New Enterprise Associates (NEA)

New Enterprise Associates (NEA) is an American-based venture capital firm founded in 1977 by Richard Kramlich, Chuck Newhall, and Frank Bonsal. NEA focuses on investing in companies across various stages, from seed to growth, with a primary focus on technology and healthcare. The firm manages over $25 billion in committed capital as of 2023, making it one of the largest venture capital firms globally.

NEA operates with offices across several major cities, including Menlo Park, Baltimore, New York, Bangalore, Mumbai, Beijing, and Shanghai. The firm has invested in over 1,000 companies since its founding, achieving more than 270 IPOs and over 450 mergers and acquisitions. Notable investments include companies like 3Com, MongoDB, Box, Robinhood, Coursera, Cloudflare, and Databricks. NEA’s investment portfolio covers sectors such as technology, healthcare, fintech, life sciences, digital health, and consumer products.

The firm’s initial investment funds were relatively small, with its first fund in 1977 raising $16 million. Over the years, NEA steadily increased its fund sizes, raising $3.3 billion in its sixteenth fund by 2017, the largest venture capital fund raised at that time. NEA continues to invest globally and provides long-term support to founders and companies, working closely with them through their growth stages.

In 2018, Jeff Immelt, the former CEO of General Electric, joined NEA as a venture partner. The firm has a team of experienced partners and venture advisors who support entrepreneurs in building successful businesses. NEA’s approach focuses on forming long-term relationships and offering deep domain expertise, particularly in healthcare and technology, intending to promote transformational businesses. 

NEA also recently co-led a $20 million Series A funding round for the healthcare AI startup Anterior.

New Enterprise Associates (NEA) was founded in 1977 by Richard Kramlich, Chuck Newhall, and Frank Bonsal. The firm was established with the vision of supporting entrepreneurs by providing capital and guidance to early-stage companies. NEA’s first fund raised $16 million, marking the beginning of its journey in venture capital. The firm started with offices on both the East and West Coasts of the United States, providing a broad geographical reach to support its investments.

During the 1980s, NEA made significant investments that helped shape its early success. One of its notable early investments was in 3Com, a company specialising in networking solutions, which NEA backed along with other venture firms in 1981. This investment laid the foundation for NEA’s reputation in the technology sector. The firm continued to expand its portfolio, raising $45 million in its second fund and $125 million in its third fund by 1984.

The 1990s were a period of growth and diversification for NEA. It raised $900 million across four funds between 1987 and 1996. The firm began focusing on larger-scale investments, supporting companies through various stages of growth. In 1998, NEA raised its eighth fund, significantly increasing its capital to $760 million. This shift allowed the firm to support more substantial investments and participate in high-growth opportunities across different sectors.

In 2000, NEA’s tenth fund reached $2.3 billion, positioning the firm as a major player in the venture capital industry. However, the early 2000s also presented challenges due to the burst of the dot-com bubble. Despite this, NEA continued to invest and adapt its strategies. By 2004, it raised $1.1 billion for its eleventh fund. The firm’s resilience and strategic focus on technology and healthcare sectors enabled it to navigate through this volatile period.

The following years saw NEA’s continuous growth and expansion. In 2010, the firm launched its thirteenth fund with $2.5 billion, the largest since the 2007–08 financial crisis. This fund enabled NEA to support companies in emerging fields, including digital health and fintech. In 2012, NEA closed its fourteenth fund with $2.6 billion, continuing its trend of raising substantial capital to support innovative companies.

In 2015, NEA closed its fifteenth fund with $3.1 billion, marking the largest venture capital fund ever raised at that time. This was followed by the sixteenth fund in 2017, which reached $3.3 billion, further solidifying NEA’s position as one of the largest venture capital firms globally. These funds were directed towards supporting companies in technology, healthcare, and consumer sectors, aligning with NEA’s long-term investment strategy.

In recent years, NEA has continued to play a pivotal role in supporting startups and growth-stage companies. In 2018, Jeff Immelt, the former CEO of General Electric, joined NEA as a venture partner, bringing valuable experience to the firm’s leadership. NEA also focused on expanding its expertise in artificial intelligence and digital transformation, areas of significant growth potential.

