HomeNews & updatesFigma’s Record-Breaking Sale to Adobe Delivers Billions to Top VCs - Yahoo...

Figma’s Record-Breaking Sale to Adobe Delivers Billions to Top VCs – Yahoo Finance UK

(Bloomberg) — Danny Rimer first invested in Figma in 2012, shortly after the company was established and began developing software tools for designers. Rimer, a partner at the venture capital firm Index Ventures, invited Figma’s co-founder and chief executive officer, Dylan Field, to dinner and ordered a bottle of wine to celebrate the deal. It was then that the young entrepreneur hesitated. “Danny, I’m 19,” Field said. Rimer went ahead, he recalled, and ordered the Pinot anyway.
Most Read from Bloomberg
Putin Calls Up More Troops, Resumes Nuclear Threat Over Ukraine
Powell Signals More Pain to Come With Fed Sending Rates Higher
Ukraine Seizes Dozens of Russian Tanks Left by Fleeing Forces
UN Latest: South Korean Leader Heard Insulting US Congress
Citadel’s Griffin Brings Billions to Miami With Political Winds at His Back
On Thursday, Adobe Inc. said it will buy Figma in a deal valued at about $20 billion — the largest exit of a privately held, VC-backed startup in at least 20 years, according to PitchBook data. Field, 30, is now of legal drinking age in the US, and both he and Rimer stand to make a lot of money from the sale.
Index is the biggest outside shareholder in Figma. It holds more than 12%, said a person familiar with the business who asked not to be identified because the information is private. Rimer and Figma declined to comment on the size of Index’s stake. The firm’s first check and its subsequent investments are now worth about $2.6 billion.
Field had made an early impression on Rimer as an intern at Flipboard, which makes a news aggregation app. Rimer was on the board and watched a young Field give a polished presentation. Field briefly attended college, but dropped out to join a fellowship program funded by Peter Thiel and soon went to work on Figma. At the outset, Field told Rimer he would spend up to three years developing Figma’s design tools before releasing them to the public. “It wasn’t an incremental, small thing,” Rimer said.
Figma amassed a roster of some of the top VC firms as its backers. Greylock Partners got in as the lead investor of a $14 million funding round in 2015, and Kleiner Perkins led a $25 million round in 2018; its stake is nearly 11%, said people familiar with the business. The early backers each ended up with at least $2 billion, said another person, who also asked not to be identified discussing private details.
Sequoia Capital invested in 2019, valuing Figma at $440 million. (The Sequoia partner who did the deal, Andrew Reed, tweeted a photo of Field signing the original paperwork with some of the terms clearly legible.) Sequoia put in $97 million in total and snatched a 6% stake in Figma, said a person familiar with the details. Sequoia’s stake is now worth $1.3 billion, and the single investment had a return exceeding the total value of the US growth fund it came from, the person said.
Another storied firm, Andreessen Horowitz, invested in Figma in 2020 and its stake is now worth about $500 million, according to a person familiar with the situation.
As for Rimer, he’s been thinking a lot about the dinner in 2012. To mark Thursday’s news, Rimer said he plans to send Field a case of wine.
(Corrects detail about VC-backed exits in the second paragraph. An earlier version corrected the size of Sequoia's stake.)
Most Read from Bloomberg Businessweek
Private Equity Giants Are Having Cash Flow Problems
The $8.6 Billion Startup That Helps Governments Trace Crypto
Why GM Is Taking the Slow Lane in the Great EV Race
No One Likes Annual Performance Reviews—Here’s How to Get Rid of Them
The SPAC King Folds, Ending the Blank-Check Frenzy
©2022 Bloomberg L.P.
Savers have overwhelmed their financial advisers with calls, emails and panicked texts, as they scramble to sell their investments to protect their money from Chancellor Jeremy Hunt’s £25bn tax grab.
With UK inflation still rising, this Fool is on the lookout for dividend shares offering returns that can challenge soaring prices. The post 2 FTSE dividend shares outrunning inflation appeared first on The Motley Fool UK.
Woodbois shares are changing hands for around half of what they were six months ago. With the company valued at less than £55m, is it time to buy? The post Should I rush to buy Woodbois shares while they’re still under 2.5p? appeared first on The Motley Fool UK.
