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Norwest Venture Partners  CERTIFIED

Firm Rating:

Rated 2.7 / 5.0 by 19
Track
Record
3.5
Operating
Competence
2.8
Pitching
Efficiency
2.2
Favorable
Deal Terms
2.5
Execution
Assistance
2.3

Firm Homepage:

FIRM OVERVIEW: Medium Private VC founded in 1961 based out of Palo Alto, USA (US West)

FIRM DESCRIPTION: Norwest Venture Partners (NVP) is a global venture capital firm that manages more than $3.7 billion in capital. It has offices in Palo Alto, California, Mumbai and Bangalore, India and Herzelia, Israel. NVP makes 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, infrastructure, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 49 years and has funded over 450 companies since inception.

Notable investments include Actel Corporation, Airespace (acquired by Cisco Systems), Brocade, Cast Iron Systems (acquired by IBM), Cerent (acquired by Cisco Systems), Corio (acquired by IBM), Cray Research, Documentum (acquired by EMC), Extreme Networks, Forte Software (acquired by Sun Microsystems), Jigsaw (acquired by Salesforce.com), KACE (acquired by Dell), Lifesize Communications (acquired by Logitech), NSE (National Stock Exchange of India), Open-Silicon (acquired by Unicorn Investment Bank), PeopleSoft (acquired by Oracle), Polycom, Qumranet (acquired by Red Hat), Rackspace (NYSE:RAX), Shriram City Union Finance, Siara Systems (acquired by Redback Networks), SideStep (acquired by Kayak), Spinnaker Networks (acquired by Network Appliance), SPSS (acquired by IBM), Tivoli Systems (acquired by IBM), Transaction Systems Architects (Nasdaq: ACIW), Verio (acquired by NTT), Winphoria Networks (acquired by Motorola) and Yipes (acquired by Reliance/Flag Telecom).

TEAM MEMBERS: Dror Nahumi, George J. Still Jr., James R. Lussier, Jeffrey M. Crowe, Joshua Goldman, Kurt L. Betcher, Matthew D. Howard, Mohan Kumar, Niren Shah, Promod Haque, Robert B. Abbott, Sergio Monsalve, Sohil Chand, Tim Chang, Vab Goel, Venkat A. Mohan,

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Good Pitch with Promod and Ethel Chen

Fund: Norwest Venture Partners

Posted by flyhigh9 on 2012-05-23

PUBLIC:

Met with Promod and Ethel and really had a good meeting. They listened, let me go through the slides and talk, and asked good questions. We have other VC's already looking at us and they know one of the big, big ones and I'm sure that helped. They started technical due diligence within a week. I like and respect Promod deeply. And while Ethel's name is not below, I have great respect for her as well.

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Conservative, Lots of Value Add, but a Mixed Experience

Fund: Norwest Venture Partners

Posted by scottdunlap on 2011-04-23

PUBLIC:

Norwest led our Series C at NearbyNow, with Josh Goldman sitting on our board. We went through a bit of a roller-coaster through the economic downturn, and ended up being acquired in a deal that was a good fit.

Some things worth sharing about my experience:

1) Their due diligence was more complete than any VC I have ever worked with. It took a while, but when it was completed, it felt like the whole partnership knew how our business would run. I was able to call other partners and ask their advice without having to explain what we do and where we were. This is certainly not the case with other VC's.

2) Every month, we would get a call from Norwest saying they had invited the top brass from some big company (Google, eBay, Nokia, etc.) to meet their top portfolio companies. This was extremely helpful in getting on the radar of some big co's.

3) Josh Goldman was extraordinary in the first six months, getting right down to offering his feedback on Web and UI design. When the business direction was clear, he was very helpful.

4) When the shit hit the fan in the economic collapse, we had to cut back and pivot the company. It was difficult to find a new direction that leveraged what we had built serving the retail sector. Tim Chang and others were helpful in brainstorming. As one would expect, there were some difficult board meetings (and not some of my finest moments for sure). The relationship with Josh and Norwest changed significantly, and messages from the partners became inconsistent. One could argue that this is to be expected, but man, it was tough. Not all bad, but tough.

5) We ended up selling the company, much in thanks to Josh's timely suggestion, and I was happy with the fit with the acquiring firm. We didn't sell to the highest bidder since Norwest blocked that deal, but I think it ended up well. We've had some trouble with Norwest partners giving blanket negative references about the experience, which has unfortunately held back the careers of a few loyal executives who stuck by in hard times. I guess it is what it is.

