- Norwest has closed Norwest 18, a $4B fund and its largest in 65 years.
- The fund lifts the firm’s capital under management to $18B.
- It will back venture and growth deals in the US, India and Israel.
As artificial intelligence reshapes industries and companies stay private for longer, venture capital firms are raising larger funds to support businesses throughout their growth journeys. Norwest, the global multi-stage investment firm, has closed its largest fund to date, securing $4 billion for Norwest 18.
The new fund brings the firm’s total capital under management to $18 billion. It will support early- and late-stage venture and growth equity investments across technology, healthcare and consumer sectors in the US, India and Israel. That is $1 billion more than Norwest 17, which closed at $3 billion in April 2024 with $15.5 billion under management.
Norwest’s portfolio includes companies such as Babylist, Gong, Monogram Health, OfBusiness, VAST Data, Vuori and YipitData.
A 65-year investment track record
Founded in 1961, Norwest has invested in more than 750 companies and currently partners with over 275 businesses across its venture and growth equity portfolios.
The firm is led by senior managing partner Jeff Crowe and managing partner Jon Kossow, who oversee its multi-stage investment strategy. Since Norwest 17 launched, the firm has made more than 87 investments and worked with over 30 portfolio companies to reach liquidity events.
Those include IPOs from media technology company Amagi, which listed on India’s National Stock Exchange, plus BillionToOne, MBX Biosciences, Omada Health and Swiggy. Notable acquisitions include Qualified by Salesforce, Veza by ServiceNow, Ouro Medicines by Gilead Sciences, tvScientific by Pinterest, Avetta by EQT and AbsenceSoft by Luminate Capital Partners.
“Building and scaling a company has never been a linear journey, and today that journey is becoming more complex. Companies are staying private longer, scaling across markets, and navigating critical decisions around technology, talent, and growth. Capital is only one part of what they need. Our role is to be a long-term partner and bring the experience, networks, and resources that can help leadership teams make those decisions with confidence,” said Crowe.
Expanding into AI and emerging technology sectors
Norwest sees opportunities across its core sectors as AI creates new categories and changes established industries. Its focus is expanding into financial infrastructure, physical and voice AI, agentic cybersecurity, aerospace, industrial technology and healthcare AI.
Recent investments reflect this strategy.
In financial infrastructure, Beltic, Rain and Stablecore are developing payment systems, digital currency infrastructure and new commerce capabilities.
In AI, Coval, which raised a $28 million Series A led by Norwest in June 2026, tests and evaluates voice AI agents. Generalist AI and LlamaIndex are working on systems that can reason, interact with data and perform tasks.
Cybersecurity is another priority. Red Access, which raised a $17 million Series A led by Norwest in September 2025, develops secure browsing technology for enterprises. Above Security, ORION Security and Zenity are addressing emerging risks associated with AI-driven workflows.
The firm is also backing specialised manufacturing and aerospace businesses, including East Range Group, Padmini VNA, JJG Aerospace and Raghu Vamsi Aerospace Group.
In healthcare, its investments include Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health and Vitalize Care, spanning drug discovery, clinical automation and care delivery.
Portfolio support beyond capital
Norwest is also expanding its support as portfolio companies face the challenges of scaling AI-powered businesses. It has doubled its Senior Advisor Network, added Operating Executives and launched the Norwest Operator Collective and Norwest Kinetic. These programmes are meant to provide practical support across technology, go-to-market strategy and organisational development.
“Markets and technology change, but what has remained consistent at Norwest is our ability to identify strong businesses, invest patiently, and stay closely aligned with the founders, CEOs, and leadership teams we partner with. Our multi-stage strategy allows us to meet companies where they are and continue supporting them as they grow. Norwest 18 gives us even greater flexibility to do that across sectors, stages, and geographies,” added Kossow.
Norwest has offices in Menlo Park and San Francisco in California, Mumbai and Tel Aviv.
Competing for larger venture opportunities
Norwest’s $4 billion fund arrives amid a wave of large fundraising by established venture capital firms seeking to keep exposure to fast-growing technology companies.
Bessemer Venture Partners raised $5.75 billion in September 2026, split between a $1.75 billion early-stage fund and a $4 billion growth fund. Accel secured $3.5 billion across four funds covering the US, Europe, Israel and India, alongside a separate $5 billion late-stage fund. Battery Ventures closed a $3.25 billion fund in February 2026.
The fundraising reflects competition among established investors to secure access to promising AI, healthcare and enterprise technology companies while keeping capital for follow-on investments.
Crunchbase reported that global venture funding reached a record $510 billion in the first half of 2026, more than the $440 billion invested in all of 2025, with AI companies taking a substantial share. Larger funds let investors keep backing companies across financing stages rather than step aside when they outgrow early-stage capital.
For Norwest, the $4 billion fund strengthens its ability to back businesses from early development through expansion, with a presence across the US, India and Israel. Can it turn that scale into strong returns as competition for high-growth companies intensifies?
