Section 1: The Era Before Figma – Designing in the Internet Boom
Let’s take a quick trip back to the late 90s and early 2000s, during the internet’s explosive growth. Companies were building websites, apps were emerging, and digital design was starting to take off. But for designers, things were a little rough. Tools like Photoshop and Illustrator were great for static design, but not so much for digital products. Designing for the web or an app meant long hours creating static mockups, manually slicing images, and then hoping developers could bring their vision to life. Spoiler alert: it didn’t always go smoothly.
Image Credit: Bitrebels
The Collaboration Struggle
Collaboration was another nightmare. Designers couldn’t work on the same file together. Instead, they’d email files back and forth, creating multiple versions and lots of confusion. One wrong click, and someone’s hard work could be overwritten. Managing design files became as frustrating as the actual design process.
The Growing Need for a Better Tool
Teams needed something faster, smarter, and built for modern digital design—a tool that could bring everyone together on the same page (or screen) and streamline the whole process. That’s when the seeds of change started to take root.
Section 2: The Birth of Figma – How It All Started
In 2012, two young visionaries, Dylan Field and Evan Wallace, saw the chaos in the design world and thought, "There has to be a better way." Dylan, a Brown University dropout, had always been fascinated by the intersection of design and technology, while Evan, a brilliant engineer, had a knack for solving complex technical problems. Together, they set out to create something revolutionary—a tool that could bring designers and developers together in a truly collaborative environment.
But let’s not sugarcoat it—building Figma wasn’t easy.
The Early Struggles
When Dylan and Evan started pitching the idea of a real-time, browser-based design tool, many people didn’t believe it was possible. At the time, most design software was desktop-based, and the idea of something that lived entirely online seemed far-fetched. They faced skepticism from investors and designers alike, who questioned whether a browser tool could ever match the power of desktop apps like Photoshop or Sketch.
But they pressed on, fueled by a deep belief that the future of design would be in the cloud.
Building in the Dark
For the first few years, they worked mostly in silence, toiling away without much attention. They had to solve technical challenges that no one had really tackled before—like how to create a fast, intuitive design tool that could handle complex projects and allow multiple people to work on it at once, all within a browser. Evan’s technical expertise was crucial here, as he built the core technology that would make Figma possible.
Meanwhile, Dylan, despite being a college dropout, used his passion for design and product thinking to shape what Figma could be—a tool not just for designers, but for teams working together to bring ideas to life.
The First Breakthrough
Finally, in 2016, after years of development, they launched Figma’s beta version. And people took notice. It wasn’t just a new design tool—it was a game-changer. For the first time, designers could collaborate in real time, working together on the same file, without having to download or install anything. It was fast, intuitive, and accessible from anywhere, completely disrupting how design teams operated.
Meet the Founders – Dylan Field and Evan Wallace
Before Figma became the groundbreaking tool it is today, it was the brainchild of two forward-thinking individuals—Dylan Field and Evan Wallace. Their journeys into the world of design and technology were anything but conventional, and their combined expertise helped them spot a problem that no one else had tackled in the same way.
Dylan Field: The Visionary
Dylan’s path into tech started early. Growing up in Sonoma County, California, he developed a passion for technology during high school, where he dabbled in programming. His curiosity led him to Brown University, where he majored in computer science. However, his university career took an unexpected turn when he received the Thiel Fellowship in 2012. The fellowship, founded by Peter Thiel, offered $100,000 to young innovators to drop out of college and pursue their entrepreneurial dreams.
Dylan embraced the opportunity and left Brown University to dive headfirst into the startup world. He worked at Flipboard, a popular news aggregation app, gaining valuable experience in design and technology. Although Figma was Dylan’s first major startup, his passion for problem-solving and interest in the intersection of design and technology positioned him well for the ambitious challenge he would soon undertake.
Evan Wallace: The Technical Genius
While Dylan brought the vision, Evan Wallace brought the technical brilliance necessary to make that vision a reality. Evan also attended Brown University, where he majored in computer science and developed a deep expertise in graphics programming. He worked on innovative projects such as the WebGL standard, which enabled 3D graphics within web browsers—a skill set that would prove invaluable when developing Figma.
Evan’s prior experience was largely technical, but his work on graphics-related technologies gave him a unique edge. He understood the technical limitations that existing design software faced and was determined to build something better. Figma was the perfect outlet for his talent, allowing him to push the boundaries of what was possible in a browser-based environment.
Section 3: How Did Figma Get Noticed?
