About Norwest
Norwest is a venture capital firm founded in 1961. It is primarily based out of Menlo Park, United States. As of Apr 2026, Norwest is an active investor, having invested in 616 companies, with 24 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 B round of Courier Health Overall, Norwest portfolio has seen 29 unicorns, 39 IPOs and 251 acquisitions including key companies like Uber, Swiggy and Spotify. 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 112 people including 20 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 616 companies, including 29 unicorns. Their most notable investments are in Lavender and Xembly.Their portfolio spans across United States, India, Israel and 17 more locations. They have invested in Enterprise Applications, High Tech, Retail and 37 other sectors, across stages such as Series A, Series B and 8 more. Here is the list of top investments by Norwest:
1. Uber
Network providing on-demand transportation, delivery, and business management solutions. It facilitates ride requests and connects individuals with transportation providers. Additionally, it offers delivery services for food and other goods. The network extends to business solutions, providing tools for managing rides, meals, and local deliveries for organizations.
Key facts about Uber
- Founded Year: 2009
- Location: San Francisco (United States)
- Annual Revenue: $52B as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $13.2B
- Employee Count: 155,194 as on Apr 30, 2026
- Investors: Fidelity Investments, New Enterprise Associates and 191 Others
- Latest Funding Round: Post IPO, Dec 19, 2020, $*****
- Highlight: Public
2. Swiggy
Hyperlocal delivery and convenience platform for ordering food and groceries. It is a food delivery and quick-commerce platform, with services for food ordering, groceries, dining-out, and pickup and delivery. It uses nearby dark stores or neighborhood cloud stores to fulfill orders, rather than relying on a conventional warehouse or store-to-door grocery workflow. The platform allows users to discover restaurants and order meals. It also provides a service for ordering groceries online. The platform uses tech for order tracking, payments, and customer communication.
Key facts about Swiggy
- Founded Year: 2013
- Location: Bengaluru (India)
- Annual Revenue: ₹15,600Cr as on Mar 31, 2025
- Stage: Public
- Total Funding till date: $3.62B
- Employee Count: 5,263 as on Aug 31, 2025
- Investors: Fidelity Investments, Goldman Sachs and 87 Others
- Latest Funding Round: Post IPO, Dec 12, 2025, $*****
- Highlight: Public
3. Spotify
Provider of a platform for streaming digital music and podcasts. The platform allows users to listen to a wide variety of audio content. It is accessible via web browsers and dedicated applications.
Key facts about Spotify
- Founded Year: 2006
- Location: Stockholm (Sweden)
- Annual Revenue: €13.2B as on Dec 31, 2023
- Stage: Public
- Total Funding till date: $2.06B
- Employee Count: 18,512 as on Mar 31, 2026
- Investors: SeedFord Partners, Fidelity Investments and 125 Others
- Latest Funding Round: Post IPO, Feb 10, 2023, $*****
- Highlight: Public
4. 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: $293M as on Dec 31, 2012
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $223M
- Employee Count: 1,096 as on Apr 30, 2026
- Investors: Sprout Capital Partners, Norwest and 12 Others
- Latest Funding Round: Series D, Dec 21, 2007, $*****
- Highlight: Acquired
5. Opendoor
Provider of an app-based reseller of residential properties. The platform enables property sellers to information about the property, schedule video assessments, and receive offers based on comparative market analysis. Provides home inspection and mortgage solutions. Their app is available on Android and iOS devices.
Key facts about Opendoor
- Founded Year: 2014
- Location: Tempe (United States)
- Stage: Public
- Total Funding till date: $1.35B
- Employee Count: 1,404 as on Apr 30, 2026
- Investors: New Enterprise Associates, Lennar and 75 Others
- Latest Funding Round: Post IPO, Aug 18, 2021, $*****
- Highlight: Public
Norwest's Year-on-Year Investment Trends
Norwest has invested in 624 companies over the last 61 years, with an average of 27 new investments annually in the last 10 years. In 2025, it made 46 investments, while as of Apr 2026, it has made 13 investments in this year. Its most recent first time investment was in Endovascular Engineering and most recent follow-on round was in Courier Health.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 7 | 6 | 13 |
2025 | 29 | 17 | 46 |
2024 | 18 | 11 | 29 |
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 166 investments in Series A stage with an average round size of $17.3M, 117 investments in Series B stage with an average round size of $36.8M and 72 investments in Seed stage with an average round size of $4.97M.Stage of entry | No. of Investments |
|---|---|
Series A | 166 |
Series B | 117 |
Seed | 72 |
Series C | 69 |
Series D | 27 |
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, Retail and Vertical SaaS. Notably, it has invested in 463 Tech companies, 431 Enterprise (B2B) companies, 314 Software companies and at least 190 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 249 |
Consumer | 84 |
Enterprise Infrastructure | 80 |
Retail | 61 |
Vertical SaaS | 53 |
Others | 444 |
Note: We have considered here, only first round of investments
