According to insiders, an investment group including Coatue Management, Alkeon Capital Management, and General Catalyst Partners has invested in Figma, a design software startup, with a valuation of $12.5 billion.
One insider said that at the time the deal was reached, the San Francisco-based company had annual recurring revenue of over $0.7 billion, and it is expected to exceed $1 billion by next year. As the information is not public, the insider requested anonymity. At the end of 2022, the company's annual recurring revenue was about $0.4 billion.
Figma, led by CEO Dylan Field, launched new AI features and a visual storytelling tool called Figma Slides in June of this year. After last year's failed merger plan with Adobe, the company is widely regarded as the ultimate IPO candidate.
A Figma spokesperson said that this was a secondary stock sale transaction that had been completed, but he declined to comment on the identities of certain investors and the company's revenue. This secondary stock sale, also known as a tender offer, involves current and former employees as well as other shareholders.
According to a Figma spokesperson, other participating investors include hedge fund SurgoCap Partners, Atlassian Corp., Fidelity Management & Research Co., Franklin Venture Partners under Franklin Templeton, Iconiq, Sequoia Capital, Thrive Capital, Greenoaks Capital Partners, Durable Capital Partners, Andreessen Horowitz, Kleiner Perkins, Apple executives Eddy Cue and Goanna Capital, and XN.