Regularly buying UK shares in a Stock and Shares ISA could lead to an impressive retirement fund that puts the State Pension to shame. The post Have £100 to invest each month? I’d buy UK shares to try and retire wealthy appeared first on The Motley Fool UK.
Christopher Ruane explains why a 50% fall in the price of Tesla stock will not persuade him to add the carmaker to his share portfolio. The post Tesla stock has halved. Could things get worse? appeared first on The Motley Fool UK.
Analysis of Government figures by the PA news agency shows the average price of a litre of diesel is 188.9p.
The former president’s account reappeared on the social media platform along with all of its previous posts.
Cambridge-based company blames global uncertainty but says IPO preparations are ‘advanced’
Middle earners face a fresh income squeeze as the Government examines plans for “social tariffs”, which would see the energy bills of vulnerable households subsidised through levies on bills paid by the better off.
Reported posts aimed at 43 players remain live, according to anti-hate speech campaigners, fuelling concerns over possible abuse during World Cup
When Sophie Kim moved home to South Korea after 15 years in the United States, she couldn't find anywhere to buy kale for her green juice. So she found a farmer, then built an app to help others seek out top-quality produce.
Wood-burning stoves are vanishing from sale as desperate households look for old-fashioned ways to beat the energy crisis. A recent surge in demand, coupled with Covid manufacturing backlogs, means that certain models will not be available until next summer at the earliest, manufacturers have warned. Retailers said consumers were looking for alternatives to electricity and gas to heat their homes after energy prices soared following Russia’s invasion of Ukraine in February. In some cases custome
The Office for Budget Responsibility forecasts a 13.4 per cent rise in people placed on health and disability benefits
Taxes on dividends are set to rise after the Autumn Statement this week. Here’s what I plan to do with my dividend stocks to protect my passive income. The post After the Autumn Statement, I’m loading up on dividend stocks in my Stocks and Shares ISA appeared first on The Motley Fool UK.
Rich kids of Insta use strong dollar to fuel sales of high-end brands such as Burberry, Louis Vuitton and Gucci
France will spend 8.4 billion euros ($8.67 billion) to help companies pay their energy bills, in a bid to cushion the impact of rising electricity and gas prices and help them compete with German businesses, its finance minister said on Saturday. France will cut a special tax on electricity to the minimum allowed under EU rules and allow companies to tap a special mechanism to receive cheap nuclear-derived power. Earlier this year, Germany set out 200 billion euros to protect companies and households from high energy prices, drawing criticism from other EU countries fearing a distortion of the EU level playing field.
Dr James Fox explains why he's holding on to a FTSE stock that has already given him 100% returns since buying it not long ago. The post This FTSE stock gave me a 100% return in 7 months! But I’m not selling appeared first on The Motley Fool UK.
The European mobile towers market is "pretty much closed" as rising inflation makes it harder for companies to finance new deals and the availability of assets declines, the chief executive of Cellnex told the Financial Times. Negative interest rates over the past few years meant that "money was almost free", added the CEO of Cellnex, Europe's largest mobile phone tower operator, allowing the company to buy up 130,000 towers across 12 countries. When interest rates were low and debt was cheap, mobile towers were among the most attractive assets in telecoms.
Investing opportunities like today's don’t arrive very often and that's why I'm targeting FTSE 100 shares to hold long term, such as these. The post How I’m targeting FTSE 100 shares to play this stock market recovery appeared first on The Motley Fool UK.
Although Alliance Trust’s heritage dates back to 1888, it is arguably best known for reinventing itself in April 2017 when it appointed investment adviser Willis Towers Watson to run its assets via a “multi‑manager” approach.


- Advertisment -

Most Popular

- Advertisment -