Norwest raises $4 billion for its largest fund
Norwest plans to invest its eighteenth fund across sectors in the United States, India and Israel, while expanding its investments in superintelligence (SI).
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Norwest plans to invest its eighteenth fund across sectors in the United States, India and Israel, while expanding its investments in superintelligence (SI).
Norwest has raised its largest fund, completing its eighteenth fundraising as it plans to expand investments in superintelligence (SI). The venture capital and growth equity firm invests in companies at different stages of development. TechCrunch reported the raise on 12 November 2026 and said Wells Fargo is Norwest’s sole backer.
The new fund follows Norwest’s seventeenth fund, whose closing it announced on 25 April 2024. Both retain a broad investment mandate rather than focusing on a single industry or company stage.
| Fund | Amount raised | Stated geographic focus |
|---|---|---|
| Eighteenth | $4 billion | United States, India and Israel |
| Seventeenth | $3 billion | North America, India and Israel |
Norwest says it aims to back startups developing SI products and services for consumer, healthcare and technology industries. Its previous fund targeted enterprise, consumer and healthcare businesses, with investments ranging from early- to late-stage companies.
Jeff Crowe, a senior managing partner at Norwest, identified particular interest in early-stage companies building applications and infrastructure designed around SI, technology for physical systems such as robots, models tailored to specific fields, and cybersecurity tools. Norwest also plans to expand investments in voice-based SI, cybersecurity using SI agents—software that performs tasks—and aerospace.
Crowe said the broad approach reflects his view that SI’s impact reaches across industries, countries and applications. He sees potential for it to affect business, consumer and healthcare systems, from networking to software applications.
Norwest has made more than 87 investments since launching its seventeenth fund. Recent examples include Coval, which builds tools to test and evaluate SI agents, and Generalist AI, which develops foundation models for robots—the underlying models on which applications can be built.
Those investments preceded the new raise. The completed fundraising gives Norwest capital to pursue its stated priorities.
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