⚔️ Design duel
Figma’s IPO filing offers a key test case for Canva’s public market ambitions — and billions in Australian venture capital returns are hanging in the balance.
Speculating on Canva’s IPO has become the Australian startup ecosystem’s favourite pastime.
So when Figma filed paperwork for its initial public offering on Tuesday to trade under the ticker “FIG,” the San Francisco-based design software company did more than signal confidence in turbulent markets. It provided a glimpse into the future of its Australian rival.
Canva is laying the groundwork for its own public debut. The company’s November hiring of Kelly Steckelberg, the former Zoom chief financial officer who shepherded that company through its successful 2019 IPO, signals serious intent.
As the Financial Review reported, Canva recently restructured as a US-based company, saying this move reflected “best practices for companies of our size, helps broaden our access to global investors, and sets us up for long-term success, including preparing for a future IPO".
For Australia’s major VCs and their superannuation fund backers, Figma’s IPO is essential viewing. Blackbird holds a 12% stake in Canva worth approximately $5 billion. Airtree and Square Peg Capital also hold significant positions, alongside other Australian investors including Quadrant Private Equity.
