Mentioned:
One of Silicon Valley’s most important technology companies has officially hit the New York Stock Exchange.
What’s happening:
- Figma (NYSE: FIG) has successfully raised $1.2B USD in their IPO financing round and began trading on the New York Stock Exchange
- The IPO financing round was led by Morgan Stanley, Goldman Sachs and J.P. Morgan
By the numbers:
- Figma issued roughly 12.5M new common shares as part of their IPO financing for $411M USD
- Existing shareholders of Figma sold roughly 24.4M common shares for more than $800M USD
Why it matters:
- Figma is one of the fastest growing companies ever focused on cloud based design and prototyping for websites and mobile apps
Going deeper:
- Some of the most prominent venture capital funds in Silicon Valley were early investors in Figma, including a16z, Kleiner Perkins, Sequoia Capital, Founders Fund and Coatue
- Figma currently has more than 13M active monthly users and previously did $749M USD in annual revenue
The intrigue:
- Figma has also publicly disclosed they own $70M USD of exposure to Bitcoin through Bitwise’s Bitcoin ETF (NYSE: BITB)