Figma didn’t just stumble into success—there was a method behind how it went from a little-known startup to a must-have tool for designers across the globe. So, how exactly did Figma break through the noise and get noticed?
The Beta Launch That Sparked Curiosity
When Figma’s beta launched in 2016, it was clear that something different was happening. Design tools up until then were powerful, sure, but they hadn’t evolved much to keep up with the needs of modern, collaborative teams. Figma’s cloud-based, real-time collaboration was an immediate attention-grabber. Early users loved how multiple designers could work on a project at the same time—no more emailing files or managing confusing version control.
This feature alone had people talking, especially within tech communities. Word of mouth started to spread. Designers shared their experiences with Figma on platforms like Twitter and in design communities, sparking curiosity among teams who were fed up with the limitations of existing tools.
Targeting Design Teams in Tech Startups
Figma’s strategy wasn’t to immediately go after massive corporations. Instead, they focused on the design teams at tech startups, where collaboration was key and where early adopters were more likely to embrace a new tool. These small, agile teams were drawn to Figma’s ability to streamline their workflows. Once they saw the efficiency gains, they were hooked.
Leveraging the Power of Freemium
Another genius move? Figma was free. Well, at least the core version was. This freemium model allowed anyone to try out the platform without commitment. Startups, freelancers, and small businesses could jump in and experience its power without a price tag. As teams began to see how much Figma improved their collaboration, many were willing to pay for the premium features that unlocked even more functionality.
Building Community and Gathering Feedback
Figma didn’t just release their product and call it a day. They actively built a community around it. They engaged early users for feedback, continuously improving the product based on real-world needs. Designers felt heard, and that sense of involvement created brand loyalty. Regular updates, improvements, and attention to what designers really wanted helped Figma stay ahead of competitors who were slower to evolve.
Timing Is Everything
Figma also hit the market at the perfect time. By the late 2010s, remote work was becoming more common, and companies needed tools that could support teams spread across different locations. Figma’s cloud-based design platform fit perfectly into this new way of working, giving remote teams the ability to collaborate just as effectively as they would in the same room.
By the time 2020 arrived and the pandemic forced even more teams to work remotely, Figma was already well-positioned as the go-to design tool for teams needing seamless collaboration. It didn’t just survive the shift to remote work—it thrived.
Section 4: Figma Goes Mainstream – How It Became a Design Powerhouse
Once Figma caught the attention of designers and tech startups, it didn’t stop there. The real magic happened when it moved beyond being just another tool and became the go-to platform for design teams worldwide. So, how did Figma go from being an up-and-coming startup to a design powerhouse used by some of the biggest companies on the planet?
Embracing Real-Time Collaboration
Figma’s real-time collaboration wasn’t just a cool feature—it was a game-changer for design teams, especially those working across multiple locations or time zones. Designers, developers, and even stakeholders could hop into the same file and work together, all at once. No one had ever seen anything like it before.
This ability to design, leave feedback, and make changes instantly created a seamless workflow between designers and the rest of the team. It wasn’t just for designers anymore—product managers, engineers, and marketers could all join in, breaking down the traditional silos between teams.
Big Companies Take Notice
As Figma proved its value to startups, larger organizations couldn’t help but take notice. Companies like Google, Microsoft, Airbnb, and Uber began adopting Figma as their primary design tool. Why? Because it made collaboration effortless, especially for big teams that needed to move fast and stay in sync across different offices or even countries.
Figma wasn’t just another tool you had to download and install on every computer. It lived in the browser, which meant it was accessible from anywhere, anytime. This flexibility was huge for enterprise-level teams. No more worrying about file compatibility or outdated versions—everything was updated in real time, with everyone working on the same file.
A Community-Centered Approach
Figma didn’t just focus on building a tool—they built a community. They hosted events, engaged with designers online, and constantly listened to feedback. This community-driven approach made users feel like they were a part of Figma’s journey. Figma also created a platform for plugins and custom integrations, allowing designers to extend the tool’s functionality and tailor it to their specific needs.
Going Global
The real tipping point came when Figma’s reputation spread beyond the tech circles of Silicon Valley. Design teams from all over the world began adopting the tool, not just because it was innovative, but because it made their lives easier. Whether you were working from New York, London, or a small startup in Singapore, Figma’s cloud-based, accessible-anywhere platform fit seamlessly into any team’s workflow.
Word spread fast. Suddenly, global design agencies, educational institutions, and even non-tech businesses were jumping on board. The power of real-time collaboration and ease of use was no longer a “nice to have”—it was becoming the new standard. By 2019, Figma had positioned itself as a must-have in the designer’s toolkit, and it quickly became a skill that started showing up on résumés across the industry.
