Collaborative interface design tool Figma, the California based company which plans to take the design tool in the cloud has secured a $40 million fresh investment as part of Series C round financing. The company as per Techcrunch after the current capital infusion is valued at $440 million.
Sequoia Capital led the investment round which takes the total money raised by the company to $82.9 million. The round also saw participation from Coatue, Founders Fund, Jeff Weiner (CEO of LinkedIn), Mike Krieger (Co-founder Instagram), Andrew Wilson (CEO of EA) and Dan Rose (VP Partnerships at Facebook) along with the other existing backers, Index Venture Partners, Greylock and KPCB.
Talking about the investment from Sequoia, Figma in a blog said, Our goal was to bring on investors with experience building enduring companies and communities. We were impressed with Sequoia’s track record backing companies like Github and PlanGrid and as we spent more time with them it was clear they could help us bring Figma to a new level."
The company started by Dylan Field and Evan Wallace in 2012 allows the designers to have control of Evert design process starting from initial design to collaboration and prototyping. The company offers the tools for free for first three editors through a freemium model. Then comes the paid version, termed PRo tier, for which the company charges $15/month/editor where the user gets unlimited version history and the ability to create a design system.
Andrew Reed, the Sequoia partner commenting on the infusion said, “At the time, the product was interesting but the people we talk to about these products weren’t pointing to Figma as transforming their companies,” said Reed. “Over the past 12 months, things changed. We called people to ask their opinions and people were calling us proactively and telling us how impactful it was in their companies.”
Image Courtesy : Figma