Wells Fargo-Backed Investment Firm Norwest Raises $4B for Latest Fund, Plans to Invest in AI Startups

Nov. 12: According to Bloomberg, Wells Fargo-backed investment firm Norwest has raised $4 billion for its latest fund. The fund plans to invest in early-stage AI startups and focus on areas overlooked by other market participants. Including the new capital, the firm now manages $18 billion in total assets. This is Norwest's 18th fund, and its fundraising size marks a significant increase from the previous $3 billion in 2024. Norwest has a 65-year history and has previously invested in industry giants such as Uber Technologies Inc. and Spotify Technology SA.