ICONIQ Growth Research
Investment Thesis
ICONIQ Growth is the venture and growth investment platform of ICONIQ Capital, an ~$80B AUM multi-family office that manages wealth for some of Silicon Valley's most prominent tech executives, including Mark Zuckerberg, Reid Hoffman, Jack Dorsey, Sheryl Sandberg, and others. Founded in 2013 by Divesh Makan and Will Griffith (who joined from TCV), ICONIQ Growth's core philosophy is partnering with category-defining technology founders at critical inflection points, from early growth through IPO and beyond.
The firm's differentiated value proposition is what it calls "uncommon care": going beyond capital to provide founders with access to a network of 300+ tech executive families, curated introductions to customers and talent, board support, and a 80-person dedicated venture team. AI has become a core thesis focus, with ICONIQ deploying more than $3 billion into AI startups in 2025 alone.
Stage Focus
ICONIQ Growth primarily enters at the Series B stage, when portfolio companies typically have approximately $10M in ARR and have demonstrated clear product-market fit. They actively support companies through subsequent rounds at Series C, D, E, and beyond — all the way through IPO. In recent years, ICONIQ has expanded its entry point to include select Seed and Series A investments in high-conviction AI opportunities (e.g., Grotto AI at seed, Whirl AI at seed, and Conduct at Series A).
Check Size
ICONIQ writes substantial initial checks, typically ranging from $25M to $200M for growth-stage companies. At early stages (Seed/Series A for exceptional cases), check sizes can be smaller. The fund has significant follow-on reserves to support portfolio companies across multiple rounds. For example, ICONIQ invested $55M in Snowflake's Series D in 2017 as an initial check, ultimately deploying $361M total into the company.
Lead Tendency
ICONIQ Growth frequently leads or co-leads investment rounds. Recent examples include co-leading Anthropic's Series H (May 2026), leading ElevenLabs' Series D (February 2026), co-leading Conduct's Series A (June 2026), and leading Grotto AI's Seed round (February 2026).
Recent Activity
ICONIQ Growth is actively deploying from Fund VII ($5.75B, closed July 2024), its largest fund to date. The firm was also raising its eighth flagship fund (Fund VIII) as of late 2025.
Key recent investments (2025-2026):
- Anthropic (Series H, co-led) — May 2026; Anthropic's run-rate revenue crossed $47B
- Conduct (Series A, co-led) — June 2026; AI operating system for Enterprise IT (SAP ERP modernization)
- ElevenLabs (Series D, led) — February 2026; AI voice platform
- Grotto AI (Seed, led) — February 2026; AI-powered property management
- Whirl AI (Seed, partnered) — 2026; agentic AI platform for enterprise IT
- Standard Template Labs (incubated) — 2026; AI-native platform for enterprise service management
- Anduril (new investment) — 2025; defense technology modernization
- Rillet (Series B) — 2025; AI-native ERP
- Omni (Series B, doubled down) — 2025; business intelligence and data platform
Portfolio Highlights
ICONIQ Growth has backed 140+ portfolio companies since 2013, with 27+ going public.
Notable active portfolio companies:
- AI Leaders: Anthropic, ElevenLabs, Databricks, OpenAI, Physical Intelligence, Glean, Writer, Pinecone, Braintrust
- Enterprise Software: Snowflake, Figma, GitLab, Notion, Miro, Canva, DocuSign, Braze, NinjaOne, Highspot, Collibra, Calendly, Ramp, CrowdStrike
- Fintech: Stripe, Chime, Adyen, Marqeta, Robinhood, Wealthsimple, Monzo, Altruist, Groww, Lead Bank, Nevis, Rain
- Security and Infrastructure: CrowdStrike, Netskope, Drata, Orca Security, Axonius, Virtru, HashiCorp, Panther
- Healthcare: Oura, Komodo Health, BetterUp, Benchling, Twin Health, Tennr, GoodRx, AcuityMD
Notable exits and milestones (2024-2026):
- Fin acquired by Salesforce for $3.6B (June 2026)
- Anthropic Series H co-led (May 2026); run-rate revenue $47B
- Figma IPO (2025)
- Groww IPO (2025)
- Netskope IPO (2025)
- ServiceTitan IPO (December 2024)
- Moveworks acquired by ServiceNow (2025)
- DX acquired by Atlassian (2025)
- Statsig acquired by OpenAI (2025)
- EvolutionIQ acquired by CCC (2025)
- Fivetran and dbt Labs merged (2025)
- Fund VII closed $5.75B (July 2024)
Team
- Divesh Makan — Co-Founder and Managing Partner. Originally from South Africa, Makan left Morgan Stanley in 2011 to found ICONIQ Capital, starting by managing wealth for the Facebook inner circle (Zuckerberg, Sandberg, Moskovitz) and building it into an $80B AUM powerhouse.
- Will Griffith — Managing Partner. Co-launched ICONIQ Growth in 2013 after nine years at TCV. Sits on boards of 1Password and Dialpad.
- Matt Jacobson — General Partner. Former TCV and Battery Ventures investor, with the fund since 2013. Focused on enterprise software.
- Doug Pepper — General Partner. Joined 2020. Known for SaaS bets including Braze (NASDAQ: BRZE) and Marketo.
- Greg Stanger — General Partner.
- Rob Bernshteyn — General Partner. Former CEO of Coupa Software for 14 years, joined ICONIQ Growth in March 2024. Brings deep enterprise software operating experience.
- Seth Pierrepont — Partner. Member of ICONIQ Partners (UK) LLP, based in London.
- Ryan Koh — Partner. Named to Forbes 30 Under 30 list in 2026.
- Yoonkee Sull — Partner, based in New York.
- Roy Luo — Partner, based in San Francisco.
Advisory council includes Mark Zuckerberg, Reid Hoffman, Chase Coleman (Tiger Global), Jerry Yang (Yahoo), Henry Kravis (KKR), and Mary Barra (GM).
Decision Process
ICONIQ Growth operates as a partnership with investment committee-based decision-making. Key investments are vetted by the full partnership team. The firm has specialized councils (e.g., healthcare council led by former J&J CEO Alex Gorsky) that advise on sector-specific due diligence. The firm documents every introduction in Salesforce and treats network development as a core operating discipline.
Founder Preferences
ICONIQ Growth prefers exceptional, mission-driven founders building category-defining companies, typically at the growth stage (Series B+, $10M+ ARR). They particularly value:
- Category-defining ambition and product-first thinking
- Strong management teams ready to scale
- Founders who want deep partnership, network access, and operational support — not just capital
- Companies building for enterprise, fintech, AI, or healthcare where ICONIQ's extensive network creates leverage
Geographic Focus
Primarily US-based investments (80%+ of portfolio), with offices in San Francisco and New York. Selective international investments in Europe (Belgium/Adyen, UK/Dialpad, Monzo, Finland/Wolt, Sweden), India (Groww, Flipkart, Ajaib), Canada (Wealthsimple), and Latin America (Clara). Seth Pierrepont leads European efforts from the London office.