Norwest venture partners
Encyclopedia
Norwest Venture Partners (NVP) is a global, multi-stage investment firm focused on investments in early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, business services, financial services and consumer.
The firm, which traces its roots back to 1961, manages more than $3.7 billion in venture capital and has funded over 450 companies since inception.
The firm is headquartered in Palo Alto, California
with offices in Mumbai and Bangalore, India and Herzelia, Israel.
and venture capital
affiliate of Norwest
, a midwestern bank based in Minneapolis that merged with Wells Fargo
in 1998. . In the late 1950s and early 1960s, Minneapolis was an early site for both venture capital and high technology business and the venture capital industry was active with the formation of the first Small Business Investment Company (SBIC), First Midwest Capital
Corporation. In 1957, Control Data Corporation
, a pioneering supercomputer company, was founded by William Norris
. Two years later Norris was instrumental in the formation of the Northwest Growth Fund and the firm was active in the Minneapolis high tech industry.
The Northwest Growth Fund grew under the leadership of CEO Robert Zicarelli including the opening of an office in Silicon Valley
. Zicarelli retired in 1988 and was succeeded by Daniel Haggerty who retired in the 1990s.
The firm typically invests between $10 million and $15 million in each company over time although it may invest smaller amounts (as little as $1 million to $5 million) and as much as $25 million to $30 million. NVP is frequently the sole or lead venture capital investor although they will partner with other venture capital firms, corporate partners and founding investors.
NVP has funded such companies as Actel Corporation, Cerent (acquired by Cisco Systems
), Documentum
(acquired by EMC), Forte Software (acquired by Sun Microsystems
), PeopleSoft
(acquired by Oracle), Appnomic Systems and Tivoli Systems (acquired by IBM
).
Norwest Venture Partners provided venture capital to PeopleSoft
and NVP's George Still, served on the company’s board of directors for more than 10 years. During the tenure of NVP's investment, PeopleSoft grew from a start-up to an S&P 500 company with revenues in excess of $2 billion until it was acquired by Oracle for over $10 billion in January 2005.
Partners Promod Haque and Matthew Howard have been named to the Forbes Midas list since 2001 and 2006, respectively.
The firm, which traces its roots back to 1961, manages more than $3.7 billion in venture capital and has funded over 450 companies since inception.
The firm is headquartered in Palo Alto, California
Palo Alto, California
Palo Alto is a California charter city located in the northwest corner of Santa Clara County, in the San Francisco Bay Area of California, United States. The city shares its borders with East Palo Alto, Mountain View, Los Altos, Los Altos Hills, Stanford, Portola Valley, and Menlo Park. It is...
with offices in Mumbai and Bangalore, India and Herzelia, Israel.
History
Norwest Venture Partners traces its roots back to 1961 with the formation of the Northwest Venture Fund, a private equityPrivate equity
Private equity, in finance, is an asset class consisting of equity securities in operating companies that are not publicly traded on a stock exchange....
and venture capital
Venture capital
Venture capital is financial capital provided to early-stage, high-potential, high risk, growth startup companies. The venture capital fund makes money by owning equity in the companies it invests in, which usually have a novel technology or business model in high technology industries, such as...
affiliate of Norwest
Norwest
Norwest Corporation was a banking and financial services company based in Minneapolis, Minnesota, United States. In 1998, it merged with Wells Fargo & Co. and since that time has traded under the Wells Fargo name.-Early formation:...
, a midwestern bank based in Minneapolis that merged with Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
in 1998. . In the late 1950s and early 1960s, Minneapolis was an early site for both venture capital and high technology business and the venture capital industry was active with the formation of the first Small Business Investment Company (SBIC), First Midwest Capital
Corporation. In 1957, Control Data Corporation
Control Data Corporation
Control Data Corporation was a supercomputer firm. For most of the 1960s, it built the fastest computers in the world by far, only losing that crown in the 1970s after Seymour Cray left the company to found Cray Research, Inc....
, a pioneering supercomputer company, was founded by William Norris
William Norris
William Charles Norris was the pioneering CEO of Control Data Corporation, at one time one of the most powerful and respected computer companies in the world...
. Two years later Norris was instrumental in the formation of the Northwest Growth Fund and the firm was active in the Minneapolis high tech industry.
The Northwest Growth Fund grew under the leadership of CEO Robert Zicarelli including the opening of an office in Silicon Valley
Silicon Valley
Silicon Valley is a term which refers to the southern part of the San Francisco Bay Area in Northern California in the United States. The region is home to many of the world's largest technology corporations...
. Zicarelli retired in 1988 and was succeeded by Daniel Haggerty who retired in the 1990s.
Investments
NVP makes early to late stage venture and growth equity investments in both U.S. and global companies across a wide range of sectors.The firm typically invests between $10 million and $15 million in each company over time although it may invest smaller amounts (as little as $1 million to $5 million) and as much as $25 million to $30 million. NVP is frequently the sole or lead venture capital investor although they will partner with other venture capital firms, corporate partners and founding investors.
NVP has funded such companies as Actel Corporation, Cerent (acquired by Cisco Systems
Cisco Systems
Cisco Systems, Inc. is an American multinational corporation headquartered in San Jose, California, United States, that designs and sells consumer electronics, networking, voice, and communications technology and services. Cisco has more than 70,000 employees and annual revenue of US$...
), Documentum
Documentum
Documentum is an enterprise content management platform, now delivered by EMC Corporation, as well as the name of the software company that originally developed the technology. EMC acquired Documentum for $1.7 billion in December, 2003...
(acquired by EMC), Forte Software (acquired by Sun Microsystems
Sun Microsystems
Sun Microsystems, Inc. was a company that sold :computers, computer components, :computer software, and :information technology services. Sun was founded on February 24, 1982...
), PeopleSoft
PeopleSoft
PeopleSoft, Inc. was a company that provided Human Resource Management Systems , Financial Management Solutions , Supply Chain and customer relationship management software, as well as software solutions for manufacturing, enterprise performance management, and student administration to large...
(acquired by Oracle), Appnomic Systems and Tivoli Systems (acquired by IBM
IBM
International Business Machines Corporation or IBM is an American multinational technology and consulting corporation headquartered in Armonk, New York, United States. IBM manufactures and sells computer hardware and software, and it offers infrastructure, hosting and consulting services in areas...
).
Norwest Venture Partners provided venture capital to PeopleSoft
PeopleSoft
PeopleSoft, Inc. was a company that provided Human Resource Management Systems , Financial Management Solutions , Supply Chain and customer relationship management software, as well as software solutions for manufacturing, enterprise performance management, and student administration to large...
and NVP's George Still, served on the company’s board of directors for more than 10 years. During the tenure of NVP's investment, PeopleSoft grew from a start-up to an S&P 500 company with revenues in excess of $2 billion until it was acquired by Oracle for over $10 billion in January 2005.
Investment team
The firm’s U.S. investment team includes Robert Abbott, Timothy Chang, Jeffrey Crowe, Vab Goel, Joshua Goldman, Promod Haque, Matthew Howard, Jon Kossow, Jim Lussier, Venkat Mohan, Sergio Monsalve and George J. Still, Jr. The firm’s India investment team includes Promod Haque, Niren Shah, Sohil Chand and Mohan Kumar. Dror Nahumi focuses on investments in Israel.Partners Promod Haque and Matthew Howard have been named to the Forbes Midas list since 2001 and 2006, respectively.
External links
- Norwest Venture Partners (company website)