Here's Who Got Rich on Figma's Red Hot IPO

Here’s Who Got Rich on Figma’s Red Hot IPO

Figma went public on Thursday at a $19.3 billion valuation, three years after Adobe was set to acquire the design company for almost the same amount. By market close, Figma’s stock had more than tripled its IPO price, valuing the company at nearly $68 billion, giving many of the company’s Silicon Valley investors, and one nonprofit, a massive windfall.

Figma’s IPO has easily become the hottest IPO of the year and a target of pent-up public market demand after a three-year tech IPO drought. The company even threw a massive block party in front of the New York Stock Exchange for the debut.

While Figma’s stock was priced at $33 a share in the IPO, the stock popped spectacularly on its market debut Thursday, opening at a stunning $85 a share and jumping as high as $124.63.

Figma’s $33-a-share IPO price already fell above its expected range of $30 to $32 a share, which the company had raised from a previous range of $25 to $28 a share. Figma ultimately raised $1.2 billion in the offering.

An IPO wasn’t always in the cards for Figma. In 2022, Adobe announced it would acquire its design rival for $20 billion. But the deal fell through the following year due to regulatory pushback.

Investors told BI in July that the breakup was a blessing in disguise for Figma. After Adobe paid Figma a $1 billion termination fee, Figma launched four new products, doubling its catalog and reinvigorating its business, investors said.

Dylan Field and Evan Wallace cofounded Figma in 2012 and launched its design software to the public four years later. The company has raised about $333 million since its inception, according to PitchBook. Before its IPO, Figma was most recently valued at $12.5 billion in a May 2024 tender offer.

We don’t know how much Figma’s investors paid for their shares, so we can’t calculate their profits. We used Figma’s share price at Thursday’s market close, $115.50, to determine the worth of its major investors’ stakes following its listing.

A Figma spokesperson declined to comment for this story.

Here’s how much those stakes are worth after Figma’s IPO.

Index Ventures, an investor: $7.2 billion

Danny Rimer - Index Ventures — Danny Rimer, a partner at Index Ventures, sits on Figma’s board of directors.

Index Ventures.

Index Ventures is the biggest winner in Figma’s IPO. The London and San Francisco-based VC firm owns the largest stake in Figma with about 66 million shares, or nearly 13% of the company after the listing.

Index Ventures invests in companies at all stages, from seed to IPO. The firm co-led Figma’s $3.9 million seed round in 2013 and contributed to each of Figma’s subsequent rounds, through its June 2021 Series E.

Danny Rimer, a partner at Index Ventures, has served on Figma’s board of directors since the firm’s initial investment 12 years ago. Rimer joined Index Ventures in 2002.

Index Ventures sold about 3.3 million shares in Figma’s IPO, assuming it also sold extra shares set aside for strong demand, a common practice in hot IPOs. At the $33 IPO share price, that sale would’ve brought in nearly $108 million.

At the company’s $115.50 closing share price, the firm’s remaining stake is worth about $7.2 billion.

Greylock Partners, an investor: $6.7 billion

a headshot of John Lilly, wearing rimless glasses and a checkered collared shirt.

John Lilly, a venture partner at Greylock and Figma board member.

Figma

San Francisco-based Greylock Partners backs early-stage tech companies with pre-seed, seed, or Series A checks. The firm owns about 12% of Figma after the IPO.

Greylock led Figma’s $14 million Series A round in December 2015. The firm invested in all subsequent Figma fundraises, including its Series E.

Greylock venture partner John Lilly has been a Figma board member since December 2014.

Greylock purchased an additional 78,000 shares of preferred Series C stock from another Figma shareholder in 2022, at $32 a share, totaling $2.5 million.

Greylock sold about 3.1 million shares in Figma’s IPO, assuming a full sale of its extra shares. At the $33 IPO share price, that sale would’ve brought in $101 million.

At the company’s $115.50 closing share price, the firm’s remaining stake is worth about $6.7 billion.

Dylan Field, CEO and cofounder: $6.3 billion

Field owns about 57 million shares, or about 11% of Figma. He chairs the board and also serves as its president and CEO.

The 33-year-old hails from the Bay Area and studied computer science at Brown University, where he met cofounder Evan Wallace. Field received a Thiel fellowship at 19, and left school to build the company.

