Cloud-based design platform Figma is reportedly in talks with investment banks about a potential initial public offering (IPO) later this year. The company, founded in 2012 in San Francisco, had previously accepted a $20 billion acquisition offer from Adobe in 2022, but the deal fell through due to regulatory scrutiny. Since then, Figma has raised additional funding from investors, including Coatue and General Catalyst, at a valuation of $12.5 billion.
CEO Dylan Field has indicated that Figma is on track to go public, with plans to expand its product offerings and focus on artificial intelligence tools. The company’s products include FigJam, an online whiteboard tool for collaboration, and Figma Slides, a presentation creation tool. In 2023, Figma launched its first hardware product, a keyboard for designers to program shortcuts to their most used design tools.
Despite initially considering acquisition offers, Figma is now focusing on a potential IPO, following in the footsteps of other tech companies such as CoreWeave, Discord, and StubHub. Figma currently has more than 1,400 employees and offices in major cities around the world, with a significant portion of its revenue coming from international customers. The company aims to continue expanding beyond designers, with two-thirds of its customers identifying as something other than designers, and one-third as software developers.
As Figma moves towards a potential IPO, the company’s innovative products and global expansion efforts continue to drive its success in the competitive design platform market.
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