The Perfect Fit for a Remote-First World
And then came the global shift to remote work. When the COVID-19 pandemic hit in 2020, companies around the world had to adapt to a new reality overnight. Teams that were once working side by side suddenly found themselves scattered across time zones, relying on virtual tools to stay connected.
Figma was perfectly prepared for this moment. Its real-time collaboration and cloud-native platform made it essential for design teams trying to stay productive while working remotely. And it wasn’t just about the designers anymore—product managers, developers, and marketers were all using Figma to stay in sync. By this point, Figma wasn’t just another tool; it had become the industry norm.
In fact, by 2021, proficiency in Figma had become a near-mandatory skill for designers in the digital space. Job descriptions routinely listed it as a requirement, and it was common to see designers showcasing their Figma expertise on their portfolios and résumés. What started as a niche tool had evolved into a critical part of the design process, making Figma a fundamental skill in the modern design world.
Figma’s Secret to Success
Expanding Product Offerings – The Success of FigJam
Entering a New Market: Figma’s launch of FigJam allowed it to step into the brainstorming and whiteboarding space, a market dominated by Miro and InVision. This move strategically diversified Figma’s offerings beyond just design software, letting them cater to a broader set of needs within creative and product teams.
Strategic Shift: The shift from purely competing with design tools like Photoshop and Canva to tackling a new segment like digital brainstorming demonstrates Figma's agility and foresight. By expanding into adjacent markets, they positioned themselves as a one-stop shop for design and ideation.
Customer Base Expansion: With FigJam, Figma gained a foothold in organizations looking for intuitive, cloud-based brainstorming tools. This move not only expanded their user base but also deepened customer engagement, as teams now had a reason to stay within the Figma ecosystem for more of their creative needs.
Proof of a Scalable System: The successful launch of FigJam suggests that Figma is not just a product—it’s a platform capable of fostering growth through new product launches. This makes Figma a company with a robust growth strategy, able to adapt to new market needs and opportunities swiftly.
The Adobe Threat – Commanding a Premium Valuation
Disrupting the Industry Leader: To reach its $20B valuation on a $400M ARR, Figma secured a 50x revenue multiple—far above what other SaaS companies have been valued at (e.g., Snowflake at 22x). This premium valuation wasn't just about revenue; it was about potential.
Challenging Adobe’s Dominance: Figma’s rise represents a direct challenge to Adobe, whose tools like Photoshop and Illustrator have been industry standards for years. What makes Figma’s threat so existential for Adobe is its ability to redefine the user experience—making design software more collaborative and user-friendly.
Cloud-Native Advantage: Figma’s cloud-first approach gave it a significant edge over Adobe’s traditionally desktop-bound tools. The convenience of being able to design and collaborate in real-time from any browser meant that for modern, fast-moving teams, Figma became the go-to choice. This shift in preference towards cloud-based, collaborative software positioned Figma as a direct rival to Adobe’s legacy products.
The Acquisition Move: Adobe’s decision to acquire Figma for $20B speaks volumes about the perceived threat. Adobe likely saw Figma as a competitor that could gradually eat away at its user base, especially with younger designers and startups who valued the flexibility and collaboration that Figma offered. It’s a testament to how Figma’s disruptive approach reshaped the design landscape.
Valuation Dynamics – Why Figma’s Multiple Was Higher
Growth Potential vs. Current ARR: The high 50x multiple is not just about Figma’s $400M ARR but about the promise of what’s to come. Investors saw potential in Figma’s ability to continue expanding its product suite, growing its user base, and possibly reshaping the entire design and collaboration industry.
Market Perception and Network Effects: Figma’s valuation also reflected its powerful network effects. As more design teams adopted Figma, it became the de facto standard for collaboration across organizations—making it hard for competitors to displace. The market rewarded Figma’s ability to build a product that became increasingly valuable as more people used it.
Strategic Moat: The moat created by Figma’s combination of cloud-based infrastructure, real-time collaboration, and intuitive design set it apart. Investors recognized that Figma was not just a competitor to existing tools—it was building a different paradigm for digital design collaboration.
Section 5: Competitor Analysis – How Figma Stacks Up
While Figma is a leader in the design world, it’s not without competition. Other design tools like Sketch, Adobe XD, and InVision have strong followings, each offering unique features. So how does Figma compare, and why has it pulled ahead?
