Adobe buying design startup Figma for $20 billion

• The deal is structured via an even split of cash and stock.

ROI: Figma raised around $330 million in VC funding, most recently via a Series E round in 2021 led by Durable Capital Partners at a $10 billion valuation.

• Other backers include Index Ventures, Greylock, Kleiner Perkins, OATV, Andreessen Horowitz, Founders Fund, Fuel Capital, Sequoia Capital, Counterpoint Global, Geodesic Capital, Base10 Partners, WndrCo, IVP and TeleSoft Partners.

Backstory: Adobe first approached Figma several months ago, per a source familiar with the process. Figma didn't run a formal auction process, nor was it seeking to raise new private funding.

More, via Bloomberg: "Figma spent several years in stealth mode before introducing browser-based tools that allow software designers to work together in real time. Its products allow collaborators to bypass the sometimes clumsy process of saving and sending their work to colleagues using a collection of disparate apps."

The bottom line: This is a big money reminder about the centrality of design in the tech world, as user expectations have become more sophisticated.