2025 Mid-Year Update

Tuesday, May 20th, 2025

To our LP's and Trusted VC Partners,

2025 thus far has certainly been a wild ride...Sample text below from Sapphire as a placeholder

Venture investment activity has increased with the emphasis on AI. (March global VC investment $41B per Pitchbook).

First major tech IPO of the year with CoreWeave.

Strong quarter for M&A: Google Cloud’s $32B acquisition of Wiz (resulting in the largest VC-backed M&A exit in history). ServiceNow’s acquisition of Moveworks,

We remain in a world of public market uncertainty driven by recent tariff announcements.

While we are paying close attention to tariff implications, we believe the investment appetite to back innovative and exciting companies in 2025 and beyond will continue full speed ahead. Furthermore, we know that unusual times often create space for category-defining companies to emerge, building through uncertainty and breaking out because of it.

iconventures.com

Portfolio Company Updates

AI-powered experimentation platform to enhance data-driven decision-making

Acquired by Datadog in May 2025 for .....

The digital-first healthcare platform designed specifically for women 40+

Closed new financing round XXXXXXX

Enterprise data intelligence solutions....

New acquisition....

Icon View on Capital Gains

I have been in the venture capital business for over four decades and for the last 22 years have been the managing general partner of Icon Ventures, a Silicon Valley firm committed since inception to best practices in venture capital. We are a small deeply integrated team and have had the good fortune to have backed startups that have grown to become multi-billion-dollar market leaders such as FireEye, Palo Alto Networks, Bill.com and Maven Clinic. As an experienced VC practitioner, I can speak with first-hand knowledge of the importance of capital gains tax treatment, not only for the companies we back but also with regard to our carried interest at the partnership level.

Foundational VC for AI

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