About Norwest
Norwest is a venture capital firm founded in 1961. It is primarily based out of Menlo Park, United States. As of Oct 2026, Norwest is an active investor, having invested in 723 companies, with 25 new investments in the last 12 months. It primarily invests in Series B round in United States based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Retail. Most recently it participated in the $***** Series A round of Circuit Mind Overall, Norwest portfolio has seen 31 unicorns, 78 IPOs and 282 acquisitions including key companies like DocuSign, Swiggy and Salesforce. A lot of funds co-invest with Norwest, with names like New Enterprise Associates sharing a substantial percentage of its portfolio. Norwest has team of 90 people including 25 partners.Key Metrics
Team Members
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Series B & 8 more
Portfolio IPOs
Portfolio Unicorns
Deals in last 12 months
Norwest's List of Top Investments
Norwest has a portfolio of 723 companies, including 31 unicorns. Their most notable investments are in Beltic and iProf.Their portfolio spans across United States, India, Israel and 18 more locations. They have invested in Enterprise Applications, High Tech, Retail and 38 other sectors, across stages such as Series A, Series B and 8 more. Here is the list of top investments by Norwest:
1. DocuSign
Provider of electronic signature and intelligent agreement management platform solutions. The platform offers tools for contract lifecycle management, agreement preparation, and agreement workflow automation. It provides features such as electronic notarization, web forms, and multi-channel delivery options. The platform extends its capabilities through integrations, APIs, and a mobile application.
Key facts about DocuSign
- Founded Year: 2003
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $520M
- Employee Count: 8,545 as on Sep 30, 2026
- Investors: HTIF, Glynn Capital and 92 Others
- Latest Funding Round: Post IPO, Jul 20, 2020, $*****
- Highlight: Public
2. Swiggy
Online platform that enables users to order food, groceries, and dining‑out options. It coordinates pickup and delivery services for a wide range of restaurants and retail partners.
Key facts about Swiggy
- Founded Year: 2013
- Location: Bengaluru (India)
- Annual Revenue: ₹1,000+ Cr as on Mar 31, 2026
- Stage: Public
- Total Funding till date: $3.42B
- Employee Count: 4,488 as on Mar 31, 2025
- Investors: Harmony Partners, HDFC Mutual Fund and 88 Others
- Latest Funding Round: Post IPO, Dec 12, 2025, $*****
- Highlight: Public
3. Salesforce
Provider of a platform delivering customer relationship management and cloud solutions. The platform offers applications and tools for sales, service, marketing, commerce, and information technology. It enables businesses to automate tasks, analyze data, and personalize customer interactions. The platform’s features include artificial intelligence, data integration, and application development capabilities.
Key facts about Salesforce
- Founded Year: 1999
- Location: San Francisco (United States)
- Stage: Public
- Total Funding till date: $52M
- Employee Count: 76,453 as on Jan 31, 2025
- Investors: Meritech, Glynn Capital and 41 Others
- Latest Funding Round: Post IPO, May 23, 2023, $*****
- Highlight: Public
4. Workday
Developer of cloud software for human resources finance and operations. The software provides tools for managing workforce planning, payroll, financial accounting, and contract lifecycle management. The platform integrates data across business functions to assist with organizational management and administrative tasks. It includes artificial intelligence capabilities designed to automate workflows and support decision-making processes for enterprise management.
Key facts about Workday
- Founded Year: 2005
- Location: Pleasanton (United States)
- Annual Revenue: $1B+ as on Jan 31, 2026
- Stage: Public
- Total Funding till date: $352M
- Employee Count: 21,000 as on Jan 31, 2026
- Investors: T. Rowe Price, Janus Henderson Investors and 13 Others
- Latest Funding Round: Post IPO, May 15, 2013, $*****
- Highlight: Public
5. Kayak
Kayak is an online metasearch platform for travel services. It scans numerous travel websites for information on flights, hotels, car hires and holiday deals, in order to facilitate travel service comparison, selection and bookings for travellers. It operates across multiple locations like Sao Paulo, Miami, Taipei and Copenhagen.
