Uber-backer Norwest Venture Partners raises new $1.2b global fund

Uber-backer Norwest Venture Partners raises new $1.2b global fund

Photo: REUTERS/Lucy Nicholson

Norwest Venture Partners, which is an investor in Jet.com, Spotify, and Uber Technologies, has closed a $1.2 billion fund. The venture capital firm will place bets amid what partners describe as a tougher environment for technology startups.

The market has changed dramatically since Norwest raised its last fund in May 2014, which was the same size as the current one. Venture capital firms raised less money and closed fewer funds in 2015, according to data from the National Venture Capital Association, a trade group.

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