Dylan
Field,
co-founder
and
CEO
of
Figma,
speaks
at
the
startup’s
Config
conference
in
San
Francisco
on
May
10,
2022.
Figma
Figma,
a
cloud-based
design
tool
company,
said
Thursday
it
will
allow
investors,
including
current
and
former
employees,
to
sell
their
shares
in
a
tender
offer
that
values
the
company
at
$12.5
billion.
That’s
up
25%
from
the
valuation
at
which
the
company
fundraised
in
2021,
but
below
the
$20
billion
acquisition
offer
Adobe
made
in
2022.
Adobe and
Figma
called
off
the
planned
acquisition
in
December
following
regulatory
scrutiny.
The
San
Francisco-based
startup
expects
the
size
of
the
tender
to
be
between
$600
million
and
$900
million,
with
support
from
more
than
25
current
and
new
investors.
A16z,
Sequoia
and
Kleiner
Perkins
are
participating
in
the
offer.
Figma
is
used
by
tens
of
thousands
of
employees
inside
Microsoft,
which
spends
millions
per
year
on
its
deployment.
Google, Oracle and Salesforce
also
use
the
company’s
software.
In
June
2021,
during
the
heyday
of
mega
financings,
Figma
was
valued
at
$10
billion
in
a funding
round that
included
participation
from Morgan
Stanley’s Counterpoint
Global.
That
was
before
the
2022
market
plunge
sent many
cloud
stocks
down by
more
than
half
and
largely
halted
pre-IPO
rounds.
Adobe
initially
said
acquiring
Figma
would
be
a
natural
complement
to
the
company’s
portfolio,
writing
in
the
original announcement that
“the
combination
of
Adobe
and
Figma
will
usher
in
a
new
era
of
collaborative
creativity.”
In
December,
a
regulatory
filing
said
Adobe
would
pay
Figma
a
$1
billion
breakup
fee.
—
CNBC’s
Jordan
Novet
contributed
to
this
report.
