In a recent interview with TechCrunch, Will Griffith, a prominent figure at Iconiq Capital, shared insights into the firm's celebration of Figma's IPO, which marked a significant milestone for the design software company. The IPO, which took place on July 31, 2025, saw Figma raise $1.2 billion at a staggering $19.3 billion valuation, signaling a strong recovery in the tech IPO market.
Griffith explained that Iconiq, an early investor in Figma since its seed round in 2013, celebrated the IPO as a testament to the company's growth and the firm's long-term vision. The event was not just a financial win but also a validation of Iconiq's strategy of backing innovative, high-growth startups. Griffith highlighted the team's excitement, noting internal events and acknowledgments to mark the occasion.
Addressing why some investors, including Iconiq, chose to sell shares during the IPO, Griffith emphasized a strategic rebalancing of the firm's portfolio. He clarified that selling a portion of their stake was a decision driven by the need to manage risk and return capital to limited partners, a common practice among venture capital firms after a successful exit.
Despite the sales, Griffith underscored Iconiq's continued belief in Figma's future, stating that the firm retains a significant holding in the company. He pointed to Figma's innovative design tools and expanding market presence as reasons for sustained confidence, even as the IPO allowed early backers to realize substantial gains.
The Figma IPO has also sparked discussions about the broader tech market, with Griffith noting that such high-profile listings could encourage other venture-backed companies to go public. This comes at a time when the market has been hungry for successful tech debuts, with Figma's oversubscribed offering—reportedly 40 times oversubscribed—serving as a beacon of optimism.
As Iconiq and other investors navigate the post-IPO landscape, Griffith's comments shed light on the delicate balance between celebrating wins and making pragmatic financial decisions. The Figma story, he suggested, is far from over, with potential for further growth and innovation on the horizon.
Maria Lourdes
