Figma – Startup Story | Founder| Ceo | Funding | History | Competitors

Introduction:

The use of design tools is expected to change because to the programme called Figma. This cutting-edge tool is intended to address some of the issues that designers encounter while using other tools. This tool makes the claim that it is the only platform that has strong design capabilities in addition to features to enhance workflow. Figma.

One of the numerous functions is a cutting edge vector tool that enables users to draw in any direction. Additionally, as FIgma is device independent, it may be used on any platform.

About:

Figma is an online tool for collaborative interface design that also has offline functionality made possible by desktop programmes for Windows and macOS. With a number of vector graphics editors and prototyping tools, Figma’s feature set focuses on user interface and user experience design with a strong emphasis on real-time collaboration. Real-time viewing and interaction with Figma prototypes on mobile and tablet devices is made possible by the Figma mobile app for Android and iOS.

In 2012, when Figma first launched, IBM had a designer for every 72 engineers. IBM had eight engineers for every designer by the year 2019, and the ratio for mobile increased to 3:1. And it wasn’t just IBM that took design more seriously; the whole IT sector shifted to a product development strategy that prioritised design.

• In 2012, Atlassian had one designer for every 25 engineers. By 2017, there were only nine designers.
• From 1 designer to 11 engineers at LinkedIn in 2012 to 1 designer to 8 developers in 2017.
• Compared to 2012, when Dropbox had one designer for every ten engineers, there were just six developers.

The result of this transition to a digital environment that prioritises design was that product presentation started to carry as much weight as, if not more weight than, the function of the product. This innovative approach to product development improved product design and altered customer design expectations, raising the bar for design across the tech sector. One might very well argue that the 2010s were the decade of design, just as the 2000s were the decade of code, based on the facts presented above and the improvements in product design we, as end users, have seen.

The establishment of Figma in 2012 was timed to benefit from the impending change. In addition, Figma’s futuristic product approach made it the go-to tool for rapidly expanding businesses and even the larger corporate world.

Website : https://www.figma.com/

Founder & Team:

An American technology professional and co-founder of the web-based vector graphics editing software startup Figma, Dylan Field was born in 1992. In 2012, Field and Evan Wallace, whom he had met while studying computer science at Brown University, established Figma.

History:

During their computer science studies at Brown University in 2012, Dylan Field and Evan Wallace started developing Figma. Field served as the department’s undergraduate group chair while Wallace studied graphics and worked as a teacher assistant.

To enable “everyone to be creative by creating free, easy, creative tools in a browser,” was the original goal of Figma. Before settling on web-based graphics editor software, Field and Wallace tested out several concepts, such as drone software and a meme generator. The initial focus of the business was hazily defined as “a technology venture that will allow people to creatively express themselves online” in a 2012 article by The Brown Daily Herald. According to that article, the company’s initial concepts centred on the creation of 3D content, while later concepts emphasised photo editing and object segmentation.

In exchange for taking a year off from college, Field received $100,000 after being selected as a Thiel Fellow in 2012. Following the completion of his computer science degree, Wallace joined Field in California, and the two started working on the business full-time. On December 3, 2015, Figma began providing a free, invite-only preview programme. On September 27, 2016, it was first released to the general public.

Figma introduced Figma Community on October 22, 2019, enabling designers to post their work for others to see and modify. Figma introduced its FigJam digital whiteboarding feature on April 21, 2021, enabling users to engage with sticky notes, emoticons, and drawing tools. The partnership between Google for Education and Figma to make its design and prototype platform, as well as FigJam, available on educational Chromebooks was announced in June 2022.

The deal to buy Figma was announced by Adobe on September 15, 2022. It would be the company’s largest acquisition to date, costing around $20 billion in cash and stock, and Field would continue to serve as CEO. Antitrust concerns (in an effort to displace its own rival Adobe XD, which had started to lose market share to Figma by 2021) and concerns about overvaluation have been raised in relation to the planned acquisition.