Figma vs. Sketch
For a long time, Sketch was the go-to tool for UI/UX designers, especially in the Mac ecosystem. It was lightweight and easy to use, but its major limitation was the lack of real-time collaboration. Designers working in Sketch had to rely on third-party tools like Abstract for version control and syncing, which slowed down the workflow. Figma, by comparison, offered real-time collaboration natively, accessible across both Mac and Windows, and eliminated the need for extra plugins.
Another big advantage? Figma works in the browser. This flexibility means designers can jump into projects from anywhere, without worrying about installing software or managing versions. Sketch, being desktop-only, fell behind in this area.
Figma vs. Adobe XD
Adobe XD, part of Adobe’s Creative Cloud suite, has a strong feature set, especially when it comes to prototyping. Adobe also has a vast user base from its other tools like Photoshop and Illustrator, which makes XD attractive to those already in the Adobe ecosystem. But where XD falters is in its collaboration features. While XD introduced co-editing, Figma’s real-time collaboration and seamless handoff to developers remains smoother and more integrated. Plus, Figma’s browser-based approach gives it an edge in accessibility and flexibility.
Figma vs. InVision
InVision was an early pioneer in design collaboration, particularly with its prototyping and feedback tools. However, it has always been more of a supplemental tool—you still needed other design software to create the actual designs. Figma changed the game by combining design, prototyping, and collaboration all in one platform, eliminating the need for multiple tools.
The Figma Advantage
Ultimately, Figma’s strength lies in its all-in-one approach: design, prototyping, collaboration, and developer handoff, all seamlessly integrated into one platform. It’s accessible from anywhere, on any device, and its real-time collaboration capabilities have set a new standard for what design tools can achieve.
While competitors like Sketch, Adobe XD, and InVision still hold their place, Figma’s ability to offer a complete, unified experience has given it a clear advantage and made it the go-to tool for modern design teams.
Section 6: Figma’s Current Stats – A Snapshot of Success
Figma’s rise to the top has been driven by a combination of innovation, strategic growth, and impressive financial backing. As of 2023, Figma has more than 4 million active users across the globe, ranging from individual designers to teams at some of the world’s largest companies, such as Google, Microsoft, Airbnb, and Spotify. These companies, along with countless startups, rely on Figma to streamline design and collaboration, making it an essential part of their workflow.
Key Funding Milestones
Figma’s financial journey is as impressive as its user growth. By 2019, Figma had raised a total of $132.9 million in funding from major investors such as Sequoia Capital, Index Ventures, and Greylock Partners. In April 2021, Figma secured an additional $200 million in a Series E funding round led by Morgan Stanley at a valuation of $10 billion. This valuation skyrocketed, culminating in Adobe’s announcement in September 2022 of its intent to acquire Figma for a staggering $20 billion.
Growth Highlights:
$332.9 million total funding raised
4 million+ active users
Used by over 100 enterprise companies, including top tech giants
Adobe acquisition offer of $20 billion
Expanding presence in education, with universities incorporating Figma into design curricula
Klubzero POV – Challenging the Status Quo to Solve Big Problems
At Klubzero, we believe that real innovation comes from challenging the phrase, “This is how we’ve always done it.” Figma is a perfect example of this mindset in action. Rather than accepting the fragmented, inefficient design processes that existed before, Dylan Field and Evan Wallace saw an opportunity to solve a complex problem: how to make design collaborative, intuitive, and accessible to everyone, no matter where they are. They challenged the way design had been done for decades, and in doing so, they didn’t just create a better tool—they revolutionized an entire industry.
It’s this willingness to challenge the status quo that sets apart the truly great from the good. Figma solved a problem that millions of designers faced but couldn’t overcome on their own. The "we've always done it this way" mentality keeps industries stagnant, but those who dare to ask, "Is there a better way?" are the ones who drive real change. Figma’s rise shows that when you solve a complex problem in a better way, people will follow.
The Power of Word-of-Mouth
One of the most powerful, yet often underestimated, tools in Figma’s success has been word-of-mouth marketing. From early beta users to design communities on platforms like Twitter and Dribbble, Figma’s early adopters were so excited about the tool that they couldn’t help but share it. This organic buzz created a ripple effect. Designers told other designers, teams adopted it, and before long, Figma had become a household name in the design world—without needing a massive traditional marketing push.
Word-of-mouth remains a timeless strategy for brands looking to build credibility and trust. People trust recommendations from their peers far more than they trust ads, and Figma leaned into this beautifully. By focusing on solving a real problem in a seamless, user-friendly way, they let their product do the talking, which in turn fueled their growth.
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