Key facts about Kayak
- Founded Year: 2004
- Location: Norwalk (United States)
- Annual Revenue: $100M - $500M as on Dec 31, 2012
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $223M
- Employee Count: 1,121 as on Sep 30, 2026
- Investors: Sprout Capital Partners, Tenaya Capital and 12 Others
- Latest Funding Round: Series D, Dec 21, 2007, $*****
- Highlight: Acquired
Norwest's Year-on-Year Investment Trends
Norwest has invested in 731 companies over the last 61 years, with an average of 27 new investments annually in the last 10 years. In 2025, it made 47 investments, while as of Oct 2026, it has made 31 investments in this year. Its most recent first time investment was in Circuit Mind and most recent follow-on round was in Homeward.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 22 | 9 | 31 |
2025 | 29 | 18 | 47 |
2024 | 18 | 10 | 28 |
2023 | 16 | 14 | 30 |
2022 | 38 | 27 | 65 |
2021 | 42 | 37 | 79 |
2020 | 18 | 24 | 42 |
2019 | 35 | 27 | 62 |
2018 | 16 | 16 | 32 |
2017 | 29 | 19 | 48 |
Norwest's Investments by Stage
Norwest has made 174 investments in Series A stage with an average round size of $17.7M, 118 investments in Series B stage with an average round size of $40.7M and 74 investments in Seed stage with an average round size of $5.01M.Stage of entry | No. of Investments |
|---|---|
Series A | 174 |
Series B | 118 |
Seed | 74 |
Series C | 71 |
Series D | 29 |
Others | 34 |
Note: We have considered here, only first round of investments
Norwest's Investments by Sector
Norwest has a diverse portfolio, with companies operating in the Enterprise Applications, Consumer, Enterprise Infrastructure, High Tech and Retail. Notably, it has invested in 542 Tech companies, 513 Enterprise (B2B) companies, 371 Software companies and at least 227 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 259 |
Consumer | 83 |
Enterprise Infrastructure | 82 |
High Tech | 62 |
Retail | 58 |
Others | 457 |
Note: We have considered here, only first round of investments
Norwest's Investments by Geography
Norwest has made most investments in United States (389), followed by India where it has made 63 investments.Country | No. of Investments |
|---|---|
United States | 389 |
India | 63 |
Israel | 28 |
Canada | 6 |
China | 4 |
Others | 15 |
Note: We have considered here, only first round of investments
Norwest's recent investments
Norwest has made 31 investments in 2026 so far. Circuit Mind and Matchpoint Therapeutics are the latest among them.Here are the most recent investments by Norwest:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Oct 28, 2026 | United Kingdom | Series A | 8095 | [+3] | |
Oct 07, 2026 | United States | Series B | 8506 | [+8] | |
Oct 06, 2026 | United States | Series A | 3319 | [+4] | |
Oct 01, 2026 | United States | Series D | 9309 | [+9] | |
Sep 30, 2026 | United States | Seed | 1092 | [+2] |
Unicorns in Norwest's Portfolio
Norwest has 31 unicorns in its portfolio - Obsidian Security, Generalist AI, Omni and others. The most recent unicorn in their portfolio is Obsidian Security. It became a unicorn in 2026, 4 years after Norwest first invested in it.Here is a list of unicorns in Norwest's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
66 | Provider of SaaS security solutions for managing risks and threat detection | 2017 | Newport Beach | Series D | xvzsikc | ||
63 | Developer of robots and related data, models, and hardware solutions | 2024 | San Mateo | Series B | vjxiqdj | ||
66 | Business intelligence platform for businesses | 2022 | San Francisco | Series C | yifcyto | ||
66 | Stablecoin-powered cards and payments infrastructure for a fluid financial system | 2021 | Brooklyn | Series C | axvlxxs | ||
70 | AI-enabled key-word based private search engine | 2020 | Palo Alto | Series C | yqmwdnd |
IPOs and Publicly Listed companies in Norwest's Portfolio
78 of Norwest's portfolio companies have become public. NSE got listed on the Bombay Stock Exchange (BSE), in Sep 2026 at marketcap of $46.1B and Avalyn Pharma got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ) at marketcap of $753M.Here are Norwest's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Sep 24, 2026 | - | - | 3755 | |
