• Old conventional wisdom: Companies don't go public in summer because Wall Street is on vacation.
• New conventional wisdom: What's vacation when you can Zoom into IPO roadshows from the Jersey Shore?

Driving the news: Design collaboration giant Figma raised $1.2 billion in its IPO, pricing at $33 per share, and will begin trading today on the NYSE under ticker symbol "FIG."

• That gives it a $19.3 billion fully diluted market value, which is just shy of the $20 billion that Adobe planned to pay for Figma in late 2022 before U.S. antitrust regulators objected.
• All Figma needs is a 4% pop to beat the Adobe figure, having priced above both its original ($25-$28) and revised ($30-$32) IPO price ranges.

Behind the scenes: Figma began planning for the IPO almost immediately after the Adobe deal collapsed at the end of 2023, Axios has learned. But it was in no rush, thanks to a $1 billion merger termination fee.

• The primary timing consideration was the company's annual Config conference, which one source calls a "Woodstock for developers."
• Figma spent much of 2024 developing new, AI-powered products — including a prototyping tool that was put into closed beta at the beginning of this year and unveiled at Config in early May.
• In short, the company wanted to be able to tell analysts and prospective investors about actual products, rather than proposed ones. At that point it would be all IPO systems go.

Yes, but: One timing caveat would have been macroeconomic turbulence, but equity markets have been surging — discounting global growth concerns over a vacillating U.S. tariff regime set to take effect tomorrow.

• It's also worth noting that tariffs don't directly impact Figma's sales.

The big picture: Figma is only the fifth company to raise at least $1 billion in an IPO thus far in 2025, with most unicorns and private equity portfolio companies still sitting on the sidelines.

• VC backers all are deep in the black at $33 per share. As is a nonprofit called the Marin Community Foundation, which is Figma's largest outside shareholder thanks to a stock gift from company co-founder and former CTO Evan Wallace.

The bottom line: Figma appears to have lucked out when the Adobe deal died, and also may have created a new PR paradigm: If you dare to IPO in the summer heat, you'll soak up all the sun.

KKR acquired a majority stake in HealthCare Royalty Partners, a biopharma royalty acquisition firm with around $3 billion in AUM.

Why it's the BFD: Biopharma faces major capital constraints, and a giant financial firm is diving into the breach.

Zoom in: HCRx was formed in 2006 and has committed over $7 billion, both via dedicated funds and a perpetual captial vehicle.

• No financial terms of the merger were disclosed, except that the deal was done off KKR's balance sheet.
• KKR, which reported earnings this morning, has health-care exposure via a variety of strategies — including its growth equity and midmarket businesses — but viewed royalties as its missing link.
• The two firms have partnered a handful of times in the past, including on Bridge Bio.

The bottom line: "HCRx has been focused lately on rare diseases and specialty medicines, and I think that won't change. But the name of the game is going to be diversification, and I don't think any sector is off-limits." — Ali Satvat, KKR's head of health-care strategic growth

• Anaconda, an Austin-based provider of AI dev tools, raised $150m in Series C funding at a $1.5b valuation. Insight Partners led, joined by Mubadala Capital. axios.link/4l4BNoQ

• Motive, an SF-based ops platform for the physical economy, raised $150m. Kleiner Perkins led, joined by AllianceBernstein. axios.link/4od9dEz

• QI Tech, a Brazilian financial infrastructure fintech, raised $63m in Series B extension funding led by General Atlantic. q1tech.com.br

🚑 Ultromics, a U.K. developer of cardiology diagnostics solutions, raised $55m in Series C funding. L&G, Allegis Capital, and Lightrock led, joined by Oxford Science Enterprises, GV, Blue Venture Fund, Oxford University, University of Chicago Medicine and UPMC Enterprises. axios.link/3IWisbT

• Wallarm, an SF-based API and AI security startup, raised $55m in Series C funding led by Toba Capital. axios.link/4fjxFA0

• RD Technologies, a Hong Kong-based stablecoin startup, raised $40m in Series A2 funding led by ZA Global, with participation from China Harbour International Finance, Bright Venture Capital, Hivemind Capital Partners, HSG, and Guotai Junan International. axios.link/4of6tX6