It wasn’t always smooth sailing. He discussed early challenges with Business Insider, including contending with disaffected employees and learning how to pitch investors, all while getting the initial product to market over the years.

Field also controls his cofounder’s shares for voting purposes. With those shares, following the IPO, Field holds about 74% of Figma’s voting rights.

Field sold 2.35 million shares in the IPO, which at the $33 IPO share price would’ve brought in about $78 million.

At the company’s $115.50 closing share price, Field’s remaining stake is worth about $6.3 billion.

Kleiner Perkins, an investor: $6 billion

Mamoon Hamid, crossing his arms and wearing a khaki button-up shirt. — Mamoon Hamid

Figma

Kleiner Perkins partner Mamoon Hamid has served on Figma’s board since December 2017, the same year he joined the multi-stage VC firm. Figma was his first investment at Kleiner Perkins.

The firm owns nearly 11% of Figma after the IPO. Kleiner Perkins led Figma’s $25 million Series B fundraise in 2018 and contributed in each subsequent round through the company’s Series E.

Hamid serves on Figma’s audit and compensation committees. He has also been an early investor and board member at Slack, Rippling, Glean, and Box.

In 2022, Kleiner Perkins purchased about 78,000 Class C Figma shares for $2.5 million. The firm also purchased about 1.3 million Class A shares for roughly $30 million across two transactions from Figma’s employees and other investors as part of its 2024 tender offer.

Kleiner Perkins sold 2.7 million shares in Figma’s IPO, assuming full sale of its extra shares. At the $33 IPO share price, that sale would’ve brought in about $91 million.

At the company’s $115.50 closing share price, the firm’s remaining stake is worth about $6 billion.

Sequoia Capital, an investor: $3.8 billion

Andrew Reed sitting at a table with his arms crossed, wearing a blue zip-up sweater. — Andrew Reed

Figma

Multi-stage mega-firm Sequoia Capital first invested in Figma in 2019, when it led the company’s $40 million Series C fundraise. Sequoia now owns nearly 7% of the company after its IPO.

The firm invested further in Figma’s Series D and E rounds. Sequoia partner Andrew Reed joined Figma’s board of directors in February 2024.

“This company is considered to be so unique in its market [because] it’s not like there is a second-tier company,” said Reed in a 2021 Sequoia blog post about Figma’s rise. “They’re the ones who make the product that works.”

San Francisco-based Sequoia purchased about 78,000 shares of preferred Series C stock from another Figma investor in 2022 at $32 a share, totaling $2.5 million.

The firm sold 1.7 million shares in Figma’s IPO, assuming full sale of its extra shares, which at the $33 IPO share price would’ve brought in about $56 million.

At the company’s $115.50 closing share price, Sequoia’s remaining stake is worth about $3.8 billion.

Evan Wallace, cofounder: $3.1 billion

Figma founders Evan Wallace Dylan Field — Evan Wallace and Dylan Field are the cofounders of Figma.

Figma

Evan Wallace cofounded Figma with Field, his Brown classmate. He served as CTO for roughly a decade before announcing his departure in 2021. He owns about 5.5% of Figma after its IPO.

According to his website, Wallace is currently working on esbuild, an open-source JavaScript and CSS bundler he began designing in 2020.

Wallace also created the Skew programming language while at Figma to help the platform render complex designs. Throughout and following his time at Figma, he’s programmed multiple apps, games, and graphics algorithms.

Wallace’s shares are held in a family trust. As Wallace is no longer on Figma’s board, Field controls his shares for voting purposes. Wallace didn’t sell any shares in the IPO, but he donated a portion of his shares to nonprofit The Marin Community Foundation. The nonprofit sold 13.4 million Figma shares, worth $33 each, in this week’s IPO, which means it would have generated some $440 million for the foundation.

At Figma’s $115.50 closing share price, Wallace’s remaining stake is worth about $3.1 billion.

Praveer Melwani, CFO: $171 million

Praveer Melwani, wearing a grey shirt, silver necklace, and seated in front of some plants. — Figma CFO Praveer Melwani.

Figma

Melwani joined Figma in 2017 as head of business operations and finance, and ascended to the chief financial officer role in 2022. “I’ve never been more energized in my career,” he wrote at the time.

He joined the company when there were fewer than 30 employees and became its first business ops hire, he said in an interview with Neo.Tax. He added treasurer to his title in 2024. After Figma’s IPO, Melwani owns about .3% of the company.

