Figma IPO windfall: VCs net billions, who bagged how much?

Figma has become the latest major tech company to go public on the New York Stock Exchange (NYSE). Its market debut was nothing short of impressive. The stock surged by 250% on the first day of trading, giving the company a market value of $61.5 billion based on listed shares.

Including employee stock options and restricted stock units, Figma’s fully diluted valuation exceeds $73 billion. This is more than triple Adobe’s previous $20 billion acquisition offer, which was blocked by regulators who said the deal could reduce competition in the market.

The IPO raised $1.2 billion for the company and was oversubscribed by more than 40 times. Many investors reportedly received no allocation at all.


Also Read: Figma IPO and stock reaction: All you need to know

Major winners from Figma’s IPO

Figma’s strong market debut also brought massive gains for its early backers and key stakeholders. The numbers below are based on Business Insider’s analysis. Investor stakes were calculated using the $115.50 closing share price on Thursday, as the exact share purchase prices were not publicly disclosed.

Index Ventures

As Figma’s largest venture capital (VC) investor, Index Ventures had invested close to $100 million in the company during its early days. Following the IPO, its stake was valued at $7.2 billion.

Greylock Partners

Greylock is the second-largest investor in Figma. Its stake was worth $2.03 billion at the time of the IPO, representing a multiple of more than 40 times the invested amount.

Dylan Field (CEO)

Figma’s cofounder and chief executive officer (CEO), Dylan Field, owns around 11% of the company, or 57 million shares. He sold 2.35 million shares in the IPO, earning around $78 million at the $33 listing price. His remaining stake was worth about $6.3 billion at Thursday’s closing price.

Kleiner Perkins

This firm, which holds nearly 11% of Figma, sold 2.7 million shares during the IPO, earning about $91 million. At $115.50 per share, Kleiner Perkins’ remaining stake is valued at approximately $6 billion.

Evan Wallace (Cofounder)

Evan Wallace, a cofounder and CTO for nearly a decade before his departure in 2021, owns around 5.5% of Figma. He didn’t sell any shares himself, but he donated a portion to the Marin Community Foundation, which sold 13.4 million shares in the IPO, raising $440 million. Wallace’s remaining stake is worth about $3.1 billion.

Sequoia Capital

After the IPO, Sequoia owns just under 7% of the company. It sold 1.7 million shares for $56 million and holds a remaining stake worth around $3.8 billion.

Praveer Melwani (CFO)

Melwani, who joined Figma in 2017 and became chief financial officer (CFO) in 2022, owns around 0.3% of the company. He sold 47,500 shares during the IPO, earning $1.6 million. His remaining shares are valued at about $171 million.

Shaunt Voskanian (CRO)

Voskanian, Figma’s chief revenue officer (CRO) since 2021, owns roughly 0.2% of the company. He sold 90,000 shares for about $3 million in the IPO, and his remaining stake is valued at $136 million.

Figma’s IPO not only marked a standout moment in tech markets but also delivered enormous returns to its founders, executives, and early investors, many of whom are now sitting on billion-dollar stakes.

On Friday (US timing), shares of Figma closed at $122.00, up 5.6% on the NYSE.