San Francisco-based design software company, Figma, just announced the closure of a $50 million Series D funding round led by Andreessen Horowitz, at a total valuation of $2 billion.
Figma launched in 2016 as a tool to help software designers work together in the same web browser simultaneously.
“At the time, we weren’t sure building this feature was the right product decision. No one was clamoring for a multiplayer design tool, if anything, people hated the idea,” Figma CTO Evan Wallace said in a news release.
Since then, Figma’s software has gone on to be used by many of its most established tech industry peers including Airbnb, Slack, Twitter and Uber.
“Ultimately, we had to do it because it just felt wrong not to offer multiplayer as a tool on the web ... our bet paid off, and these days it’s obvious that multiplayer is the way all productivity tools on the web should work, not just design,” Wallace said.
Figma will use its additional capital to further streamline its core design and prototyping platform at a moment when its tool is in high demand.
“As the lines between home and work have blurred over the past few months, we’ve seen more Figma engagement than ever before. In addition to interface design, customers are using Figma for tasks like visual white boarding, diagramming and slide creation,” Dylan Field, the company’s CEO and co-founder, said in a statement.
The company also plans on using funds from the latest round to create and launch digital collaborative meeting spaces for visual projects, as well as hiring additional talent, according to an interview with Forbes.
“Given the context of COVID-19, we’re thankful for the opportunity to accelerate our work here at Figma,” Field said.
The latest round also included participation from existing investors Index Ventures, Greylock, Kleiner Perkins, Sequoia and Founders Fund. Figma has raised a total of $82.9 million in venture capital to date, according to Crunchbase.
