As Figma advances, a turning point is formed in the long -awaited public subscription market

They are about the past and the future, about the company that passes through the audience and the broader market. Writing subscriptions are the moments of truth – will the public market investors infectedly invest, what VCS supports for years? It is also an event that tests how people think about the wider public subscription market. Are we, after all this time, so return?

On Wednesday, Figma, the Unicorn Design Program led by Dylan Field, completed its initial public offer, raising $ 1.2 billion of returns ($ 1.4 billion if you include the extra cost) of the company and some of its first shareholders, indicating a strong demand for its shares that will start trading on the stock exchange in New York this morning. Figma seems to sail through the investor’s Roadshow offer, which increased its share price from $ 25 to $ 28 to $ 33, which was eventually the price. After the planned company merged with a value of $ 20 billion with Adobe a year and a half ago, the 19 billion dollar evaluation brought in the public subscription is a great testimony to its capabilities as an independent work.

Dirik Hernandez, chief analyst in the emerging technology in Pitchbook, says that even compared to successful subscription subscriptions recently, Figma is single, with its annual revenues growing approaching 50 %, and its profit in the first quarter (the net of the first quarter of the year Q1 was $ 44.9 million).

“Figma stands out, even among modern, high -growth programs such as Circle and Coreweave,” said Hernandez via email. “Figma has both the size and profits alike, and it is a major example of a VC -backed high -growth company with a strong novel stating that the market is eager to put it as one of the most reliable growth lists this year.”

This, ultimately, high praise-in June, StableCoin Circle was priced at $ 31 per share, and was closed yesterday at about $ 190, while Coreove still had a silent public subscription at about 150 % on an annual basis. High praise, of course, also means high expectations. Perhaps this, it had been true for a long time in Figma: take a look at the company’s SEC files that shows that four wonderful VC companies have stakes in Figma, whose value is estimated at a billion dollars – the index, Greylock, Kleiner Perkins, and Sequoia.

“The repercussions of the failed Adobe integration were general, this merger also remains in the background as a positive sign of a kind,” said Greg Martin, the administrative director of Rainmaker Securities, said by e -mail. “Adobe has exceeded as a leading design software, through the original cloud cooperative platform.”

Interesting details: Figma has only raised $ 411 million. Most revenues will go to a group of shareholders who sell (including VCS) every small slice of the table. But the largest sales shareholder is MCF Gift Fund, part of the Marin Community Foundation, a charitable organization that sold 13.4 million shares for $ 441 million.

For today, though, it seems that Figma can be the vow of the amazing truth: that the subscriber subscription market supported by the project is in a state of studied recovery. Hernandez of Pitchbook by e -mail indicates that there were 119 offers from year to date, an increase of 45 % year on year.

“Figma can be a bell for the market today,” Hernandez wrote luck. “This may provide proof of the concept of other SAAS names, such as Canva, Netskope and Databricks … You must get stuck from the gate, especially with all its strengths, and this may enhance some caution between late VCS and delay other large technology factors.”

This is not a flood of 2021, but it is not dry in early 2014 as well.

“Although the investor’s appetite was selective, Figma shows that there is still a strong demand for companies with convincing growth stories, strong basics and clear differentiation – especially in categories like Saas and AI,” said Martin “Rainmaker Securities” by email. “We did not return to the exciting environment for the year 2021, but the high -quality companies started to test the water successfully again.”

If the subscriptions are the subscriptions from the publications, then Figma’s a Flashpoint. Now, we see what shines through it.

presentation Podcast term… After years in your inbox, the term sheet comes to a podcast brief near you. Today, we go Podcast termOrganizing this beloved newsletter in life and video. Every week, I will sit with investors and founders to break the largest deals, trade it, and drop my father’s joke at least. First: Will Hurd, chief strategy official at Chaos Industries. He was a presidential candidate, a member of Congress and the Secret CIA officer. You will not want to miss it, so listen here. As is always the case, the hot takes and the general reviews and feelings go to Alexandra.garfinkle@fortune.com.

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Adventure deals

– slopeThe financial operations platform in New York City raised $ 500 million of E-2 series financing. iconsq Lead Satter Hill Projectsand Lightspeed Projectsand T. Rowe Price Associatsand GVAnd others.

– Computer Axide CompanyCalifornia’s cloud computing company, California, raised $ 100 million in financing from the B. Innovative Technology Fund in the United States He led the tour and joined the current investors eclipseand Intel Capitaland Riot ProjectsAnd others.

– MotiveThe integrated operations platform supported by artificial intelligence in San Francisco for material economy raised $ 150 million of financing. Kleiner Perkins Lead Alliacebernstein And current investors.

– The Prophet’s securityCalifornia -based security platform, California, collected $ 30 million of fund Payne capital Projects And others.

– PlayerzeroIt is a A Atlanta -based software that uses artificial intelligence agents to repair coding problems before issuing this symbol, which raised $ 15 million in funding from the series A and 5 million dollars in the financing of seeds. The Capital Foundation has led the A Round and Green Bay Ventures series seed.

– C8 HealthThe Practice Practice Practice in New York Health Care City raised $ 12 million of funding from the series A. Team8 Lead 10D and vertex Venture Israel.

– metaformsSan Francisco, based on market research agencies, raised $ 9 million of funding from the series A. summit fifteenth Partners Lead Nexus Venture Partners and together finance.

– howling SolutionsSouth Bend, which is taken from IND. Which develops the proceedings and quality analyzes to produce protein, $ 8.7 million in funding from the A. vision Partners Lead Sera Venturesand SosVAnd Rockstart.

– SeataTel Aviv, an Israeli -based monitoring plane for the agent’s identities, raised $ 8.5 million in seed financing. TLV Partners He led the tour.

– RunloopThe San Francisco infrastructure platform for developing and publishing artificial intelligence coding agents has collected $ 7 million of seed financing. General partnership Lead Empty projects.

– RunrevealAustin’s safety data platform, Texas, raised $ 7 million of seed financing. rib Lead Operation time Projectsand accident idiomatic financeand Octa ProjectsAnd owners investors.

– Stimulantand Tel Aviv, based on Israeli -based cybersecurity, raised $ 7 million in seed financing. Hirtz Projects Lead vesey Projects And owners investors.

– Caseflood.aiSan Francisco -based Amnesty International, a $ 3.2 million of funding from CUPORTITIOT.COMand y combinatorand Rebel financeand Four cities capitaland to rise capitaland Amino capitalAnd others.

– DawnguardThe cyber security company, based in Amsterdam, raised $ 3 million of financing before the seed. 9900 capital He led the tour and joined the owners investors.

Private property rights

– ContensquareWith the support of who Sixth streetAcquired Loris haveNew York City intelligence platform. The financial conditions have not been revealed.

– DATASERVA portfolio company Renovs capitalBurning with FactxNorth Andover, based in IT and Consulting. The financial conditions have not been revealed.

– Kkr The majority share has gained in Property rights for health careA Stamford, Conn. Biopharma royalty company. The financial conditions have not been revealed.

– Partners group I got a minority stake in Nosomi NetworksIt is equipped in San Francisco and Mindsio, based in Switzerland for industrial cybersecurity programs. The financial conditions have not been revealed.

last

– Evekor He agreed to acquire Tubes WashoIt is an independent, independent UK consultant, for a total of $ 196 million.

– Silvako He agreed to acquire mix groupMixed IP provider in San Jose, Calif. The financial conditions have not been revealed.