Figma, the style platform that lets folks work collaboratively and in the cloud, has today revealed the close of a$50 million Series D funding. The round was led by Andreessen Horowitz, with partner Peter Levine and cofounding partner Marc Andreessen managing the offer for the company. New angel investors, including Henry Ellenbogen from Resilient Capital, likewise took part in the round together with existing investors Index, Greylock, KPCB, Sequoia and Founders Fund.
Dylan Field, Figma creator and CEO, told TechCrunch that conversations between a16z and Figma actually began towards the end of the fundraising cycle for the company’s Series C, which closed in February of 2019.
“It felt a bit like a shotgun wedding event,” said Field, discussing that both parties rather chose to get to know each other better. They’ve been building their relationship over the previous year, leading to today’s Series D close. Field also added that he has actually not met other financiers in this round personally, and the huge majority of the offer was done over Zoom.
“When you think of the future of Silicon Valley, there is an interesting concern around capital facilities being here and people not being able to access that if they’re not here, too,” stated Field. “I got to see firsthand how an offer done online can work and I believe more and more financiers aren’t going to worry about whether you remain in Silicon Valley or not.”
Considering that, Figma has constructed out the platform to broaden access and use for individual designers, small companies and giant enterprise companies alike. The business introduced plug-ins in 2019, enabling designers to build in their own tools to the app, such as a plug-in for designers to instantly relabel and arrange their layers as they work (Rename.it) and one that gives users the ability to add placeholder text that they can immediately discover and replace later on (Content Buddy).
The company likewise introduced an academic platform called Community, which gives designers the capability to share their work and let other users ‘remix’ that style, or simply have a look at how it was developed, layer by layer.
A spokesperson informed TechCrunch that this offer was “opportunistic,” and that the company was in a strong money position pre-financing. The new financing expands Figma’s runway throughout these uncertain times, with coronavirus halting a lot of business acquiring and eventually slowing growth of some increasing enterprise players.
Field discussed that Figma’s information is counter to the anticipated narrative around business purchasing since Figma is specifically constructed to let teams collaborate in the cloud.
“We’re really seeing a lot of velocity for larger offers on the sales side,” stated Field. “Figma is a tool that can assist today.”
The business states that one fascinating change they have actually seen in the COVID era is a substantial jump in user engagement from groups to work together more in Figma. The company has also seen an uptick in whiteboarding, note taking, slide deck creation and diagramming, as companies start using Figma as a collaborative tool throughout an entire organization rather than just within a team of designers.
This latest offer brings Figma’s total financing to $132.9 million. Field added that, though the company is not yet lucrative, this latest funding gives the company three to 4 years of runway, even with aggressive scaling and employing efforts moving forward.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.