ICONIQ Growth

About

ICONIQ Growth is the growth equity arm of ICONIQ Capital, a wealth management and investment firm founded in 2011 by Divesh Makan, Michael Anders, and Chad Boeding ¹. Makan and his co-founders previously worked as wealth advisors at Goldman Sachs and Morgan Stanley before launching ICONIQ Capital as an independent advisory firm for ultra-high-net-worth technology executives and founders ¹. ICONIQ Capital manages approximately $60 billion in assets for fewer than 300 families, with total assets across the wealth management firm and growth fund exceeding $80 billion ². The firm’s typical family client has more than $250 million to invest and more than $1 billion in total assets ².

ICONIQ Growth was launched in 2013 by Makan and Will Griffith, formerly of TCV, as a dedicated growth-stage venture capital platform ². The late Dave Goldberg, then CEO of SurveyMonkey, was instrumental in encouraging the fund’s creation, providing initial capital and serving on its first advisory board ². The first fund raised $500 million ³.

The firm has since raised seven flagship funds totaling $21 billion in capital commitments ⁴. Fund VII, closed in July 2024 at $5.75 billion, was a 42% step-up from the $4.06 billion sixth fund raised in 2021 ^{4 5}. Less than 20% of Fund VII’s capital came from wealth management clients, down from approximately 67% in the first fund, reflecting the firm’s transition to a predominantly institutional investor base ². Institutional LPs include the New York State Common Retirement Fund, State Teachers Retirement System of Ohio, and San Diego City Employees’ Retirement System ⁶. As of late 2025, ICONIQ Growth was raising its eighth fund ⁶.

ICONIQ Growth has approximately 80 dedicated staff within ICONIQ Capital’s roughly 500 total employees ². The firm’s advisory council includes Mark Zuckerberg, Chase Coleman, Jerry Yang, Henry Kravis, Mary Barra, and Reid Hoffman ². In 2022, ICONIQ Growth expanded to Europe with a London office led by General Partner Seth Pierrepont, formerly a partner at Accel ⁷. In January 2025, former Datadog president Amit Agarwal joined as a General Partner ⁸. Former Johnson & Johnson CEO Alex Gorsky was also named General Partner ⁹.

As of its 2025 year-in-review, ICONIQ Growth had partnered with more than 140 companies, achieved 27 IPOs, and generated over $1.5 trillion in combined portfolio market capitalization ¹⁰.

Stated Thesis

ICONIQ Growth publicly describes itself as partnering with “category-leading companies and founders defining future industries” at “critical inflection points, from earliest signs of traction through IPO and beyond” ¹¹.

The firm states that its investment platform “harnesses the power of ICONIQ Capital’s vibrant ecosystem of founders, pioneers, and business leaders” to deliver “tangible value and amplifying portfolio companies’ success from early growth stage to IPO and beyond” ¹¹. The concept of “uncommon care” is a stated core value, with General Partner Matt Jacobson describing the firm as prepared to offer “any resource possible at our disposal” to founders, including orchestrating personal assistance like helping founders’ family members during natural disasters ².

ICONIQ Growth states that it typically makes its first investment at the Series B stage when companies are generating approximately $10 million in annual revenue ². The firm publicly emphasizes its AI focus, describing AI as a “core focus” area ². At their 2025 Ascent summit, partners Will Griffith and Matt Jacobson articulated that “tomorrow’s winners will harness proprietary data, embrace agentic workflows, rethink pricing models, and stay technically close to both product and customer” ¹².

The firm states it avoids investing in companies building underlying AI foundation models due to how “immensely capital-intensive” that work is, instead preferring to invest in startups developing applications built on top of AI models ¹³. However, ICONIQ co-led Anthropic’s Series G round in 2025, suggesting this stated preference has evolved ¹⁰.

Inferred Thesis

Based on 51 verified portfolio investments, ICONIQ Growth’s actual investment behavior reveals a firm overwhelmingly focused on enterprise software with significant growth-stage concentration.

Sector breakdown (of 51 verified investments): Enterprise SaaS dominates with 37 of 51 companies (73%). Fintech represents 10 of 51 (20%), with companies like Adyen, Chime, Marqeta, and Ramp. Consumer internet accounts for 8 of 51 (16%), including Airbnb, Canva, and Epic Games. AI-native companies represent 9 of 51 (18%), including Anthropic, ElevenLabs, Glean, and Moveworks. Healthcare/healthcare IT accounts for 6 of 51 (12%), including Devoted Health, GoodRx, and Komodo Health. Note: many companies span multiple categories, so totals exceed 100%.

Stage distribution: ICONIQ Growth primarily invests at Series B through Series D. The firm’s stated entry point of Series B at ~$10M ARR is consistent with observed behavior. However, the Figma seed investment in 2013 and other early-stage positions (ElevenLabs Series C at relatively early stage) show occasional earlier entry. The firm also makes significant follow-on investments, with 15+ follow-on investments reported in 2025 alone ¹⁰.

