(Bloomberg) — Design startup Figma Inc. is pursuing a secondary share sale at a $12.5 billion valuation after its proposed acquisition by Adobe Inc. fell apart in December.
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The sale is expected to be as much as $900 million and will be available to current and former employees or other holders of Figma equity, the San Francisco-based company said Thursday in a statement. “We are pursuing this tender offer to build on our strong business momentum and capitalize on strong investor interest in Figma’s vision of serving end-to-end product development,” the spokesperson said.
A $12.5 billion valuation represents a cut from the $20 billion price agreed to by Adobe in late 2022 for the firm, which helps users build apps and web layouts. That deal was called off in the face of scrutiny from regulators in the US and Europe. Still, the valuation is higher than the $10 billion on the startup’s 2021 funding round during a period when many startups have struggled.
Figma is looking toward an initial public offering at some future point, Chief Executive Officer Dylan Field said last week during the Bloomberg Technology Summit. “We obviously explored the M&A path. You know, we’re venture funded so it’s sort of like there’s one other path that makes sense.”
New investors including Atlassian Corp. and Franklin Venture Partners are participating in the share sale, in addition to existing investors such as Sequoia Capital, the company said.
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