Secretive Iconiq Capital spends $125m for software group stake

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business-law-883985-mIconiq Capital, the firm founded in 2012 by Technology Crossover Ventures veteran Will Griffith, has paid $125m for a minority stake in US electronic data company kCura.

The data company is the owner of software tool Relativity, a platform used in the legal profession to manage huge amounts of data and documents.

kCura CEO Andrew Sieja said, “We’re very excited to be working with ICONIQ Capital to ramp up our growth in a smart way, while retaining our autonomy.

“They have the investor mindset to take a long-term view of companies like ours, they have strong expertise in high-growth software companies, and they have an unparalleled network.”

An email seeking comment from Iconiq was not answered by deadline.  The firm does not have a web presence beyond a client login and generic email address.

Its recent deals include participation in the $41m Series B round for quote-to-cash solutions company Apttus, and taking part in a $700m funding round for Indian e-commerce site Flipcart.

Iconic is believed to have raised close to $400m for its debut fund after founding in 2012.

Commitments to the first fund totaled $393m in mid-2014, although it was unclear when the final close took place.

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