November 4, 2024

Figma Inc. Overview

Figma Inc.

A software-driven and hands-on web application company, Figma offers its users several digitalize options and features that span cyber areas like Interface Design (ID), User Experience (UX), and User Interface (UI). The Figma application, however, includes offline features which are enabled by desktop-built applications designed for Windows and macOS compatibility. With a keen focus on UI and UX design, Figma uses real-time collaboration leveraging a vast set of prototyping and vector graphics editors. In addition to making Figma accessible on virtually all devices, the software also has a mobile app compatible with both IOS and Android-built mobile smartphones. The software application allows interaction and viewing with Figma prototypes in real-time on tablet and mobile devices. Figma, Inc., as the hosting company of the application software, is committed to expanding the horizon of cyberspace by continuing to integrate more and more innovative features on the Figma platform. 

However, in this article, you will be shown a more detailed, comprehensive, and extensive review of Figma Inc., its operations, and its dealings. As such, all relevant information detailing its key facts, its historical background, its product listings, its financial overview, as well as its pros and cons will be concisely covered to enable you to understand the significant key and major elements of the Web hosting company as quickly as possible.  

Key Facts 

Founding Date: Figma, Inc., was founded in 2012, however, its first release date was 2015. 

Operating System: Figma operating system is compatible and works on the following OS: Linux, Windows, Android, ChromeOS, iOS, macOS 

Platform Compatibility: Mobile application, Web application 

Business Type: A software-driven and collaborative application company; Vector graphics editor 

Industrial Ranking: Figma, Inc., is ranked the Silicon Valley’s most beloved software company 

Official Website: Everything there is to know about Figma can be accessed via the application’s official website: www.figma.com   

Historical Background 

The history of Figma, Inc., started in 2012 when the company’s founders Dylan Field and Evan Wallace started the development of the Figma software 2012 while both talented individuals were still studying computer science at Brown University. Field’s majored in Computer Science and was then the chairman of the Computer Science Undergraduate Group, while Wallace majored in graphics and was then an Assistant Teacher for the Computer Science Department. 

At first, Figma’s primary objective was to allow and avail everyone to be creative by through the creation of simple, and free creative tools in a browser. Prior to Figma’s establishment, Wallace and Field experimented with myriads of innovative ideas like creating meme generators and software for drones until they both eventually resorted to building graphics and editing software, hence the birth of Figma Inc. 

In the early years of its establishment, the Figma software application was comprehensively described by The Brown Daily Herald in 2012 as a technology startup built and tailored to avail its users to creatively express their dexterity on the internet. In the article, it was revealed that the company’s creative initial ideas solely revolves around generating 3D content, however, subsequently, it integrated and added object segmentation as well as photo editing. 

In 2012, Field was named Thiel Fellow, and the Fellowship awarded him a tune of 100, 000 USD in exchange for his a leave of absence from college. After Wallace’s CS degree completion, he moved to California and joined Field in the same year 2012, and the duo started to work on the software application which has grown to be one of the best graphics and vector editing applications that allows several individuals including individuals with non-tech experience to design easily and seamless by doing little and effortless tweaks on the web. 

In the year 2013, June, Figma, Inc., started a seed funding series and raised its first fund, amounting to the total sum of 3.8 Million USD. Similarly, in the succeeding year, December 2015, Figma, Inc., also raised 14 Million USD in Series A funding.   

In the year 2015, Figma, Inc., started its first-ever designing tool that couple and conjoin both the functionality of a native app and the accessibility of the web.  On the 15th 2015 December, Figma started its offer of a free preview program which is, however, subject to invitation only. The preview program however witnessed Figma’s first launching date which was September 27, 2016. 

In the Year 2018, Figma, Inc., raised another fund in the Series B round, amounting to the total sum of 25 Million USD.   

In the year 2019, February, Figma, Inc., raised another fund in Series C funding, amounting to the total sum of 40 Million USD. And in the same year, on October 22, 2019, Figma, Inc., launched the Figma Community a software application platform that allows its users and designers to publish their work so that others can leverage them by viewing it. 

In the year 2020, April, Figma, Inc., raised another fund in its Series D round funding quest so that by April 2021, the company was valued at more than 2 Billion USD. In the year 2021, June, Figma, Inc., raised another fund in its founding series, this time, Series E, a whopping sum of 200 Million. And in the same year, in May 2021, Figma, Inc., was valued at more than 10 Billion USD. 

