Norwest Venture Partners announced it has launched a new fund that is the largest the VC has ever launched.
NVP XV, has $2 billion in the bank and bring’s the firm’s total Capital commitments to more than $9.5 billion. Norwest plans to use the new fund to support disruptive and market leading companies comprising consumer, enterprise tech and healthcare sectors, from seed to late-stage status.
“Today we’re not only celebrating the announcement of NVP XV, but we’re also celebrating nearly six decades of backing sharp, visionary founders who’ve built extraordinary teams and businesses that scale in rapidly evolving markets,” said the company’s blog. “Since the firm’s inception, we’ve funded more than 600 companies that have transformed and defined many industries.”
The launch of NVP XV follows the successful NVP XIV, a $1.5 billion fund that spawned nearly 50 new investments and 23 publicly traded companies, including Spotify, The Learning Experience and Uber, since it was launched in February 2018.