Group for $260 million, video processing company Elemental to Amazon for $296 million etc.
In the last year in India, NVP has invested in:
– In February last year, data analytics firm Manthan System raised $62 million in round of funding led by Temasek and Norwest Venture Partners. It had previously raised additional funding from Norwest and Fidelity Growth Partners in August 2014.
– In April, online classified website Sulekha raised Series C funding worth ~$28 million (Rs 175 crore) from Singapore’s GIC and VC Norwest Venture Partners.
– In June, Online food ordering and delivery startup Swiggy raised Series B funding worth $16.5 million led by NVP and others. Earlier this month, Swiggy raised Series C funding worth $35 million from new and investors including SAIF Partners and Norwest Venture Partners.
– In July, PepperFry, the online furniture marketplace, raised $100 million in funding led by Goldman Sachs, and participation from Norwest Venture Partners and other investors.
Some of the other funds in India:
– Yesterday, we reported that Storm Ventures had launched a new fund for software-as-a-service (SaaS) startups in India, with an allocation of at least $10 million for the fund.
– Earlier this month, Unicorn India Ventures finished a first close of Rs 40 crore on its Rs 100 crore fund, which plans to invest in verticals like mobile, social media, analytics, cloud tech and Internet of Things (IoT).
– Last month, Mumbai-based seed fund investor Blume Ventures raised $30 million for its Fund II. The firm is targeting to raise an overall fund of $60 million by March.
– In the same month, industrialist Sudhir Menon and digital marketer Atul Hegde set up a new $50 million early stage start-up fund called Rainmaker Ventures
– The same month, China’s APUS Group launched a fund in India worth Rs 300 crore to invest in startups.
– Tiger Global Management raised $2.5 billion for a new global fund. Read more here.