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You can almost smell the bubbly wafting across Silicon Valley.
Following Figma’s
blockbuster market debut on Thursday, four of the most iconic names in venture capital — Index Ventures, Greylock, Kleiner Perkins and Sequoia — are collectively sitting on roughly $24 billion worth of the design software vendor’s stock.
Until recently, there’s been little reason to celebrate. From late 2021, when soaring inflation and rising rates pushed investors out of risky assets, until the middle of 2025, tech IPOs were few and far between, and many of the companies that managed to make it out failed to impress Wall Street. That’s left venture firms with scarce returns for the pension funds, endowments and foundations they rely on for funding.