Prior to joining Figma, Melwani, who hails from Canada, worked in business operations at NerdWallet and in strategic finance at Dropbox.

Melwani sold about 311,000 Class A shares for $7.2 million in Figma’s tender offer last year.

He sold 47,500 shares in Figma’s IPO, which at the $33 IPO share price would’ve brought in $1.6 million.

At the company’s $115.50 closing share price, Melwani’s remaining stake is worth about $171 million.

Shaunt Voskanian, chief revenue officer: $136 million

Shaunt Voskanian, wearing a zip-up shirt and sitting in a blue chair in front of plants. — Shaunt Voskanian is Figma’s chief revenue officer.

Figma

Voskanian has served as Figma’s chief revenue officer since 2021. He owns about .2% of the company after its IPO.

Voskanian joined the company after holding various leadership roles at cloud company Datadog. Before that, he worked in sales at Oracle and Google.

“When I first met Dylan Field (back in January), I was nervous I might be wasting his time,” Voskanian wrote of initially not wanting to leave Datadog. But “there was something about the brand, the growth, the people. I felt an immediate connection.”

Voskanian previously sold about 191,000 Class A shares valued at $4.4 million in Figma’s 2024 tender offer.

Voskanian sold 90,000 shares in Figma’s IPO, which at the $33 IPO share price would’ve netted him about $3 million.

At the company’s $115.50 closing share price, Voskanian’s remaining stake is worth about $136 million.

Lynn Vojvodich Radakovich, board member: $73 million

Lynn Vojvodich, wearing a black blazer and white shirt in front of a grey background. — Lynn Vojvodich Radakovich sits on Figma’s board of directors.

Figma

Vojvodich Radakovich joined Figma in 2019 as an independent board director, following a storied career across tech, marketing, and venture capital. She owns about .1% of the company after its IPO.

Until 2017, she served as Salesforce’s chief marketing officer and executive vice president. Before that, she was a partner at Andreessen Horowitz. (A16z led Figma’s $50 million Series D fundraise in April 2020.)

She also spent 10 years as the chairman and CEO of Take 3, a marketing strategy firm she founded in 2006.

In addition to her role at Figma, Vojvodich Radakovich serves as a board director at Dell, Ford, and Booking Holdings, the parent company of consumer brands like Booking.com and OpenTable.

Vojvodich Radakovich didn’t sell any shares in Figma’s IPO.

At the company’s $115.50 closing share price, her remaining stake is worth about $73 million.

Mike Krieger, board director and an angel investor in Figma: $15 million

Anthropic executive Mike Krieger — Anthropic’s chief product officer, Mike Krieger.

Anthropic

Mike Krieger, Anthropic’s chief product officer, joined Figma’s board of directors just this month. He invested early in Figma, per the company, and owns about .03% of it after its IPO.

Krieger is best known as the cofounder of Instagram, where he served as CTO for eight years. Before joining Anthropic in May 2024, he started the news aggregator app Artifact in 2021 alongside his Instagram cofounder Kevin Systrom, before shutting down the app in early 2024.

“Mike is an ‘n of 1’ product leader who brings both big vision and pixel-level craft to everything he builds,” Field said in a July 21 release about Figma’s new board directors. “Mike was an early angel investor in Figma, and I’ve always enjoyed discussing the future of design, product, and AI with him. I’m looking forward to Figma benefiting from his perspective as well.”

Krieger didn’t sell any shares in Figma’s IPO.

At the company’s $115.50 closing share price, his stake is worth $15 million.

Kelly Kramer, board director: $6.5 million

unnamed 2 — Kelly Kramer sits on Figma’s board of directors.

Cisco Systems, Inc.

Kramer joined Figma’s board of directors in 2021 to provide additional finance and management expertise, per Figma’s S-1. She owns about .01% of the company after its IPO.

Kramer previously spent eight years at Cisco, where she served as the tech company’s chief financial officer and executive vice president from 2015 to 2020. Before that, she held finance leadership positions at GE Healthcare, a division of General Electric.

Kramer also sits on the boards of Coinbase, Snowflake, and Gilead Sciences. She didn’t sell any shares in Figma’s IPO.

At the company’s $115.50 closing share price, her remaining stake is worth about $6.5 million.

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