The product’s prospective or required integration with Adobe Creative Cloud, or the requirement to embrace financial structures that are otherwise unfavourable in comparison to those now employed by Figma, raised worries among members of the design community. John Naughton even went so far as to compare the purchase to Facebook, Inc.’s purchase of WhatsApp in an effort to stop it from becoming a rival to its primary operations. The announcement caused a 17 percent decline in Adobe stock.

Name & Logo:

Figma Highlight:

Revenue:

Adobe declared on September 15, 2022, that it will buy Figma for about $20 billion in cash and equity. Figma earned $35.1M in revenue in 2020. The company was recently valued at $10 billion after raising $200 million in July 2021, having raised a total of $332.9M in investment over six rounds.

Funding & Investors:

Figma received $3.8 million in seed funding in June 2013. The business received $14 million in Series A funding in December 2015. Figma raised $25 million in a Series B financing in February 2018. Figma received $40 million in Series C investment in February 2019. Figma completed a $50 million Series D fundraising round in April 2020. Figma completed a $200 million Series E fundraising round in June 2021. By April 2020, Figma had a worth of over $2 billion, and by the end of May 2021, it had a value of $10 billion.

Business Model:

Figjam, a whiteboarding tool that will leave its free beta in 2022, is also expected to bring in money for Figma. Currently, the company only sells its primary product, a collaborative design tool.

Figma uses a freemium business strategy to sell its primary product, with the free “Starter” plan being free for up to three editors. For an annual fee of $12 per editor/month or $15 per month, businesses can choose the “Professional plan” if they need more than three individuals to work using Figma. Figma offers an organisation package priced at $45 per editor/month for enterprise clients who require an extra level of security and content control.

The price for Figjam will likewise use a freemium pricing structure, with both free and premium options available.

Services Offered thru Figma:

The core offering from Figma gives users a digital canvas on which they may create graphics in real time. However, they were unable to use Figma to diagram initial concepts or produce flowcharts. This is where FigJam comes in, acting as a digital representation of a wall covered in Post-it Notes in a house or business.

Awards & Recognition:

There is no award yet.

Competitors:

A comprehensive list of competitors and best alternatives to Figma.

• Adobe XD.
• Sketch.
• Canva.
• Adobe Photoshop.
• InVision.
• Adobe Illustrator.
• Balsamiq.
• Zeplin.

Latest News:

Adobe will pay $20 billion to acquire the online design firm Figma. The latest proof that buyers and sellers alike include investors is Adobe’s $20 billion agreement to acquire the unicorn of collaborative design Figma.

Future Plans:

It will depend on Adobe as Adobe is going to acquire Figma.

Some FAQs:

Will Figma be paid?

Currently, Figma offers two products, three paid plans (Professional, Organization, and Enterprise) (Figma design and FigJam). Although each product has a different price, you will be charged for them on the same invoice.

How did Figma become popular?

Because it is simple to use and promotes designer cooperation, Figma has been a success. Additionally, new integrations and functionality are added to it on a regular basis. The business is rapidly gaining popularity and is on track to overtake its competitors as the industry’s top design tool.

Who owns Figma?

Company Figma Adobe declared on September 15, 2022, that it will buy Figma for about $20 billion in cash and equity.

Is Figma owned by Microsoft?

Figma is used by some of the world’s leading companies, including Google, Facebook, Airbnb, Lyft, and Microsoft.

How much does Figma make a year?

According to Glassdoor, a typical Figma designer earns an average of $76,000 a year.

Is Figma a profitable company?

The team’s complete design process may take place in one online platform thanks to Figma, a collaborative interface design tool. Figma’s revenue run rate reached $190M in 2022.

Conclusion:

A binding merger deal has been signed by the IT giant to buy Figma, a web-based collaborative design platform. The straightforward layout of Figma makes it simple to use and enables users to start producing designs right away. In order to create a design system that can be used across a range of disciplines, it is crucial to keep teams focused and to promote complete disclosure. On any platform, Figma is simple to use and enables teams to share their work and libraries rapidly.