Benzinga | Jun 24, 2021 10:53AM EDT

Software Company Figma Raises $200M At $10B Valuation: Bloomberg

* Software design company, Figma Inc, has raised $200 million at a valuation of $10 billion, Bloomberg reports.

* Figma, which allows customers to collaborate on software as they build it, noted a demand jump from the pandemic-induced remote work.

* The company's investors included Durable Capital Partners and Morgan Stanley through its Counterpoint Global group.

* Dylan Field founded Figma spent several years in stealth before introducing browser-based software design tools. The tools helped software designers to work together in real-time, bypassing the process of saving and sending their work to collaborators using a collection of disparate apps.

* Figma's customer base expanded in recent years from Airbnb Inc (NASDAQ:ABNB), Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, Herman Miller Inc (NASDAQ:MLHR), Kimberly-Clark Corp (NYSE:KMB) to also lightweight game, map and presentation builders, Sequoia Capital partner Andrew Reed noted.

* Figma still faces stiff competition from Adobe Inc (NASDAQ:ADBE), InVisionApp Inc., and Balsamiq Studios.

* The funding proceeds will help Figma to expand past its current two products and focus on its users. It was looking to acquire both strategic assets and talent.

* The company will employ around 500 people by 2021 end.

* An investment founder and analyst highlighted the company's new product, FigJam, reflecting its broader prospects. FigJam functions as an online whiteboard allowing teams to chat and share emojis while brainstorming.

* Related Link: Microsoft Corp (NASDAQ:MSFT) recently announced Whiteboard app updates to encourage corporate brainstorming.