As of 2023, NEA manages over $25 billion in committed capital and has invested in over 1,000 companies, achieving more than 270 initial public offerings (IPOs) and over 450 mergers and acquisitions. NEA’s extensive portfolio includes notable companies such as MongoDB, Box, Robinhood, Coursera, Cloudflare, and Databricks. The firm continues to operate globally, with offices in major cities such as Menlo Park, Baltimore, New York, Bangalore, Mumbai, Beijing, and Shanghai.

In 2024, NEA appointed Andrew Schoen and Blake Wu to senior investing roles, reflecting its commitment to strengthening its leadership team. Additionally, Lila Tretikov, former Microsoft deputy CTO, joined NEA to lead its AI strategy. The firm also co-led a $20 million Series A funding round for Anterior, a healthcare AI startup, indicating its ongoing focus on supporting innovation in the healthcare sector.

Today, NEA is recognised as one of the largest and most influential venture capital firms in the world. It continues to invest in transformative companies across various sectors, providing long-term support to entrepreneurs and helping them navigate through different stages of growth.

New Enterprise Associates (NEA) has a broad investment strategy, supporting companies across various stages of development and industries. The firm focuses on technology, healthcare, fintech, life sciences, digital health, and consumer products. Below are the key criteria NEA considers when evaluating potential investments:

• Stage of Investment: NEA invests in companies at different stages, ranging from the seed stage to growth stage and beyond. The firm is open to early-stage investments where the company may only have an idea or prototype, as well as later-stage investments where the business is already established and looking to scale further. This flexibility allows NEA to support companies throughout their entire growth journey, from inception to public offerings or acquisitions.
• Sector Focus: NEA’s primary focus is on the technology and healthcare sectors. Within technology, the firm invests in areas such as enterprise software, consumer technology, digital media, and financial technology (fintech). In healthcare, NEA focuses on biotechnology, medical devices, healthcare services, and digital health. The firm also looks at emerging sectors such as artificial intelligence and sustainability, where there is potential for significant innovation and impact.
• Market Potential: The firm seeks companies that operate in large and growing markets with significant potential for expansion. NEA looks for businesses that can scale rapidly and address a broad customer base. This includes companies with innovative products or services that have the potential to disrupt traditional markets or create entirely new categories.
• Founding Team: NEA places strong emphasis on the quality of the founding team. The firm looks for entrepreneurs with a clear vision, strong leadership skills, and a proven track record of execution. A deep understanding of the industry and the ability to navigate challenges are also highly valued. NEA prefers to partner with founders who are open to collaboration and mentorship, as this aligns with the firm’s approach of providing hands-on support and guidance.
• Innovation and Differentiation: NEA seeks companies with unique and innovative solutions that differentiate them from competitors. This could be through technology, business model, or intellectual property. The firm looks for businesses that offer a compelling value proposition to their customers and have a sustainable competitive advantage that can be maintained over the long term.
• Scalability: Scalability is a key consideration in NEA’s investment decisions. The firm evaluates whether the company’s business model can be scaled efficiently, both domestically and internationally. This includes assessing the company’s operational capabilities, market entry strategies, and potential barriers to growth. NEA supports companies that have a clear plan for scaling their operations and expanding their market reach.
• Financial Performance: While early-stage investments may not have extensive financial history, NEA looks for companies with strong financial performance or a clear path to profitability. For growth-stage companies, the firm evaluates metrics such as revenue growth, customer acquisition cost, and profitability. A sound financial strategy and prudent management of resources are essential factors that NEA considers.
• Long-term Potential: NEA is committed to forming long-term partnerships with its portfolio companies. The firm looks for businesses that have the potential to become market leaders and generate substantial value over time. This long-term view also means NEA supports companies through different phases of growth, offering resources and strategic guidance to help them achieve their full potential.
• Exit Opportunities: NEA evaluates potential exit strategies for its investments, such as initial public offerings (IPOs) or acquisitions. The firm considers whether there is a viable path to liquidity that aligns with its return objectives. Successful exits are an important measure of NEA’s investment success and contribute to the firm’s overall strategy of generating strong returns for its investors.

