It has backed companies such as Snowflake Inc., Epic Games Inc., the creator of Fortnite, and online trading app Robinhood Markets. In Europe, the firm put money into fintech Adyen in 2015, scoring a huge win for its investors and has more recently backed Finnish food delivery startup Wolt. Iconiq is now looking for a new investment partner to oversee its European investments, Business Insider reported earlier Monday, citing people familiar with the matter without identifying them. Avance advises KKR in its investment in Wolt Enterprises Oy, a Helsinki-based technology company known for their food delivery platform. Iconiq Capital, the multifamily office that has managed money for tech billionaires including Mark Zuckerberg, has formed a European entity as buoyant valuations propel the region’s startup scene. The move shows the growing appetite for European startups, which have typically commanded lower valuations than their U.S. Wolt raises in total EUR 440 million in a financing round led by ICONIQ Growth to expand Wolt’s speedily-growing retail delivery service faster and further. Payments business became Europe’s largest startup last month after a fundraising round nearly tripled its valuation to $15 billion and U.K. food-delivery startup Deliveroo is said to be exploring a IPO this year, thanks to the popularity of takeout meals amid coronavirus-induced lockdowns. Iconiq has moved well beyond just serving the ultra wealthy. It’s now an institutional asset manager with pension funds such as the Canada Pension Plan Investment Board among its fund investors.
Wolt, the Helsinki-based online ordering and delivery company that initially focused on restaurants but has since expanded to other verticals, has raised 530 million in new funding.
Last year, Dyal Capital Partners bought a roughly 6% stake in the firm. Iconiq didn’t immediately respond to a request for comment.
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