Figma’s Next Act: Going Public

Four years ago, when we invested in Figma, we told CFO Praveer Melwani something most founders and finance leaders don’t hear often enough:

"There’s a mistake you’re almost guaranteed to make — not building your needle-moving Act II soon enough."

Tech history is filled with one-hit wonders: companies that go public on the strength of a single product, with no clear path to sustained, diversified growth. Act II — the next needle-moving business line — is almost always an afterthought.

Praveer, one of the early stars of the Dropbox Strategic Finance team, took the challenge head-on. And then he, Dylan, Evan and the rest of the Figma team set out to prove us wrong.

And they did.

Over the years, Figma rolled out a bold suite of new products, including:

• FigJam, a whiteboard for team brainstorming
• Dev Mode, streamlining design-to-engineering workflows
• Figma Sites, for designing and launching websites
• Figma Make, leveraging AI to help anyone build an app

Each one extended Figma’s design-first magic into new surfaces — without diluting the core. 76% of Figma customers use 2+ products. And with 132% net dollar retention, they’re successfully expanding the Figma footprint across products and teams.

Along the way, we partnered Praveer and his team as they hired candidates, set revenue targets, thought through their acquisition strategy and, more recently, prepared for their IPO. And as if we didn’t love Figma enough, their CMO is a member of the IVP (and my) family.

Today, Figma looks like a generational company: A strong business. A product roadmap with real velocity. A community that can pack the Moscone Center with 10,000 cheering, screaming, breakdancing superfans.

Figma’s IPO isn’t just a milestone for the company — it’s a reminder that great teams don’t wait for Act II. They write it early.