Apr 30, 2026 | Apr 27, 2020 | Series B | 2152 | |
Jan 21, 2026 | Mar 16, 2022 | Series E | 8006 | |
Nov 21, 2025 | Sep 25, 2012 | Series A | 7142 | |
Nov 06, 2025 | Jun 14, 2021 | Series B | 4086 |
Acquired companies in Norwest's Portfolio
282 companies from Norwest's portfolio have been acquired. The most recent acquisition was Classiq in Oct 2026 by Intel for $*****.Here are Norwest's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Oct 26, 2026 | May 12, 2025 | Series C | 6409 | |
Oct 05, 2026 | - | - | 8763 | |
Oct 02, 2026 | - | - | 4235 | |
Aug 20, 2026 | May 14, 2021 | Seed | 4901 | |
Jun 30, 2026 | Feb 11, 2025 | Seed | 9052 |
Team profile of Norwest
Norwest has a team of 90 members including 25 Partners, 1 Venture Partner and 38 Principals located in United States, India and 1 more location. Norwest's team sits on the board of 8 companies.Here is a list of top team members in Norwest:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | San Francisco | - | - | |
Partner | Menlo Park | - | ||
Partner | Burlingame | |||
Partner | Menlo Park | |||
Partner | San Francisco | |||
Partner | San Francisco | - | ||
Partner | Menlo Park | - | ||
Partner | Menlo Park | |||
Partner | San Francisco | |||
Partner | Israel | - | ||
Partner | San Francisco | - | - |
Co-investors of Norwest
Over the past 61 years, 3101 investors have co-invested in Norwest's portfolio companies. This includes funds and angels.
- Invested before Norwest: Y Combinator, Accel and 1107 others have invested in rounds before Norwest. There are 14 companies where Y Combinator has invested before Norwest and 13 companies where Accel has invested before Norwest.
- Top Co-investors of Norwest: 820 investors entered a company along with Norwest. These include investors like New Enterprise Associates (12 companies).
- Invested after Norwest: A total of 1172 investors have invested in Norwest's portfolio after their investments. Top Investors include SoftBank Vision Fund (11 companies), Tiger Global Management (10 companies) and Goldman Sachs (9 companies).
Recent News related to Norwest
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Circuit Mind secures funds to expand AI design platformNew Electronics•Oct 28, 2026•Circuit Mind, Norwest
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Vegafin Secures Rs 1,000 Crore Investment Amid Expansion Plans and AcquisitionFree Press Journal•Oct 21, 2026•Premji Invest, Lok Capital, Norwest
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Rezolv Secures $12.5 Million Series A Funding to Expand AI Lending PlatformThe Fintech Times•Oct 09, 2026•Norwest
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Matchpoint Therapeutics Secures $150M Series B FundingMassinvestor•Oct 08, 2026•Nextech Invest, Invus, T1D Fund, BB Biotech and 5 others
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Citi Unveils Citi Commerce Media to Deliver More Personalized Experiences for Customers and BrandsBusiness Wire•Sep 23, 2026•Citi, Saluda Grade, Norwest, Homeward
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Norwest leads $12.5 Mn Series A round in AI lending-tech platform RezolvEntrackr•Aug 18, 2026•Norwest, 3one4 Capital, Vertex Ventures, Rezolv and 1 other
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Obsidian Security Raises $85M Series D at $1.1B Valuation to Enhance AI Agent SecurityThe SaaS News•Aug 05, 2026•Obsidian Security, Greylock Partners, Norwest, IVP and 4 others
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Israeli startup Zenity secures $125M in Series C funding for AI agent securitySiliconAngle•Aug 04, 2026•Zenity, Norwest, SoftBank Vision Fund, Qumra Capital and 6 others
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Veriqus, founded by ex-Julius Baer India CEO, raises funding in Norwest-led roundVCCircle•Jul 20, 2026•Norwest, VERIQUS
