Figma’s tender offer values ​​the company at $12.5 billion

Figma, a cloud-based design tools company, announced Thursday that it will allow investors, including current and former employees, to sell their shares in a tender offer that values ​​the $12.5 billion company.

That’s up 25% from the valuation at which the company raised money in 2021, but below the $20 billion acquisition offer. Adobe carried out in 2022. Adobe and Figma canceled the planned acquisition in December following a regulatory review.

The San Francisco-based startup expects the tender amount to be between $600 million and $900 million, with support from more than 25 current and new investors. A16z, Sequoia and Kleiner Perkins are participating in the offering.

Figma is used by tens of thousands of employees inside Microsoftwhich spends millions per year on its deployment. Google, Oracle And Selling power also use the company’s software.

In June 2021, at the height of megafinancing, Figma was valued at $10 billion in a funding round that included Morgan Stanley’s Counterpoint Global. That was before the 2022 market crash sent many cloud stocks down by more than half and largely halted pre-IPO cycles.

Adobe had initially said that acquiring Figma would be a natural fit for the company’s portfolio, writing in the original announcement that “the combination of Adobe and Figma will usher in a new era of collaborative creativity.” In December, a regulatory filing indicated that Adobe would pay Figma a $1 billion dissolution fee.

—Jordan Novet of CNBC contributed to this report.