Year IN REVIEW
Year IN REVIEW
Year IN REVIEW
We are grateful for our community of visionary entrepreneurs, co-investors, business partners, and staff for another memorable year. Let’s take a scroll down memory lane to reflect on our journey together.
Total Invested Capital in 2022
96New and Follow-On Investments
230Active Portfolio Companies
A World-Class NPS
From day one, we stand side by side with our companies. NPS is one way to measure how well we support them. Today, we’re proud to share that we scored top marks among Norwest CEOs.
Net Promoter Score
Economic downturns pass, but the disruptive businesses built during them endure. 2022 was Norwest’s latest opportunity to offer steady guidance to our portfolio and fund the next class of great companies.
01 A Return to Fundamentals
Macroeconomic trends triggered a market correction, bringing a sharp focus back to first principles.
- Growth at all costs
- Sky-high valuation multiples
- High burn rates
- Capital-efficient growth
- Realistic valuation expectations
- Maintaining cash runway
02 Fortune Favors the Bold
Downturns are breeding grounds for disruptors and durable businesses—like those we funded in 2022.
Investing in diverse leaders
Investing is our most broad-reaching opportunity for fostering diversity—that’s why we back founders from traditionally underrepresented groups and funds that invest in them. Here are some of the changemakers we’re proud to have partnered with in 2022.
Our Team Keeps Growing
Meet Our Six New Healthcare Investors
The healthcare team nearly doubled in 2022 with six new members joining our mission to fund innovative teams and research that will have a lasting impact on the industry.
Tiba Aynechi, PhD General Partner
Biotech investor with 20+ years of research and investment experience
Brian Matesic, MD Principal
Healthcare VC investor focusing on early- and mid-stage biotech companies
Meet Our First CMO
Lisa’s appointment followed six promotions and two advisory team hires on the Portfolio Services team, expanding our capacity to deliver strategic value and meaningful connections to our portfolio companies.
Lisa Ames Principal, CMO & Operating Executive
Awards & Recognition
2022 Inc. Founder Friendly Investors
VCJ 50: Top Venture Fundraisers of 2022
Top 25 Growth Equity Firms
TiE Mumbia Hall of Fame: Outstanding Fund
26 Rising Fintech VCs
Top Women in Growth Equity
VCJ 40 Rising Stars
2022 EVC List: Venture Capital’s Rising Stars
2022 Rising Star VCs
NextGen Rising Stars 2022
8 Investor Insights for 2023
Our investors always have their fingers on the pulse of business trends across industries. Here’s what they expect to happen in the next 12 months.
Problem-solution oriented brands will continue to grow through a recession. If consumers are proactively looking for you, that will translate to lower advertising costs.
There will be continued investment in the democratization of software development. A growing number of budding software developers who don't have the deep expertise to build full-stack applications will need development tools.
Priti Youssef Choksi
As hiring slows and workers have to operate with fewer resources, companies will look to automation tools that drive efficiency and effectiveness to help employees offload tasks and focus on more meaningful work.
Consumer investment in the home will persist and even accelerate in 2023. COVID and changing demographics of home ownership have thrust home services and home improvement into the forefront for the consumer, and now with a more difficult real estate environment, consumer investment will stay home.
2023 will be a great year to start a company, especially companies that can replace legacy solutions, automate key business processes, or help companies generate revenue—those mission-critical needs don’t slow during an economic downturn.
As the economy falls deeper into a recession and inflation stays stubbornly high, consumers will be open to more side hustles and gig jobs. Look for a resurgence in collaborative consumption habits driving a renaissance of sharing economy companies akin to 2008-2012.
Cloud cost management will take off in 2023. Cloud and SaaS costs skyrocketed last year as companies operated in a growth-at-all-costs mode. With tougher economic times ahead, startups that help manage these costs will rise to the top.
Automation will play a huge role in the customer service space in 2023. As contact centers face rising costs, unpredictable call volumes, and labor shortages, the need for self-serve and human-assisted automation will only grow.
ICYMI: Our Best Content from 2022
Vuori: Growth fueled by a passion for quality and the Southern California vibe
Institutional investors were never in Vuori founder Joe Kudla’s plan until he took a call with Norwest.
How to Respond to Rising Customer Acquisition Costs (CAC) in a Privacy-First World
Managing the challenge of rising CAC as access to consumer databases is more restricted
Niren Shah, Norwest India, and the art of slow and meaningful VC investing
Head of NVP India Niren Shah and team believe in dodging bullets when it comes to investing money in startups
Retention Equity: How to Make Sure There’s Pie for Everyone
Retention equity – a valuable tool – should be only one element in a larger compensation and retention strategy.
We Need to Talk: Mental Health and Burnout in Startups
Make mental health a priority that people can openly discuss at your company to help alleviate stress
How to Sell Your Company: 5 Lessons Learned from Doing It Twice
Gary Walter, former CEO of Infutor, shared the lessons he’s learned from selling his company twice.
Onward to 2023
We wish you a safe, healthy and happy holiday season.