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Norwest ventures1/23/2024 ![]() ![]() A third portfolio company, a Canadian developer of risk and compliance software called Galvanize, meanwhile sold to corporate governance software maker Diligent for a reported $1 billion. Aporeto, a machine identity-based micro-segmentation company, sold to Palo Alto Networks for $150 million in cash in 2019 after raising around $35 million from investors, according to Crunchbase. The security outfit Shape Security, for example, sold to the application delivery company F5 for $1 billion in late 2019 after raising $183 million in funding, per Crunchbase data. While it was busy deploying its last fund, a $2 billion pool that it closed in 2019 and used to fund about 60 companies, almost 30 of Norwest’s earlier bets have “exited” in some fashion over the last couple of years. Norwest’s team also has a lot of hits about which to boast. Tiger Global just closed one of the biggest venture funds ever, with $6.7 billion (As a reminder, it closed its previous fund with $6.7 billion just six months ago.) To win deals, you need to be able to elbow out at least some of the other multibillion-dollar funds that are also writing checks right now. Consider that Tiger Global Management alone held a first close of $8.8 billion on its biggest fund ever back in October, according to Bloomberg. For one thing, on the growth equity side, it’s not possible to compete anymore unless you have a ginormous money cannon. Put another way, despite that gigantic fund announcements have become routine, this one is kind of a big deal and another indicator that this market is a very different one from even five years ago.Ĭertainly, one can see why, in a go-go environment, Wells might agree to such a commitment. It’s easy to shrug off the development, but this new pool brings the assets Norwest has raised altogether across the decades to $12.5 billion. The firm is currently partnered with more than 200 companies across a wide range of sectors in its venture and growth equity portfolio, investing in businesses with a focus on consumer, enterprise and healthcare.Ĭlients partner with Cooley on transformative deals, complex IP and regulatory matters, and high-stakes litigation, where innovation meets the law.Ĭooley has 1,500 lawyers across 17 offices in the United States, Asia and Europe.Norwest Venture Partners, the now 60-year-old venture and growth equity firm backed entirely by the banking giant Wells Fargo, today rolled out its sixteenth fund, a $3 billion vehicle and its biggest to date. Norwest manages more than $12.5 billion in capital and has invested in 650+ companies. ![]() Harness will use the new funding to continue to grow its talent across the company and further expand its software delivery platform, which provides a simple, safe and secure way for engineering and DevOps teams to rapidly release applications into production. ![]() In addition to Norwest, existing investors participating in the Series D round included ServiceNow, Menlo Ventures, IVP, Unusual Ventures, Citi Ventures, Battery Ventures, Alkeon Capital, GV (formerly Google Ventures), Sorenson Capital, Thomvest Ventures and Silicon Valley Bank, as well as new investors JP Morgan, Capital One Ventures, Splunk Ventures, Adage Capital Partners, Balyasny Asset Management, Gaingels and Harmonic Growth Partners. Partner Danielle Naftulin led the Cooley team advising Norwest. San Francisco – – Cooley advised Norwest Venture Partners, a venture and growth equity investment firm investing in early to late-stage businesses, as the lead investor in software delivery platform Harness’ $230 million Series D financing round, which brings the company’s valuation to $3.7 billion. ![]()
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