Icon expands sixth fund to $375 mln, sells prior fund assets to Lexington

Icon Ventures, which backs Series B and C deals, announced it has expanded its current fund to $375 million from $265 million. Icon Managing General Partner Joe Horowitz said in a blog post the firm expanded its sixth fund to better compete in an environment that includes mega-funds and swelling round sizes. The firm said the expanded fund came with the support of current investors and by adding new investors, including Lexington Partners and the George Kaiser Family Foundation. Lexington Partners also completed a separate deal with Icon, acquiring all the remaining assets of Funds III and IV in a secondary transaction.

Icon, which has offices in Palo Alto and San Francisco, initially raised Icon Ventures VI in fall 2017.