Norwest aims to raise a $4 billion fund to double down on early-stage AI investments.

November 12 - According to Bloomberg, Norwest, an investment firm backed by Wells Fargo, is raising $4 billion for its latest fund, with plans to focus on early-stage artificial intelligence (AI) startups while also targeting industries often overlooked by other market investors. The company plans to officially announce this news on Thursday.

Founded 65 years ago, Norwest has invested in well-known companies including Uber Technologies and Spotify Technology. Currently, the firm manages $18 billion in assets, including the newly raised funds. This is Norwest's 18th fund since its establishment, significantly larger than the $3 billion it raised in 2024.