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Norwest Venture Partners company logo
Venture Capital
FINANCE | Investment Firms & Funds
nvp.com

Investments

1218

Portfolio Exits

294

Funds

18

Partners & Customers

5

Service Providers

2

About Norwest Venture Partners

Norwest Venture Partners is a global venture capital and growth equity investment firm. The firm targets early to late stage venture and growth equity investments across a wide range of sectors including: technology, information services, business services, financial services, consumer products/services and healthcare.

Headquarters Location

525 University Avenue Suite 800

Palo Alto, California, 94301,

United States

650-321-8000

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Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Find Norwest Venture Partners in 9 Expert Collections, including HR Tech.

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Consumers are increasingly seeking products and experiences that promote well-being and healthy habits, with modern-day “wellness” referring to holistic healthy living characterized by physical, mental, social, and spiritual well-being.This collection includes categories across h

Research containing Norwest Venture Partners

Get data-driven expert analysis from the CB Insights Intelligence Unit.

CB Insights Intelligence Analysts have mentioned Norwest Venture Partners in 6 CB Insights research briefs, most recently on Oct 26, 2021.

Latest Norwest Venture Partners News

Why generative AI is not a replacement for marketers...whatever the cost-conscious CEO might think!

Jun 1, 2023

Why generative AI is not a replacement for marketers...whatever the cost-conscious CEO might think! Bookmark icon Summary: It's coming to steal away your jobs! Or is it? Why generative AI can help marketers, but not replace them. Comment bubble icon There is a mixed reaction to generative AI in the marketing department. Some see it as a way to cut costs (and headcount), while others see it as a supportive technology to enable marketers to spend more time on the creative aspects of their work. The real answer leans more towards the second option, but that doesn't mean it's cut and dry for companies. A recent survey by Norwest Venture Partners gives us some insights into how marketers are using generative AI and what concerns they have. Lisa Ames, Principal, CMO & Operating Executive at Norwest, discussed the survey results with me and her thinking on the value of generative AI. Marketers are looking for answers Ames spent most of her career working for B2B SaaS companies, but now works with Portfolio companies in the enterprise space at Norwest. She helps marketers with whatever they need to succeed, from strategy and ideation, through board prep and hiring, to even playing a fractional CMO role. Many portfolio leaders and marketers were coming to her and asking for help because the CEO wanted to fire the content team and replace them with ChatGPT (or some other generative AI tool). Her response was to hold a marketing huddle with Barak Turovsky, an AI expert and former Google employee. They brought the community together to discuss generative AI and work to create a "talk track" that would help show the CEO that ChatGPT is not a replacement for marketing people. Convincing the CEO  of this was only part of the discussions during the huddle. The marketers came with a lot of other questions on how to best take advantage of generative AI and ended up trading ideas and, in some cases, becoming more open to the bigger opportunities it offers. Ames found it to be a great event, but people were still left with many questions, so they decided to run a survey with a broader group to get the answers they were looking for. I asked Ames if any of the marketers at the event shared the mindset of the CEO. She said no marketer, regardless of their ChatGPT experience, wants to let go of headcount. Instead, they think of other places to deploy people. For ‌marketers, she said, generative AI was additive. Marketers are excited about generative AI… The more you play with generative AI tools, the more you start thinking about all the use cases for it that help marketing, Ames said. She argued that it helps marketers approach problems in unique ways and can open their minds to angles they may not have thought about before. You could equate it to sharing your work with a colleague and getting their feedback, she suggested: And if someone can just give you something that gets you part of the way down the field, you can always apply your creativity, your editing skills, your expertise to refine it. In the Norwest survey, 93% of marketers said they were using generative AI (66% used ChatGPT), with 38% being active users working with AI one to four days a week on average. Nineteen percent considered themselves advanced users using it five plus days a week, some even multiple times a day. What are they using it for? There are a lot of use cases. In this survey, the most common usage was text generation (77%), followed by search (63%) and editing assistance (44%). There was also some use of image and video creation tools. Overall, 60% said they saved time using generative AI, an average improved output of about 25%. But others - 24% - said it didn't save them time. That could reflect not understanding how to best prompt the AI, or it could be that even though AI is helpful, it doesn't always speed up a process, instead shifting where the marketer focuses the most effort. …but there are still concerns As per the survey results, marketers are worried about the accuracy and ‌quality control of AI produced content. So they might save time creating base content they can edit and do more creative work with, but then they have to double-check and make sure that base content is accurate and isn't accidentally sounding a lot like what another competitor says. Ames agreed, but said that the concerns were more about copyright in the huddle session. For example, what percentage must be edited by the company to qualify as their work? Another big concern is the lack of regulations and company policies around generative AI use. Ames said data privacy was a huge topic of concern for marketers at the event (and in the survey). She said people don't know enough, and it's stirring up fear. Regarding policies, Ames was surprised so few organizations had some in place. But she also acknowledged that marketers aren't responsible for policy development and that many didn't know if there were plans in progress. I would argue that while policy development isn't the marketer's purview, when policies affect how they work they should have a say in what's developed, making it their responsibility. Ames said she attended another session with marketers at a portfolio company, and several said they did have policies in place. The ones that did were larger companies. That raises the question of whether there is different thinking based on company size or type. Ames said the themes were consistent across all respondents, for the most part. However, there were noticeable differences around policy development and bans on AI use. Again, these were more reflective of larger companies. Convincing the CEO of the best path forward So if generative AI is not a replacement for marketing people, including content writers,  how do you convince the CEO it is not a replacement for people. Ames argued: Show them the use cases. You know, how this is what you know, this is what I put in, this is what I got out from a prompt, and then this is what I put into it to get it over the finish line. And so I think the more people can see examples of how you're using it, what its limitations are, and what its opportunities are, then I think it grounds it a bit more it makes it more real. As CEOs and other members of the C-suite use ChatGPT and other generative AI tools, Ames believes they will see that while it can do many great things, it can't do everything. My take I did not use generative AI to write this article ( see also diginomica’s policy statement here! ). However, I used my faithful Grammarly to make sure my grammar was correct (although I don't always accept the ‘corrected’ version). But I have tested a few generative AI tools. I see the advantages of using it to help with ideation and even creating rough drafts of sections of text that I can then edit and improve (sometimes even completely rewriting). I don't believe we can ignore this technology. It's here, and it does bring benefits. But marketers must use it wisely to improve productivity and efficiency. Getting the right processes understood and in place will help convince the CEO and the rest of the executive team that it's not a replacement for people, and Ames's suggestion of showing them and even getting them to use it makes a lot of sense. Image credit - Pixabay