New Enterprise Associates (NEA) is guided by a set of core values that define its approach to venture capital and investment. These values shape how the firm engages with entrepreneurs, manages its portfolio, and interacts with the broader business community. Here are the key values that NEA upholds:

• Long-term Partnership: NEA believes in building enduring relationships with founders and companies. The firm provides support throughout the entire lifecycle of a business, from early-stage development to maturity. This long-term commitment allows NEA to understand the unique needs of each company and offer tailored guidance and resources to help them grow and succeed.
• Entrepreneurial Support: NEA values the entrepreneurial spirit and aims to empower founders to achieve their visions. The firm’s partners and team members are not just investors but also experienced entrepreneurs and operators who understand the challenges of building a business. NEA offers strategic advice, operational support, and mentorship to help entrepreneurs navigate complex business landscapes.
• Collaboration and Teamwork: NEA emphasises collaboration, both internally and with its portfolio companies. The firm works as a cohesive team, leveraging the collective expertise of its partners and advisors to provide comprehensive support to its investments. This collaborative approach extends to the relationships NEA builds with its portfolio companies, promoting an environment of trust and mutual respect.
• Integrity and Responsibility: NEA operates with a high standard of integrity and ethical conduct. The firm is committed to responsible investing and ensuring that its actions align with the best interests of its investors, portfolio companies, and the wider community. NEA upholds transparency and accountability in all its dealings, maintaining a strong reputation in the industry.
• Innovation and Impact: NEA is dedicated to investing in companies that have the potential to make a significant impact on society. The firm seeks out businesses that are developing innovative solutions to address critical challenges in fields such as healthcare, technology, and sustainability. By supporting these companies, NEA aims to drive positive change and contribute to the advancement of industries and communities.
• Diversity and Inclusion: NEA values diversity and inclusion, recognising that a diverse team brings a range of perspectives and ideas that enhance decision-making and problem-solving. The firm strives to create an inclusive environment within its team and across its portfolio companies, promoting equal opportunities and encouraging diverse leadership.
• Focus on Growth and Success: NEA is committed to helping its portfolio companies achieve growth and success. The firm’s investment strategy is centred on identifying high-potential businesses and providing them with the resources and expertise needed to scale effectively. NEA’s success is measured by the long-term achievements of its portfolio companies, including successful exits such as IPOs and acquisitions.
• Adaptability and Resilience: NEA values adaptability in its investment approach, recognising that the business environment is constantly evolving. The firm is proactive in identifying new opportunities and adjusting its strategies to meet changing market conditions. This adaptability ensures that NEA remains a strong and relevant partner for its portfolio companies, even in times of uncertainty.

New Enterprise Associates (NEA) is dedicated to partnering with entrepreneurs to build transformational businesses that shape the future. The firm’s mission is to support companies at every stage of their journey, from idea to growth and beyond, by providing capital, strategic guidance, and operational expertise. NEA focuses on investing in innovative solutions across sectors such as technology and healthcare, aiming to drive positive impact and create lasting value. Committed to promoting long-term relationships, NEA strives to empower founders to achieve their vision and contribute to economic and societal progress.

New Enterprise Associates (NEA) has a diverse portfolio of companies across various sectors, including technology, healthcare, fintech, consumer, life sciences, and digital health. Below is a detailed overview of some of the notable companies in NEA’s portfolio:

