Figma Valued At $12.5 Billion In Tender Offer Backed By Fidelity, Others
Date
5/16/2024 3:36:10 PM
(MENAFN- Live Mint) " By Krystal Hu May 16 (Reuters) - Cloud-based designer platform Figma is closing a deal to allow its employees and early investors to sell their stake to new and existing investors at a valuation of $12.5 billion, the company said on Thursday. Figma, whose free online tool is used to create, share and test designs for websites, mobile apps and other digital products, has been seeking ways for employees to cash out on their stock options and restricted stock units after its $20 billion cash-and-stock deal to be acquired by Adobe collapsed. Figma is widely considered as a candidate to go public after antitrust regulators in Europe and Britain in December blocked what would have been among the biggest acquisitions of a software startup. New investors including Fidelity, Franklin Venture Partners and existing ones such as Sequoia and a16z are expected to acquire stakes totaling about $600 million to $900 million in the secondary sale. Figma was last valued at $10 billion in a private funding round in 2021. The company co-founded by tech executive Dylan Field in 2012 is cash flow positive and has expanded its offerings to include a broader platform for team collaborations with artificial intelligence features. In January, Figma offered more equity for employees at a $10 billion valuation. Those who decided to leave the company by Jan. 31 were entitled to three months pay in cash, with all their equity vested no matter how long they had been with the company. (Reporting by Krystal Hu; Editing by Richard Chang)
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