MENLO PARK, Calif.: Norwest 18, a $4 billion global, multi-stage investment fund, has been closed by global investment firm Norwest, marking the largest fundraise in its 65-year history. With the launch of Norwest 18, the firm’s total capital under management has increased to $18 billion.
The new fund will support venture capital and growth equity investments across the technology, healthcare and consumer sectors in the United States, India and Israel.
Norwest plans to build on its track record of backing category-leading businesses, including Babylist, Gong, Monogram Health, OfBusiness, VAST Data, Vuori and YipitData.
The closure of Norwest 18 comes as the investment firm continues to expand its presence across multiple sectors and stages of business growth.
Since launching its predecessor fund, Norwest 17, in April 2024, the firm has made more than 87 investments and supported over 30 portfolio companies in achieving liquidity events.
These liquidity events include several initial public offerings (IPOs), such as Amagi Media Labs (NSE: AMAGI), BillionToOne (NASDAQ: BLLN), MBX Biosciences (NASDAQ: MBX), Omada Health (NASDAQ: OMDA) and Swiggy (NSE: SWIGGY), among others.
Norwest has also seen several strategic acquisitions involving its portfolio companies. These include Avetta’s acquisition by EQT, AbsenceSoft by Luminate Capital Partners, Ouro Medicines by Gilead Sciences, Qualified by Salesforce, tvScientific by Pinterest and Veza by ServiceNow.
Norwest 18 to Back Investments Across Technology, Healthcare and Consumer Sectors
Commenting on the fund’s closure and the evolving investment landscape, Jeff Crowe, Senior Managing Partner at Norwest, said that building and scaling businesses has become increasingly complex.
“Building and scaling a company has never been a linear journey, and today that journey is becoming more complex,” said Jeff Crowe, Senior Managing Partner at Norwest.
“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.”
With artificial intelligence (AI) creating new business categories and reshaping established industries, Norwest is identifying investment opportunities across its core sectors of technology, healthcare and consumer.
The firm is also expanding its investment focus into emerging areas, including next-generation financial infrastructure, physical and voice AI, agentic cybersecurity, technology-enabled industrial and aerospace businesses, and healthcare AI.
Norwest Highlights Recent Investments Across Emerging Technology Categories
Norwest has made several recent investments in companies developing solutions across these emerging areas. These investments reflect its focus on financial infrastructure, artificial intelligence, cybersecurity, industrial manufacturing, aerospace and healthcare technology.
Financial infrastructure: Beltic, Rain and Stablecore are developing next-generation financial infrastructure. Their work focuses on modernising payments, enabling new forms of commerce and advancing the adoption of digital currencies.
Artificial intelligence: Coval, Generalist AI and LlamaIndex are working on the development and deployment of intelligent AI systems. Their technologies enable AI agents to reason, interact with data and take action across digital and physical environments.
Agentic cybersecurity: Above Security, ORION Security, Red Access and Zenity are developing cybersecurity solutions for the agentic AI era. Their focus includes securing AI-driven enterprise workflows, protecting sensitive data and managing emerging security threats.
Industrial and aerospace: East Range Group, Padmini VNA, JJG Aerospace and Raghu Vamsi Aerospace Group are strengthening industrial and aerospace capabilities through specialised manufacturing, engineering and essential infrastructure services.
Healthcare AI: Infinx, Matchpoint Therapeutics, Rezo Therapeutics, Tokaido Health and Vitalize Care are using AI to develop drug discovery platforms, automate complex clinical and administrative workflows, support healthcare teams and improve healthcare delivery and accessibility.
The $4 billion Norwest 18 fund will provide the firm with additional flexibility to invest across these sectors, while supporting companies at different stages of their development.
Jon Kossow, Managing Partner at Norwest, said the firm’s investment approach continues to focus on identifying promising businesses and maintaining long-term relationships with their founders and leadership teams.
“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,” said Jon Kossow, Managing Partner at Norwest.
“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.”
Norwest Expands Portfolio Support and Advisory Network
Apart from providing investment capital, Norwest supports its portfolio companies through strategic advisory services, experienced operators and programmes designed to address the requirements of businesses at different stages of growth.
As AI transforms how companies develop, operate and scale their businesses, Norwest believes portfolio companies require support across technology, go-to-market strategies and organisational development.
To strengthen these capabilities, the firm has significantly expanded its Portfolio Success platform.
Recent initiatives include doubling its Senior Advisor Network, bringing in additional Operating Executives, and launching the Norwest Operator Collective and Norwest Kinetic.
Through these initiatives, Norwest aims to provide portfolio companies with additional operational expertise and resources as they navigate business expansion and changing technology requirements.
With Norwest 18, the firm has secured its largest fund to date, taking its total capital under management to $18 billion and reinforcing its multi-stage investment strategy across the United States, India and Israel.
