Health Catalyst backer closes $2B venture fund for healthcare, consumer startups

Norwest Venture Partners, a Palo Alto, Calif.-based investment firm that has backed companies including Health Catalyst, Silk Road Medical and Uber, announced Nov. 14 the close of its largest fund to date.

The $2 billion Norwest Venture Partners XV will target early- to late-stage companies disrupting the healthcare, consumer and enterprise sectors. The new fund follows the early 2018 close of a $1.5 billion fund, and brings the firm's total funding to more than $9.5 billion.

In the last two years, the firm's portfolio has seen almost 50 new investments, as well as 23 IPOs and several portfolio company acquisitions. Recent exits include Health Catalyst, which went public in July, and Silk Road Medical, which did so in April; beyond healthcare, Norwest Venture Partners has also counted Uber, Spotify and Adaptive Insights among its portfolio companies before their own exits or acquisitions.

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