Cloud-based design platform Figma is reportedly considering going public this year after meeting with investment banks. The company, founded in 2012 in San Francisco, offers free tools for designers and developers and has raised funding from investors like Coatue and General Catalyst. Figma accepted a $20 billion acquisition offer from Adobe in 2022, but regulators blocked the deal in 2023.
Due to regulatory scrutiny on mergers and acquisitions, many tech companies are now looking towards going public instead. Figma is not the only company exploring this option, as CoreWeave, Discord, and StubHub are also reportedly considering IPOs. Figma has been expanding its product offerings and recently introduced a keyboard for designers to program shortcuts to their most frequently used design tools.
The company’s products, including FigJam for collaboration and Figma Slides for presentations, have gained popularity globally. More than 85 percent of Figma’s weekly active users are from outside the United States, and over half of its revenue comes from international customers. Figma has expressed a desire to continue expanding beyond just designers, with two-thirds of its customers identifying as something other than designers.
With offices in major cities like New York, London, and Tokyo, Figma has over 1,400 employees. CEO Dylan Field has hinted at the company’s path to going public, indicating a potential IPO in the near future. This move could test Wall Street’s appetite for A.I.-related companies and further solidify Figma’s position in the design and development industry.
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