In the year 2022, June, Google, Inc., announced its intention under its subsidiary, Google for Education to partner with Figma, Inc., so as to bring aboard its prototyping and design platform including its FIGJAM software–a well robust and versatile software tool that makes it seamless and easy to get the entire member of your team involved in the collaboration and participatory process– to the Chromebooks education system. 

In the year 2022, on September 15, Adobe company announces its agreement with Figma, Inc., to buy the company with a total sum of 20 Billion USD in both cash and stock, however, the acquisition will still maintain Field’s position as the company’s CEO.  

Product Listings 

This section will list and highlight the list of products offered by Figma, Inc., 

Figma 

Design 

Prototyping 

Design systems 

Downloads 

Figjam  

Online Whiteboading 

Design Processes 

Team Meetings 

Pricing 

In its entirety, Figma, Inc., offers two levels of pricing, and the list is tagged under Figma Design and FIGJAM Whiteboarding. This section will, however, list Figma, Inc., products in both categories with respect to their individual price tags. 

The Figma Design Price Listing Category 

First Plan  

Plan Name: The Starter Plan 

Price Tag: Free, Forever 

Features: This plan offers 3 FIGJAM and 3 Figma files, Unlimited personified files, Unlimited collaborators, Widgets, Plugins, and templates, and in addition, it is Mobile App compatible. 

Second Plan 

Plan Name: Figma Professional 

Price Tag: 12 USD per Editor/ Monthly 

Features:  Unlimited Figma files, Unlimited version history, Sharing permissions, Shared and private projects, Team libraries, Audio conversation. 

Third Plan 

Plan Name: Figma Organization  

Price Tag: $45 USD per editor/monthly 

Features: Offers everything in the professional plan, in addition to, Org-wide libraries, Design system analytics, Centralized file management, Unified admin and billing, Single sign-on, Branching, and merging. 

Forth Plan  

Plan Name: Figma, Enterprise  

Price Tag: $75 USD per editor/monthly 

Features: Tailored to give advanced security and more control flexibility, the Enterprise plan lets you scale design all software-driven processes related to your company’s operations. 

The Figjam Whiteboarding Price Listing Category  

First Plan  

Plan Name: The Starter Plan 

Price Tag: Free, Forever 

Features: This plan offers 3 FIGJAM and 3 Figma files, Unlimited personified files, Unlimited collaborators, Widgets, Plugins, and templates, and in addition, it is Mobile App compatible. 

Second Plan 

Plan Name: Figma Professional 

Price Tag: $3 USD per Editor/ Monthly 

Features:  Unlimited Figma files, Unlimited version history, Sharing permissions, Shared and private projects, Team libraries, Audio conversation. 

Third Plan 

Plan Name: Figma Organization  

Price Tag: $5 USD per editor/monthly 

Features: Offers everything in the professional plan, in addition to, Org-wide libraries, Design system analytics, Centralized content and file management, Unified admin and billing, Single sign-on, Branching, and merging. 

Forth Plan  

Plan Name: Figma, Enterprise  

Price Tag: $5 USD per editor/monthly 

Features: Tailored to give advanced security and more control flexibility, the Enterprise plan lets you scale design all software-driven processes related to your company’s operations. 

Key Financials

Revenue:  3 Million USD 

Market Value: $ 2 Billion USD  

Total Funding:$ 332.9 Million USD 

Pros 

Self-Checking: Figma allows its users to self-check and preview their design while working on it.    

Personalization: Figma allows users to personalize their designs with respect to their preferences  

Hand-on Designing: Figma platform lets users involve actively and creatively while designing 

Top Notch Digitalized Tools: Figma offers top-notch and industrial standardized tools 

Technical and talented Team of Experts: The Figma, Inc., is a team of talented individuals who are endowed with technical-know-how 

Easy to Use: Figma is designed for free lets users experience easy and seamless navigation. 

Cons 

No Offline Operation on Mobile Devices: Although, Figma is designed to work offline using a desktop, however, its offline scope is limited as it does not extend to mobile devices.  

Complicated Team and File Management: To manage a team of files can be relatively cumbersome on Figma. 

Conclusion 

Finally, I hope this piece has been able to address extensively what Figma, Inc. is all about, beginning with a quick overview of the company’s key facts, its historical snapshot, its transition stages and dates, its product listing and pricing, its key financial overview, and finally, its pros and cons. Thus, with all of these sections comprehensively addressed for you to have an adequate insight about the company, I hope you are able to grasp all there is to know, and that this piece will by extension help you make a rational decision. 

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