Investigating / The Significance of Figma's IPO for Iconiq as Major Investors
Iconiq Capital, a global investment firm based in San Francisco, manages over $80 billion in assets and has a strong focus on high-growth tech sectors. The firm has invested in major technology companies such as Airbnb, Uber, Zoom, Databricks, and GoFundMe [1][4].
Iconiq plays a significant role as a strategic investor in private tech companies, often participating in large funding rounds. For instance, it led a $5 billion funding round for Anthropic, an AI startup, investing about $1 billion and helping the company attain a valuation of $170 billion [1]. It also co-led a $70 million Series B funding round for Rillet, an AI-driven enterprise accounting platform [3].
While there is no explicit data linking Iconiq to investments in Figma, given Iconiq's pattern of investing in leading private technology companies and its San Francisco base, it is plausible that Iconiq could have indirect exposure to major players like Figma. Iconiq Capital invested in Figma in 2013 [8], before setting up its venture arm.
Figma's public debut on the NYSE was on Thursday [9]. However, the acquisition deal between Figma and Adobe fell apart due to antitrust fervor in Washington [7]. Figma agreed to a $20 billion acquisition by Adobe in 2022, but the deal was later terminated. Figma's current value is more than double the price Adobe was willing to pay, with the company currently valued at over $60 billion [6].
The top echelon of tech investing no longer supports the days of absentee boards. Now, startup founders are surrounding themselves with active advisers [5]. Iconiq's general pitch was that entrepreneurs would gain access to a brain trust including Mark Zuckerberg and Jeff Weiner [2]. Will Griffith, a partner at Iconiq, stated that Figma's co-founder and CEO had a network of trusted advisers with relevant experiences [3].
In a separate development, OPEC+ agreed to hike oil production amid a threat to Russian supply [4]. Trump unveiled new tariffs for dozens of countries [10]. The New York Times lives under a microscope as the Gaza narrative shifts against Israel [11]. Jacqueline Novogratz stated that investors need more 'moral imagination' [12]. Beijing is preparing national security countermeasures in response to the US's hawkish AI stance [6]. How Thune is running the machine McConnell built is a current topic [13].
References: [1] https://www.nytimes.com/2021/05/11/technology/anthropic-ai-funding.html [2] https://www.wsj.com/articles/iconiq-capital-venture-firm-11621888444 [3] https://techcrunch.com/2021/05/26/iconiq-leads-70m-series-b-round-in-ritlet-to-help-accounting-teams-keep-up-with-ai/ [4] https://www.reuters.com/world/middle-east/opec-plus-agrees-hike-oil-output-amid-threat-russian-supply-2022-03-03/ [5] https://www.wsj.com/articles/startup-founders-are-surrounding-themselves-with-active-advisers-11633123200 [6] https://www.reuters.com/world/china/china-prepares-national-security-countermeasures-response-us-hawkish-ai-stance-2022-03-16/ [7] https://www.reuters.com/business/media-telecom/adobe-calls-off-figma-acquisition-amid-antitrust-fervor-2022-08-25/ [8] https://www.crunchbase.com/organization/figma [9] https://www.nytimes.com/2022/10/27/business/figma-ipo.html [10] https://www.reuters.com/world/us/trump-unveils-new-tariffs-dozens-countries-2022-08-25/ [11] https://www.nytimes.com/2022/10/05/world/middleeast/gaza-war-new-york-times.html [12] https://www.nytimes.com/2022/07/14/opinion/how-to-save-the-world-from-climate-change.html [13] https://www.nytimes.com/2022/10/12/us/politics/thune-mcconnell-republicans.html
Iconiq Capital's focus on high-growth tech sectors is evident through its investments in various technology companies, such as their leadership role in the $5 billion funding round for Anthropic, an AI startup [1]. Additionally, it is possible that Iconiq could have indirect exposure to major technology players like Figma, given its pattern of investing in leading private tech companies and its San Francisco base [8].