Norwest Venture Partners Investments

1,218 Investments

Norwest Venture Partners has made 1,218 investments. Their latest investment was in Neura Health as part of their Seed VC - III on May 5, 2023.

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Norwest Venture Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

5/17/2023

Seed VC - III

Neura Health

$8M

No

3

5/16/2023

Series A

Ray Therapeutics

$100M

Yes

2

5/16/2023

Series C

Spiff

$50M

No

9

5/2/2023

Series D

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$99M

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10

4/11/2023

Series B

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$99M

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10

Date

5/17/2023

5/16/2023

5/16/2023

5/2/2023

4/11/2023

Round

Seed VC - III

Series A

Series C

Series D

Series B

Company

Neura Health

Ray Therapeutics

Spiff

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Amount

$8M

$100M

$50M

$99M

$99M

New?

No

Yes

No

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Co-Investors

Sources

3

2

9

10

10

Norwest Venture Partners Portfolio Exits

294 Portfolio Exits

Norwest Venture Partners has 294 portfolio exits. Their latest portfolio exit was PolicyGenius on April 25, 2023.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/25/2023

Acquired

$99M

13

3/1/2023

Acquired

$99M

1

1/13/2023

Acq - Pending

$99M

1

1/10/2023

Merger

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$99M

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10

12/19/2022

Acquired

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$99M

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10

Date

4/25/2023

3/1/2023

1/13/2023

1/10/2023

12/19/2022

Exit

Acquired

Acquired

Acq - Pending

Merger

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

13

1

1

10

10

Norwest Venture Partners Acquisitions

14 Acquisitions

Norwest Venture Partners acquired 14 companies. Their latest acquisition was Face Reality on September 15, 2022.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