• 3Com: A pioneering technology company known for developing network infrastructure solutions, including Ethernet technology that revolutionised digital communication.
• MongoDB: A leading open-source database platform that enables businesses to build and scale applications with greater flexibility and efficiency.
• Box: A cloud content management and file-sharing service that simplifies collaboration and secure information sharing for businesses globally.
• Robinhood: A fintech platform offering commission-free stock trading, making investment accessible to a broader audience.
• Coursera: An online learning platform that partners with top universities and organisations to provide courses, certifications, and degree programmes.
• Cloudflare: A web performance and security company that helps businesses enhance website speed, reliability, and protection against cyber threats.
• Databricks: A unified data analytics platform that accelerates innovation by integrating data engineering, science, and machine learning.
• Appian: A software company that provides a low-code automation platform, enabling businesses to build powerful applications and workflows efficiently.
• Automation Anywhere: A leader in robotic process automation (RPA), helping organisations automate repetitive tasks to improve operational efficiency.
• Bright Health: A health insurance company offering personalised and affordable healthcare plans through a data-driven approach.
• Built Robotics: A construction robotics company that automates heavy equipment, enabling autonomous operations in building and infrastructure projects.
• ByteDance: The parent company of TikTok, a global technology firm known for its innovative content platforms powered by artificial intelligence.
• Cohere: An AI company focused on advancing natural language processing technologies to transform human-computer interaction.
• Conviva: A streaming media analytics company that provides insights to optimise video streaming performance and user experience.
• Coursera: A global online learning platform offering courses, specialisations, and degrees from top universities and organisations.
• Dandelion Energy: A geothermal energy company providing sustainable heating and cooling solutions for residential homes.
• Drop: A product design and e-commerce company that collaborates with enthusiasts to create community-driven products.
• Eargo: A medical device company that designs innovative hearing aids to improve the quality of life for people with hearing loss.
• Enigma: A data intelligence company that transforms raw data into valuable insights for businesses to make informed decisions.
• FiscalNote: A technology company that provides legal and regulatory data, analytics, and workflow tools to help organisations manage policy issues.
• Formlabs: A leading 3D printing company that enables professionals to create high-quality prototypes and end-use products across industries.
• FTX: A cryptocurrency exchange platform known for its innovative financial products and commitment to user security and transparency.
• Gen.G: An esports organisation that bridges the gap between East and West through competitive gaming, content creation, and community engagement.
• Genies: A digital avatar company that enables people to create personalised digital representations of themselves for use in virtual environments.
• Goop: A lifestyle brand founded by Gwyneth Paltrow, offering a range of wellness, beauty, and fashion products curated for modern consumers.
• HackerOne: A cybersecurity platform that connects businesses with ethical hackers to identify and fix vulnerabilities in their digital systems.
• Houzz: An online platform for home renovation and design, connecting homeowners with professionals and offering products and services.
• IFTTT: A technology service that allows users to create customised automation between apps and devices, enhancing productivity and convenience.
• Instabase: A software company that builds a platform for businesses to develop complex, end-to-end automation solutions.
• Konux: A technology company that integrates AI and IoT to transform railway operations and infrastructure management.
• Lexicon Pharmaceuticals: A biopharmaceutical company focused on developing breakthrough therapies for serious diseases with high unmet needs.
• Luminary: A podcast streaming service that provides premium, ad-free content from a variety of creators and hosts.
• Luxtera: A silicon photonics company that develops optical chips and solutions for high-speed data communications.
• MasterClass: An online education platform offering video courses taught by world-renowned experts in various fields.
• Moda Operandi: A luxury fashion e-commerce platform that allows consumers to pre-order the latest runway styles directly from designers.
• Pager: A digital healthcare platform that connects patients with healthcare providers and services for on-demand virtual care.
• Patreon: A membership platform that enables creators to earn recurring revenue by offering exclusive content and community experiences to subscribers.
• Philo: A live TV streaming service that offers affordable access to a wide range of entertainment channels without a cable subscription.
• Plaid: A fintech company that provides a platform for connecting applications with users' bank accounts, enabling seamless financial services integration.
• Regulus Therapeutics: A biopharmaceutical company developing innovative therapies targeting microRNAs for the treatment of complex diseases.
• Smartcar: A technology platform that enables businesses to integrate their services with connected vehicles, improving user experiences and operational efficiency.
• Splashtop: A remote access and support software provider that offers secure and high-performance solutions for individuals and businesses.
• ThirdLove: A lingerie and apparel company that designs products based on body data and customer feedback to offer better fit and comfort.
• Tintri: A technology company providing intelligent infrastructure solutions that simplify and optimise enterprise IT operations.
• Uniphore: A conversational AI company that automates customer service interactions, improving efficiency and user satisfaction.
• Upwork: A global freelancing platform that connects businesses with independent professionals for project-based work and collaboration.
• Virtru: A data encryption company that helps organisations protect and manage sensitive information shared through email and files.
• Wheels Up: A private aviation company that offers membership-based access to a fleet of private aircraft for personal and business travel.