![]() ![]() Careers and fortunes are made at the tail end of a bull cycle. ![]() What becomes of that massive wealth horde is an open question. Just as this epic bull run looked to be coming to a close - at the end of last year - ICONIQ’s assets under management totaled $83.5 billion, according to the private investor presentation. ICONIQ has invested in more than 120 companies, deploying $12.9 billion in capital. ICONIQ is at once a family office for the ultra wealthy, a growth fund that competes with the likes of Tiger Global, a major real estate investor, and an impact investor. Since ICONIQ was founded in 2011, Makan has exploded the firm’s reach. The firm’s advisory board comprises some of the most powerful investors and tech business leaders in the world: LinkedIn co-founder Reid Hoffman, Asana CEO Dustin Moskovitz, Yahoo! co-founder Jerry Yang, General Motors CEO Mary Barra, Johnson & Johnson executive chairman Alex Gorsky, Tiger Global founder Chase Coleman, founding TPG partner David Bonderman, co-CEO of KKR Henry Kravis, Indian steel magnate Aditya Mittal, and Zuckerberg. If you know anything about ICONIQ, it’s probably that the firm built its reputation on the back of managing some of Mark Zuckerberg’s enormous fortune.Ī private fundraising presentation that I’ve obtained makes clear that Zuckerberg, who remains an advisor to the firm, is far from the only headline name with deep connections to ICONIQ. A spokesperson for ICONIQ declined to comment. That gives the firm a deep reserve of dry powder as tech stocks - including ICONIQ portfolio companies like Snowflake and Datadog - crater. I can report that the fund - ICONIQ Strategic Partners VII- has been raised and totals $6 billion, according to a source. ICONIQ has been in the process of raising its seventh growth fund. The firm counts some of the wealthiest and most connected billionaires in the world as clients and consiglieres. ![]() He said the pandemic has accelerated the shift toward food delivery by six to eight months.If there’s any investment firm that’s truly a backroom cabal of rich and powerful tech elites, it’s Divesh Makan’s ICONIQ Capital. Kuusi said Wolt hasn’t even spent any of those funds, but is now building up a war chest and focusing on growth over profitability. Last May, as the pandemic battered economies across the world, the company raised 100 million euros ($122 million) in a round led by Goldman Sachs Growth Equity to prepare for an economic downturn. In the past year, it’s expanded services beyond restaurant takeaway to delivering groceries and retail goods like pharmaceuticals. Wolt, which launched in 2015, is available in 23 countries and more than 120 cities. We’re going to continue to expand in retail.” “We’re going to continue to expand to new countries and new cities. “With this round, we’re able to take a much more long-term approach when it comes to thinking about investments and thinking about opportunities,” said Kuusi. It wants to complete preparations for an initial public offering this year so its shares can begin trading as early as the end of the first half of next year, said Miki Kuusi, Wolt’s chief executive and co-founder. Last year Wolt’s revenue tripled to a preliminary $345 million with a net loss of $45 million. is valued at $61 billion after its public trading debut in December. startup Deliveroo raised $180 million this month, while in the U.S. New backers joining the round included KKR & Co., Tiger Global Management, DST Global, Prosus NV and Coatue Management.įood delivery companies have been flooded with cash from investors betting the pandemic brought a permanent shift in consumer habits. The Series E round led by Iconiq Growth brings the total raised by Wolt to $856 million, the company said in a statement Monday. (Bloomberg) - Finnish startup Wolt has raised $530 million and is preparing for a potential 2022 stock market listing in its effort to rival the big players in a surging food delivery industry. ![]()
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