Figma is a user interface design application which is browser-based and native friendly. The app doesn't require any specific platform and it is easy to use. The app has already started giving tough competition to Sketch and Adobe XD. The company recently received $40 million in funding. Its current valuation stands at $440 million. Below are our deep findings.
- The company's namesake browser-based product provides designing and graphics solutions like UI Design, UX Design, Prototyping, Graphic Design, Wire Framing, Brainstorming, and Templates.
- In short, Figma is "a collaborative interface design tool that enables the entire team’s design process to happen in one online tool."
- The tool enables teams to work with each other at every stage of their design work in real-time.
- Each individual oversees their area in the creative process while keeping in sync with the rest of the design work. This happens in all the platforms that are used by the team.
- Figma assures designers that there is no danger of overwriting incidents. There is also no risk of files being outdated.
- Teams can easily send a link to gather inputs, consolidate change requests, and let stakeholders modify designs.
- As for the developers, they can always view the most current design in real-time. They can analyze elements, export portions of the work, and obtain the code.
- Figma's tool can also help in improving a design team's efficiency while maintaining flexibility.
- The team's library features allow easy sharing without requiring additional common storage drives or other tools.
- Teams can manage the manner and schedule of change deployments by using publishing workflows.
- Teams can also complete their design work in lesser time and with a more uniform look using the same scalable elements in all the related design files.
- Layers can also be accessed easily for more efficient text and images editing.
- Various attributes of design work such as "colors, text, grids, and effects" can be made uniform and simple in all the devices using Figma's exclusive grid styles.
- Workflows can also be conveniently designed by simply linking screens and annexing elements such as "interactions, transitions, overlays," and others. The updated URL can then be sent to the right resources for further inputs.
- The company also boasted that it can help in building design work that is also scalable through its standard design elements.
- Its features include Boolean operations, pixel-perfection, vector networks, streamlined prototyping, components, team libraries, among others.
- Figma is a browser-based web application, setting it apart from all other design apps.
- Since it doesn't rely on any platform, it has native features that do not require formal plugins and extensions.
- It is a collaborative platform, therefore, an entire team can work simultaneously.
- Copywriters can work at the same time in the interface.
- Its free version provides enough liberty that small projects with two or three people can easily work like a premium one.
- Users can start learning as they use the app. The learning curve is very low.
- There are no image editing tools.
- The version history is saved every 30 minutes, but no action history. This makes it impossible to undo actions.
4. Key Leaders
- Evan Wallace: Chief Technology Officer and Co-Founder
- Dylan Field: Chief Executive Officer and Co-Founder
- Yuhki Yamashita: VP of Product
- Shoo Kuwamoto: Director of Product
- Soleio Cuervo: Advisor
- John Lilly: Board Member
- Danny Rimer: Board Member
- Mamoon Hamid: Board Director
5. Funding, Valuation, Revenue, Market Performance, and Competition
- The company has received $82.9 million in total after four rounds of funding; with the latest round was Series-C collecting $40 million in funds.
- The company's latest valuation was $440 million during Series-C funding.
- The current estimated revenue of Figma is $4 million. (Source19)
- From a market point of view, Figma has three major competitors, JustInMind, WebFlo, and HotGloo.
- According to Owler, "Justinmind has been one of Figma's top competitors. Justinmind's headquarters is in San Francisco, California, and was founded in 2002. Like Figma, Justinmind also competes in the Internet Software field. Justinmind generates 150% of Figma's revenue."
- According to Owler, "Webflow is one of Figma's top rivals. Webflow is a Private company that was founded in San Francisco, California in 2012. Like Figma, Webflow also works within the Internet Software industry. Webflow has eight fewer employees compared to Figma."
- According to Owler, "HotGloo is perceived as one of Figma's biggest rivals. HotGloo was founded in 2009 and is headquartered in Hamburg. Like Figma, HotGloo also competes in the Internet Software sector."
- Webflow and HotGloo have the same estimated revenue as Figma; that of $4 million.
- From a creative and user perspective, Figma's main competitors are Sketch and Adobe XD.
- In contrast to Sketch which is Mac based only, and Adobe XD which runs on both Mac and Windows OS; Figma runs on basically any operating system, as it is a browser-based platform.
- Figma is better than both Adobe XD and Sketch in terms of responsiveness and runs very smoothly.
- Figma's rising competition with Sketch has made it consider investing in native style features.
- In 2018's Design Tool survey by UXTools, most of the survey users considered Sketch better in various aspects, but Figma wasn't far behind and was also very close or further than Sketch in some sections of the survey.
- In the same survey, Figma was also marked as the 'Most Exciting Tool of 2019'.
- Many are considering Figma as a viable option to replace Sketch.
6. List of key customers
- UC Berkeley
- Aisle Rocket Studios
- University of the Arts London
- Virta Health
7. Current Job Postings
- Account Executive, Enterprise
- Account Executive, Mid-Market
- Account Executive, Strategic-Enterprise
- Account Manager
- Brand Designer, Senior Level
- Data Analyst
- Director of PR/Communications
- Engineering Manager
- Governance, Risk & Compliance Associate
- Growth Analyst
- Product Design Intern (Fall 2019 or Winter 2020)
- Product Designer
- Product Manager
- Product Marketing Manager
- Software Engineer
- Software Engineer — Intern (Fall)
8. Recent Press/Media on company (Past 6 months) —
- Figma raises $40MM Series C round led by Sequoia | Figma
- Reintroducing a revamped new version of DesignSystems.com | Figma
- Why Teams at Uber and Slack Use This Powerful Design Tool | Inc
- Figma’s design and prototyping tool gets new enterprise collaboration features | TechCrunch
- Figma: Setting the new standard for collaborative design software by Danny Rimer | Index Ventures
9. Pricing —
- Figma is available for professionals at a price of $15 per editor/month, billed monthly; and for organizations at a price of $45 per editor/month, billed annually. It is available free for individuals.
- New editors can be added. If a customer purchases the annual professional plan, he/she will be charged for the additional editors monthly until the annual plan is up for renewal.
- The paid plans can be canceled anytime.
10. Client Testimonials
- Bryan Haggerty, the Sr. Design Manager at Twitter, said: "After that first experience of sending a Figma link out and seeing others immediately jump in, there is no going back."
- Ellen Beldner, the head of Product Design at Stitchfix, says "It isn’t just that it replaces Sketch. Figma replaces Sketch, InVision, and Zeplin."
- Fem Van Schoohoven, the Product Designer at Uber, says "Figma is like a tidy bookshelf, where you can find exactly what you need, whenever you need it."
- Will Newton, the Product Designer at Gusto, says "Because sharing design in Figma is so friction-less, we can share more, get more feedback, and do better work."
- Alex Zapadenko, Design Manager at Citrusbyte, says "Because Figma is an all-in-one design, prototyping, and developer hand off tool, it saves Citrusbyte $20k/year."
- David Hatch, the head of User Experience at Virta Health, says "I felt like Figma was the future. The collaborative aspect is where our design culture took off."