Software Company Figma Raises $200M At $10B Valuation: Bloomberg

Software design company, Figma Inc, has raised $200 million at a valuation of $10 billion, Bloomberg reports.
Figma, which allows customers to collaborate on software as they build it, noted a demand jump from the pandemic-induced remote work.
The company’s investors included Durable Capital Partners and Morgan Stanley through its Counterpoint Global group.
Dylan Field founded Figma spent several years in stealth before introducing browser-based software design tools. 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.
Figma’s customer base expanded in recent years from Airbnb Inc ABNB, Alphabet Inc GOOG GOOGL Google, Herman Miller Inc MLHR, Kimberly-Clark Corp KMB to also lightweight game, map and presentation builders, Sequoia Capital partner Andrew Reed noted.
Figma still faces stiff competition from Adobe Inc ADBE, InVisionApp Inc., and Balsamiq Studios.
The funding proceeds will help Figma to expand past its current two products and focus on its users. It was looking to acquire both strategic assets and talent.
The company will employ around 500 people by 2021 end.
An investment founder and analyst highlighted the company’s new product, FigJam, reflecting its broader prospects. FigJam functions as an online whiteboard allowing teams to chat and share emojis while brainstorming.
Related Link: Microsoft Corp MSFT recently announced Whiteboard app updates to encourage corporate brainstorming.

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