Geographic concentration: The portfolio is predominantly US-based, with a growing European presence. ICONIQ has deployed nearly $1.5 billion in Europe since 2015, starting with Adyen ⁷. European investments include Adyen (Netherlands), Collibra (Belgium/US), Dataiku (France/US), DeepL (Germany), ElevenLabs (UK/US), Miro (originally Russia/US), Monzo (UK), Motorway (UK), and Wolt (Finland) ⁷.

Check size: Investments range widely, from the $231.5 million NinjaOne Series C ¹⁴ to participation in mega-rounds like Databricks’ $10 billion round ³. The 2025 year-in-review reported $4.8 billion invested across 48 companies in 2025, suggesting an average check of ~$100 million per company ¹⁰.

Co-investor patterns: ICONIQ frequently co-invests with top-tier growth equity firms including Thrive Capital, Sequoia, Andreessen Horowitz, Insight Partners, and Lightspeed. A distinctive feature is the firm’s ability to bring portfolio company operators as co-investors: Snowflake CEO Frank Slootman and Datadog president Amit Agarwal personally co-invested in the NinjaOne Series C alongside ICONIQ ¹⁴.

Notable gap between stated and actual thesis: Despite stating they avoid AI foundation model companies, ICONIQ co-led Anthropic’s Series G round ¹⁰, suggesting the firm’s actual AI appetite is broader than its public messaging implies. The firm is also more heavily weighted toward enterprise software than its stated breadth across “sectors and geographies” suggests — 73% of verified investments are enterprise SaaS.

Value-add model as differentiator: ICONIQ’s wealth management network creates a genuinely differentiated value-add capability. In 2025, the firm made 3,225+ strategic and commercial introductions, advised on 120+ executive and board-level searches, hosted 100+ dinners and events across 20 cities, and maintained a proprietary dataset of 70,000+ financial and operating data points ¹⁰. This network-driven model is arguably the firm’s primary competitive advantage over other growth equity firms.

Portfolio

The following table represents a subset of ICONIQ Growth’s 140+ portfolio company partnerships. Investment dates are sourced where available.

Note: Years marked with “~” are approximate, based on founding year proxies or estimated from fund vintage. This table represents approximately 51 of 140+ reported portfolio company partnerships. ICONIQ Growth’s website lists over 100 companies ¹¹.

In Their Own Words

“We left a white space that, if you don’t fill it, someone else fills it for you. So suddenly, everyone else is telling our story.” — Divesh Makan, Founder & CEO of ICONIQ Capital, Fortune, July 2024 ²

“The vast majority of our value has historically come from the public markets; we’ve had around 30 IPOs in the last 11 years. That’s changing. We haven’t had a new company go public since 2021.” — Matt Jacobson, General Partner, PYMNTS, 2024 ¹³

“We met Dylan and Evan…in 2013 when Figma was just an idea being developed in their Palo Alto apartment.” — Will Griffith, General Partner, Crunchbase News, 2025 ³

“Digital transformation doesn’t happen without network transformation and security transformation, and we believe that’s where Netskope delivers like no other provider.” — Will Griffith, General Partner, Netskope press release, 2021 ¹⁶

“Tomorrow’s winners will harness proprietary data, embrace agentic workflows, rethink pricing models, and stay technically close to both product and customer.” — Will Griffith and Matt Jacobson, ICONIQ Ascent 2025 ¹²

What Founders Say

“ICONIQ stepped in at an early stage and supported us for the duration. When I joined Snowflake, the team helped us connect with potential customers and open important doors. Nothing was too much to ask of them. They have been a terrific partner along the way.” — Frank Slootman, former Chairman and CEO of Snowflake, ICONIQ Growth website ¹¹

“ICONIQ is uniquely global and deeply connected — whenever we need access to a key account or CXO, they find a creative way to make it happen. They’re authentic, hands-on partners who bring unmatched analytical depth and integrity, going far beyond high-level advice to deliver insights and impact that truly help us build.” — Sanjay Beri, Founder & CEO of Netskope, ICONIQ 2025 Year in Review ¹⁰

“Customer introductions have been incredibly valuable. ICONIQ’s relationships are truly deeper.” — Bret Taylor, Co-Founder & CEO of Sierra, ICONIQ 2025 Year in Review ¹⁰

“Even before investing, ICONIQ helped with intros…They’re the long-term partner we want for 10–20 years.” — Mati Staniszewski, Co-Founder & CEO of ElevenLabs, ICONIQ 2025 Year in Review ¹⁰

Note: The above founder quotes are sourced from ICONIQ’s own communications. Founders quoted are also part of ICONIQ’s advisory and investment ecosystem, which may create an incentive to present the firm favorably. No independently sourced founder testimonials from third-party publications were found.

Sources