Figma has fundamentally changed how design teams work together. Founded in 2012 by Dylan Field and Evan Wallace, the San Francisco-based company launched its browser-based design tool in 2016 and quickly won over product teams worldwide. Unlike traditional desktop apps, Figma runs entirely in the browser, which means anyone with a link can jump into a file and start collaborating in real time.
By 2023, Figma had grown to over 4 million users, including design teams at companies like Microsoft, Airbnb, and Spotify. The platform handles everything from UI design and prototyping to design systems management through shared component libraries. Its plugin ecosystem, with thousands of community-built extensions, has made it incredibly versatile.
In September 2022, Adobe announced plans to acquire Figma for roughly $20 billion, but the deal fell apart in December 2023 due to regulatory concerns in Europe. Figma walked away with a $1 billion breakup fee and has continued operating independently. The company raised $200 million in its Series E round at a $10 billion valuation back in 2021.
Figma’s Dev Mode, introduced in 2023, bridges the gap between designers and developers by letting engineers inspect designs, grab code snippets, and track changes without needing a separate handoff tool. FigJam, their collaborative whiteboard product, has also gained traction for brainstorming and planning sessions. With its free tier still generous enough for small teams, Figma remains the go-to choice for modern product design.