Norwest's Investments by Geography
Norwest has made most investments in United States (379), followed by India where it has made 61 investments.Country | No. of Investments |
|---|---|
United States | 379 |
India | 61 |
Israel | 27 |
Canada | 6 |
China | 4 |
Others | 15 |
Note: We have considered here, only first round of investments
Norwest's recent investments
Norwest has made 13 investments in 2026 so far. Courier Health and Ray 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 |
|---|---|---|---|---|---|
Apr 22, 2026 | United States | Series B | 7988 | [+1] | |
Apr 21, 2026 | United States | Series B | 1491 | ||
Apr 07, 2026 | United States | Series C | 9511 | [+5] | |
Mar 24, 2026 | Israel | Series B | 1885 | [+3] | |
Mar 18, 2026 | United States | Seed | 4272 | [+8] |
Unicorns in Norwest's Portfolio
Norwest has 29 unicorns in its portfolio - Rain, You Technologies, Veritas and others. The most recent unicorn in their portfolio is Rain. It became a unicorn in 2026.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 |
|---|---|---|---|---|---|---|---|
58 | Stablecoin-powered cards and payments infrastructure for a fluid financial system | 2021 | Brooklyn | Series C | omhdsjj | ||
75 | AI-enabled key-word based private search engine | 2020 | Palo Alto | Series C | x{ovsii | ||
68 | Provider of working capital loans for small businesses | 2015 | Chennai | Series G | alvdiac | ||
64 | Developer of infrastructure designed for accelerated compute and artificial intelligence | 2013 | Campbell | Series E | f{rvwyi | ||
66 | Provider of rebate management software for pricing and commercial strategies | 2016 | San Francisco | Series D | ekotarb |
IPOs and Publicly Listed companies in Norwest's Portfolio
39 of Norwest's portfolio companies have become public. Avalyn Pharma got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Apr 2026 at marketcap of $753M and Amagi got listed on the Bombay Stock Exchange (BSE), National Stock Exchange (NSE) at marketcap of $858M.Here are Norwest's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Apr 30, 2026 | Apr 27, 2020 | Series B | 4233 | |
Jan 21, 2026 | Mar 16, 2022 | Series E | 4308 | |
Nov 21, 2025 | Sep 25, 2012 | Series A | 2772 | |
Nov 06, 2025 | Jun 14, 2021 | Series B | 7707 | |
Jun 06, 2025 | Sep 16, 2015 | Series C | 8147 |
Acquired companies in Norwest's Portfolio
251 companies from Norwest's portfolio have been acquired. The most recent acquisition was Bluecore in May 2026 by Insider One for $*****.Here are Norwest's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
May 13, 2026 | Oct 04, 2017 | Series C | 4570 | |
May 06, 2026 | Jan 23, 2018 | Series B | 8809 | |
Apr 29, 2026 | Oct 24, 2011 | Series D | 1004 | |
Apr 28, 2026 | Oct 04, 2023 | Series C | 6700 | |
Apr 28, 2026 | Sep 16, 2025 | Seed | 3089 |
Team profile of Norwest
Norwest has a team of 112 members including 20 Partners, 2 Venture Partners and 31 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 | Burlingame | |||
Partner | Menlo Park | |||
Partner | San Francisco | - | ||
Partner | San Francisco | - | ||
Partner | Half Moon Bay | |||
Partner | San Francisco | |||
Partner | Israel | - | - | |
Partner | Mumbai | - | ||
Partner | San Francisco | - | ||
Partner | Palo Alto | - | ||
Partner | San Francisco | - |
Co-investors of Norwest
Over the past 61 years, 2882 investors have co-invested in Norwest's portfolio companies. This includes funds and angels.
- Invested before Norwest: Accel, Y Combinator and 988 others have invested in rounds before Norwest. There are 13 companies where Accel has invested before Norwest and 12 companies where Y Combinator has invested before Norwest.
- Top Co-investors of Norwest: 775 investors entered a company along with Norwest. These include investors like New Enterprise Associates (12 companies).
- Invested after Norwest: A total of 1117 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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EQT and Norwest Venture Partners Compete to Invest in Multispecialty Hospital FirmVCCircle•May 13, 2026•Norwest, EQT
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Coultreon Biopharma Secures $125M Series A to Advance Immunology PipelineBioSpace•Apr 28, 2026•Novo Holdings, Forbion, Sofinnova Investments, Finchley Healthcare Ventures and 16 others
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Courier Health Raises $50M to Solve Biopharma’s Data FragmentationHIT Consultant•Apr 22, 2026•Norwest, Courier Health, Work-Bench, Oak HC/FT
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Route 92 Medical Receives $50M in Growth FinancingFinSMEs•Apr 07, 2026•Norwest, Route 92 Medical, Sectoral, InnovaHealth Partners and 3 others
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Permira set for debut India deal, to snap up stake in Norwest-backed firmVCCircle•Apr 06, 2026•Permira, Norwest, SILA, Alpha Wave Global and 1 other
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Above Security Raises $50M to Solve Insider Risk in the Agentic EraEIN Presswire•Mar 23, 2026•Norwest, Ballistic Ventures, Merlin Ventures, and 4 others
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Raven.io Raises $20M in FundingFinSMEs•Mar 18, 2026•Raven, Norwest, Elron Ventures, CYBER FUTURE and 6 others
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ORO Labs Raises $100M in Series C FundingFinSMEs•Mar 12, 2026•Norwest, Brighton Park Capital, Oro Labs, B Capital and 3 others
