Figma secured a valuation of $19.34 billion, just shy of the $20 billion it was set to fetch in a scrapped acquisition by Adobe in 2023.

Danny Rimer, partner at Index Ventures, led Figma’s seed round in 2013, when the company’s stock was valued at just 9 cents per share. He said he has long been impressed by co-founder Dylan Field’s product vision, and agreed with Field’s thesis that design is “the most important determinant” of many consumer-facing tech businesses.

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