Figma.com

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Figma.com

Figma is a browser-based design tool that can be used to develop prototypes, wireframes, and other designs. One of Figma's strengths is that it is platform-independent, that is, it is not tied to any tech ecosystem such as Apple or Windows. Figma has raised $82.9 million in total based on a $440 million valuation. Further details on Figma have been provided below.

PRODUCT DESCRIPTION

  • Figma is a browser-based design tool similar in features and functionality to Sketch.
  • The use cases of Figma include user experience design, user interface design, prototyping, graphic design, wireframing, brainstorming, and designing templates.
  • Some of Figma's features include design constraints, Boolean operations, pixel-perfection, vector networks, streamlined prototyping, components, team libraries, defined styles, collaboration features such as commenting, copywriting, and multiplayer editing.
  • The 'Starter' plan is free, while the 'Professional' is priced at $12 per editor/month when billed annually, and $15 per editor/month when billed monthly. The 'Organization' plan is priced at $45 per editor/month, billed annually.

STRENGTHS

  • One of Figma's strengths is that it is platform-independent, that is, it is not tied to any tech ecosystem such as Apple or Windows. Rather, it has a browser-based tool that can be accessed anywhere in the world, in addition to providing standalone apps for Apple and Windows.
  • Figma has a free option that provides reasonable functionality. This reduces the barrier to entry and therefore, encourages easier adoption.

WEAKNESS

  • While Figma currently has version history, which saves every 30 minutes, it does not have action history, which means that it is impossible for users to cancel certain actions.

KEY TEAM MEMBERS

CURRENT VALUATION AND CURRENT REVENUE

  • In February 2019, Figma raised $40 million in Series C funding, bringing its total funding to "$82.9 million raised on a $440 million post-money valuation."
  • Figma has an estimated revenue of $3 million in 2018.

COMPETITORS AND CUSTOMERS

  • Competitors to Figma include Sketch, Adobe XD, Invision Studio, and Framer.
  • Figma's customers include Volvo, Twitter, Slack, Dropbox, and GitHub.

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