#Figma crunchbase software#
#Figma crunchbase series#

The company will employ around 500 people by 2021 end.It was looking to acquire both strategic assets and talent. The funding proceeds will help Figma to expand past its current two products and focus on its users.Figma still faces stiff competition from Adobe IncВ (NASDAQ: ADBE), InVisionApp Inc., and Balsamiq Studios.FigmaвЂ™s customer base expanded in recent years from Airbnb IncВ (NASDAQ: ABNB), Alphabet IncВ (NASDAQ: GOOG) (NASDAQ: GOOGL) Google, Herman Miller IncВ (NASDAQ: MLHR), Kimberly-Clark CorpВ (NYSE: KMB) to also lightweight game, map and presentation builders, Sequoia Capital partner Andrew Reed noted.

#Figma crunchbase software#

The tools helped software designers to work together in real-time, bypassing the process of saving and sending their work to collaborators using a collection of disparate apps. Dylan Field founded Figma spent several years in stealth before introducing browser-based software design tools.The companyвЂ™s investors included Durable Capital Partners and Morgan Stanley through its Counterpoint Global group.Figma, which allows customers to collaborate on software as they build it, noted a demand jump from the pandemic-induced remote work.Software design company, Figma Inc,В has raised $200 million at a valuation of $10 billion, Bloomberg reports.Field added that, though the company is not yet profitable, this latest financing gives the company three to four years of runway, even with aggressive scaling and hiring efforts moving forward. This latest deal brings FigmaвЂ™s total funding to $132.9 million. The firm has also seen an uptick in whiteboarding, note taking, slide deck creation and diagramming, as companies start using Figma as a collaborative tool across an entire organization rather than just within a team of designers. The company says that one interesting change theyвЂ™ve seen in the COVID era is a significant jump in user engagement from teams to collaborate more in Figma. вЂњFigma is a tool that can help right now.вЂќ вЂњWeвЂ™re actually seeing a lot of acceleration for bigger deals on the sales side,вЂќ said Field. The new funding expands FigmaвЂ™s runway during these uncertain times, with coronavirus halting a lot of enterprise purchasing and ultimately slowing growth of some rising enterprise players.ДЇield explained that FigmaвЂ™s data is counter to the expected narrative around enterprise purchasing because Figma is specifically built to let teams collaborate in the cloud. The company also launched an educational platform called Community, which gives designers the ability to share their work and let other users вЂremixвЂ™ that design, or simply check out how it was built, layer by layer.ДЄ spokesperson told TechCrunch that this deal was вЂњopportunistic,вЂќ and that the company was in a strong cash position pre-financing. For example, the company launched plug-ins in 2019, allowing developers to build in their own tools to the app, such as a plug-in for designers to automatically rename and organize their layers as they work () and one that gives users the ability to add placeholder text that they can automatically find and replace later (Content Buddy). Since, Figma has built out the platform to expand access and usability for individual designers, small firms and giant enterprise companies alike.

The premise was to create a collaborative, cloud-based design tool that would be the Google Docs of design. вЂњI got to see firsthand how a deal done online can work and I think more and more investors arenвЂ™t going to worry about whether youвЂ™re in Silicon Valley or not.вЂќДЇigma launched in 2015 after nearly six years of development in stealth. вЂњWhen you think about the future of Silicon Valley, there is an interesting question around capital infrastructure being here and people not being able to access that if theyвЂ™re not here, too,вЂќ said Field.

Field also added that he has not met other investors in this round in person, and the vast majority of the deal was done over Zoom.

#Figma crunchbase series#

TheyвЂ™ve been building their relationship over the past year, leading to todayвЂ™s Series D close. вЂњIt felt a bit like a shotgun wedding,вЂќ said Field, explaining that both parties instead opted to get to know each other better.