(Bloomberg) — An investor group including Coatue Management, Alkeon Capital Management and General Catalyst Partners have invested in Figma Inc. as part of a deal that values the design startup at $12.5 billion, according to people with knowledge of the matter.
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The deal comes as the San Francisco-based company is delivering annual recurring revenue of more than $700 million, a figure that is projected to surpass $1 billion by next year, one of the people said, asking not to be identified because the information isn’t public. Yearly recurring revenue stood at about $400 million in late 2022.
Figma, led by Chief Executive Officer Dylan Feld, in June launched new artificial intelligence features and a visual story-telling tool known as Figma Slides.
The transaction, which was a secondary share sale, has closed, a Figma spokesperson said, while declining to comment on the identity of certain investors and the company’s revenue. Also known as a tender offer, the secondary share sale involved current and former employees as well as other equity holders.
A Coatue representative declined to comment. Alkeon and General Catalyst didn’t immediately respond to requests for comment.
Other investors who participated, according to the Figma spokesperson, include: the hedge fund SurgoCap Partners, Atlassian Corp., Fidelity Management & Research Co., Franklin Templeton’s Franklin Venture Partners and Iconiq, Sequoia Capital, Thrive Capital, Greenoaks Capital Partners, Durable Capital Partners, Andreessen Horowitz, Kleiner Perkins, Apple Inc. executive Eddy Cue, Goanna Capital and XN.
(Updates with June announcement in third paragraph. A previous version of this story corrected the name of investor XN in last paragraph.)
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