TL;DR
- Will Griffith of Iconiq Ventures invested early in Figma when it was a startup disrupting design software
- Figma’s IPO saw shares jump from $33 to close at $115.50, valuing the company at $47 billion
- IPO mostly involved secondary sales by existing investors, providing supply to meet strong demand
- Iconiq did not sell shares and plans to remain a meaningful buyer post-IPO
- Griffith highlights the ongoing partnership with CEO Dylan Field and looks forward to new startup investments
Early Bet on a Disruptive Design Startup
Will Griffith joined Iconiq Ventures just two months before meeting Figma co-founder Dylan Field, then a 19-year-old college dropout. Griffith’s early seed investment helped Figma build what would become a dominant browser-based design platform.
“It was like two guys and the dog in an apartment in Palo Alto,” Griffith recalled of his first meeting with Field and co-founder Evan Wallace.
The concept — editing graphics and manipulating light in the browser via WebGL — challenged Adobe’s desktop software dominance. Griffith described it as “insane” but ultimately visionary.
IPO Success Amid Unprecedented Demand
Figma went public on Thursday, with shares opening at $33 and closing at $115.50, giving the company a market capitalization of $47 billion.
The IPO was oversubscribed 40 times, reflecting massive investor enthusiasm but also creating challenges:
- Secondary shares dominated the offering, as many existing investors, including Field, sold shares to meet demand.
- Griffith noted it was “generous” of these investors to provide supply to avoid inflated share prices and ensure market stability.
- Iconiq itself did not sell shares during the IPO and intends to continue supporting the company.
Iconiq’s Long-Term Partnership with Figma
Despite the IPO frenzy, Griffith emphasized that the public listing is just a milestone on a longer journey:
“We met a young, 19-year-old Dylan, and we forged a partnership. I’m proud to see him grow with the same vision, morals, authenticity.”
Iconiq invested through seed, Series A, subsequent rounds, and secondary markets, contributing to a total venture funding amount of approximately $332 million raised by Figma through 2024 (PitchBook data).
Figma IPO Highlights and Iconiq’s Role
| Metric | Value | Source |
| IPO Opening Price | $33 | Bloomberg |
| Closing Share Price | $115.50 | Bloomberg |
| Market Capitalization | $47 billion | Bloomberg |
| Total Venture Funding | $332 million | PitchBook |
| Iconiq Seed Share Price | $0.0878 per share | Figma S-1A Filing |
| IPO Oversubscription | 40x | Bloomberg |
Why Did Investors Sell Shares?
Griffith explained the balance between supply and demand during a highly oversubscribed IPO:
- Insufficient shares can inflate prices artificially and deter institutional investors seeking significant stake liquidity.
- Secondary sales by insiders, including Field, provided enough stock to prevent this imbalance.
- Iconiq chose not to sell, showing confidence in Figma’s long-term potential.
Looking Ahead: Investing in the Next Generation
Griffith closed with a look to the future:
“I’ll be spending IPO day meeting with the next generation of founders,” signaling Iconiq’s continued commitment to seed-stage investing.