If you have a late stage investment with a secure revenue base that fits their sweet spot, you should definitely speak with them. Despite a tough outcome for us, I was extremely impressed with how they acted as a "partnership", staying in the same mindset about each investment, bringing in big co's to speak with the portfolio, willing to commit to a longer lifecycle to maximize an outcome, and in general always bringing opportunities to the table.

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Norwest Partners Venture or Private Equity?

Fund: Norwest Venture Partners

Posted by MedTech Expert on 2009-11-18

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3
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Bad Karma ! Getting Shot is Better Than Vab Goel

Fund: Norwest Venture Partners

Posted by Anonymous on 2009-01-19

PUBLIC:

I ran into Pramod Haque and Vab Goel a couple of years ago in India. While Pramod was quiet and courteous, Vab really stood out. He was outright arrogant, completely insensitive to the entrepreneur, and despite having spent probably a few hours in India, behaved as if he knew it all. While engaging in a deal, Vab's behavior was simply amazing - he would call my fellow co-founder at 430 am India time just because it was 3 pm in California!

While concluding a deal with them, I understood the real face of Norwest - represented by Vab Goel (whom I assume Pramod blesses to stay on board to conduct business on the behalf of Norwest). Vab was utterly unprofessional, a liar, threatening the entrepreneur (if you don’t sell, i will dilute you to nothing etc), and a complete turn off. He plays co-founders between themselves; try's to trick fellow co-investors into falling into side deals and is insulting to anybody who doesn't say 'yes sir'. In the end, his greed and vanity got the better of him - he not only paid over inflated prices to buy out founders like me (out of my own company!!), but ruined relationships between the board members, and fellow co-founders. I understand he hasn't visited India for over 2 years now and the company has almost closed down.

Do not do anything with Norwest and specially Vab Goel - even getting Shot will be a better experience.

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*deleted*

Fund: Norwest Venture Partners

Posted by scottdunlap on 2010-02-01

PUBLIC:

*content removed*

PRIVATE: Members Only

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No Follow Up After Second Meeting

Fund: Norwest Venture Partners

Posted by Anonymous on 2008-10-14

PUBLIC:

Had two successful meetings and then radio silence. Enough said.

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Ensure that You Get the Right Guy on Your Board

Fund: Norwest Venture Partners

Posted by Anonymous on 2008-04-07

PUBLIC:

Essential to get the right Venture Partner on your Board post funding from NVP. Some are great (I heard)...

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Josh Goldman Has Been Great.

Fund: Norwest Venture Partners

Posted by bragiel on 2008-01-31

PUBLIC:

Josh is the newest member of the NVP team and in my opinion a great asset to their team. While we didn't close with them I know he would have been a great person to work with. He continues to be helpful in giving feedback as we grow our business even if his firm isn't involved.

Looking forward to seeing who he invests in over the next few years.

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Jim Lussier is Tremendous

Fund: Norwest Venture Partners

Posted by mktgmann on 2008-01-28

PUBLIC:

We pitched Norwest, and did not end up going with them.

Still, I wanted to note that Jim Lussier and team, including Promod, were thoughtful, diligent, efficient and helpful. We did standard process-- small deal team meeting, longer full day due diligence at our office, data room due diligence for a few weeks, then final all-partner pitch. The term sheet was turned around quickly and very fair. It was a tough decision of whom to take.

I am positive that Jim would be a tremendous asset to any Board, and believe that he has a great blend of operating and investing background.

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Tim Chang, Nvp

Fund: Norwest Venture Partners

Posted by ASG on 2007-10-11

PUBLIC:

I first met Tim when he joined Norwest Venture Partners to lead investment activities in the mobile arena. As a board observer and advisor, Tim has been a passionate and tireless evangelist for my company in the space of a few months. More than other VCs I've met, Tim has in-depth knowledge of the wireless ecosystem and has valuable relationships that encompass mobile operators, device manufacturers, content providers and infrastructure vendors. My suggestion - if you're a wireless startup in the Valley, you should try very hard to get Tim Chang on your board.

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Nvp: Matt & Tim

Fund: Norwest Venture Partners

Posted by Anonymous on 2007-09-13

PUBLIC:

We pitched to Matt and Tim. Matt was mainly silent. They were trying to jump ahead of us because we made the mistake of sending the presentation in PDF. Maybe it should have been a WebEx session. They came into the pitch with fixed minds and responses....Read on

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Jim Lussier is Candidly Honest and Does a Great Job with a Prospect

Fund: Norwest Venture Partners

Posted by Mike Orren on 2007-06-07

PUBLIC:

Great firm to work with in pitching process. Everyone is very friendly and asks good value-add questions. Jim really rolls up his sleeves and works the deal hard. Even though we didn't do a deal, I'd go back there anytime.

PRIVATE: Members Only (331 Characters)