9/15/2022

$99M

Acq - Fin

1

7/8/2019

Other Venture Capital

$99M

$30M

Acq - Fin - II

2

5/9/2018

Series A

$99M

$0.64M

Acq - Fin

1

6/2/2015

Debt

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$99M

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10

4/21/2015

Other Venture Capital

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$99M

$99M

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10

Date

9/15/2022

7/8/2019

5/9/2018

6/2/2015

4/21/2015

Investment Stage

Other Venture Capital

Series A

Debt

Other Venture Capital

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Total Funding

$30M

$0.64M

$99M

Note

Acq - Fin

Acq - Fin - II

Acq - Fin

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Sources

1

2

1

10

10

Norwest Venture Partners Fund History

18 Fund Histories

Norwest Venture Partners has 18 funds, including Norwest Venture Partners XVI.

Closing Date

Fund

Fund Type

Status

Amount

Sources

12/14/2021

Norwest Venture Partners XVI

$3,000M

1

11/14/2019

Norwest Venture Partners XV

Multi-Stage Venture Capital

Closed

$2,000M

3

2/14/2018

Norwest Venture Partners XIV

Multi-Stage Venture Capital

Closed

$1,500M

2

1/20/2016

Norwest Venture Partners XIII

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$99M

10

5/13/2014

Norwest Venture Partners XII

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$99M

10

Closing Date

12/14/2021

11/14/2019

2/14/2018

1/20/2016

5/13/2014

Fund

Norwest Venture Partners XVI

Norwest Venture Partners XV

Norwest Venture Partners XIV

Norwest Venture Partners XIII

Norwest Venture Partners XII

Fund Type

Multi-Stage Venture Capital

Multi-Stage Venture Capital

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Status

Closed

Closed

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Amount

$3,000M

$2,000M

$1,500M

$99M

$99M

Sources

1

3

2

10

10

Norwest Venture Partners Partners & Customers

5 Partners and customers

Norwest Venture Partners has 5 strategic partners and customers. Norwest Venture Partners recently partnered with Face Reality on September 9, 2022.

Date

Type

Business Partner

Country

News Snippet

Sources

9/15/2022

Partner

United States

09:00 EDT Face Reality Skincare Charts Path for Growth Through New Partnership with Norwest

`` Our partnership with Norwest Venture Partners allows us to increase support of our current channels , especially for our estheticians , and at the same time , continue to deliver the innovative new products our customers have come to love , '' said Jeremy Soine , CEO of Face Reality since 2020 .

1

1/13/2020

Partner

United States

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10

9/14/2017

Vendor

Canada

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10

3/6/2014

Partner

United States

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10

2/11/2013

Partner

United States

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10

Date

9/15/2022

1/13/2020

9/14/2017

3/6/2014

2/11/2013

Type

Partner

Partner

Vendor

Partner

Partner

Business Partner

Country

United States

United States

Canada

United States

United States

News Snippet

09:00 EDT Face Reality Skincare Charts Path for Growth Through New Partnership with Norwest

`` Our partnership with Norwest Venture Partners allows us to increase support of our current channels , especially for our estheticians , and at the same time , continue to deliver the innovative new products our customers have come to love , '' said Jeremy Soine , CEO of Face Reality since 2020 .

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Sources

1

10

10

10

10

Norwest Venture Partners Service Providers

2 Service Providers

Norwest Venture Partners has 2 service provider relationships

Service Provider

Associated Rounds

Provider Type

Service Type

Counsel

General Counsel

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Service Provider

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Associated Rounds

Provider Type

Counsel

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Service Type

General Counsel

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Partnership data by VentureSource

Norwest Venture Partners Team

22 Team Members

Norwest Venture Partners has 22 team members, including current Chief Financial Officer, Matthew De Dominicis.

Name

Work History

Title

Status

Matthew De Dominicis

Highland Capital Partners, Liberty Mutual Insurance, and Ernst & Young

Chief Financial Officer

Current

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Name

Matthew De Dominicis

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Work History

Highland Capital Partners, Liberty Mutual Insurance, and Ernst & Young

Title

Chief Financial Officer

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Status

Current

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