• Prophet Security, a Palo Alto, Calif.-based provider of agentic AI for SOCs, raised $30m in Series A funding. Accel led, joined by Bain Capital Ventures. axios.link/40E9XbK

• Conversion, a marketing automation startup raised $28m in Series A funding. Abstract Ventures led, joined by True Ventures and HOF Capital. axios.link/3ITct7N

• AIR, an Israeli eVTOL developer, raised $23m in Series A funding led by Entrée Capital. axios.link/4feGcnC

🚑 Sava Technologies, a London-based molecular health monitoring startup, raised $19m in Series A funding. Balderton and Pentland Ventures led, joined by Norrsken VC, JamJar Investments, True, Italian Founders Fund, Athletico Ventures, and Exceptional Ventures. axios.link/46Bnepg

• Still Bright, a Newark, N.J.-based developer of copper extraction tech, raised $18.7m in seed funding. Material Impact and Breakthrough Energy Ventures led, joined by Azolla Ventures, Fortescue, Impact Science Ventures, and SOSV. axios.link/3IRGZ1X

• Knit, an Austin, Texas-based consumer research startup, raised $16.1m in Series A funding, per Axios Pro. GFT Ventures and Sound Ventures led, joined by Silicon Road Ventures, Osage Ventures, and Rise of the Rest. axios.link/4ojHGkY

• Echo, a software infrastructure security startup, raised $15m in seed funding led by Notable Capital and Hyperwise Ventures, per Axios Pro. axios.link/3HaiYCG

• Flyhomes, an Issaquah, Wash.-based real estate platform, raised $15m in Series D funding from a16z, Norwest Venture Partners, Canvas Ventures, and Camber Creek. axios.link/4owF7Mz

• PlayerZero, an Atlanta-based predictive software quality company, raised $15m in Series A funding led by Foundation Capital and $5m in seed funding led by Green Bay Ventures. axios.link/3IVc8kV

🚑 Pahr Therapeutics, a developer of pulmonary arterial hypertension treatments, raised $14m in seed funding from RA Capital Management, AN Venture Partners, and University of Tokyo Edge Capital Partners. axios.link/3HeFQ3X

• Daloopa, a New York-based financial data platform, raised $13 million from Pavilion Capital, per Axios Pro. axios.link/4fj4NrN

• OffDeal, a New York-based investment banking platform, raised $12m in Series A funding. Radical Ventures led, joined by YC, Rebel Fund, and Centre Street Partners. axios.link/4l4mpsA

🚑 C8 Health, a New York-based patient outcomes platform, raised $12m in Series A funding. Team8 led, joined by 10D and Vertex Ventures Israel. axios.link/4l4qj4w

• NuCicer, a Davis, Calif.-based chickpea producer, raised $11.5m in Series A funding. Rhapsody Venture Partners led, joined by Leaps by Bayer, Illumina Ventures, Better Ventures, and Stray Dog Capital. axios.link/3IQgE4p

• Deep Cogito, an SF-based LLM developer, raised $10.5m in Series A funding led by Benchmark. deepcogito.com

• Runloop, an infrastructure platform for AI coding agents, raised $7m in seed funding. The General Partnership led, joined by Blank Ventures. axios.link/3H3PLte

• RunReveal, an Austin-based security data platform, raised $7m in seed funding led by insider Costanoa. New backers included Runtime Ventures, Modern Technical Fund, and Okta Ventures. runreveal.com

🌎 Tric Robotics, a San Luis Obispo, Calif.-based maker of pest-control robots for ag, raised $5.5m in seed funding led by Version One Ventures. axios.link/4mjnUE9

• North Pole Security, an endpoint protection platform for macOS, raised $4m in seed funding led by a16z. axios.link/45dO9oA

🌎 Solidec, a Houston-based sustainable chemicals manufacturer, raised $2m in pre-seed funding. New Climate Ventures led, joined by Plug and Play Ventures, Ecosphere Ventures, Collaborative Fund, Safar Partners, Echo River Capital, and Semilla Climate Capital. solidec.com

🚑 Archimed acquired a majority stake in Arkstone, a Boca Raton, Fla.-based clinical decision support firm focused on infectious disease. arkstone.ai

• ClearCourse, an Aquiline Capital Partners portfolio company, acquired retail management and POS provider Davidson Richards. axios.link/44VGe0j

• Contentsquare, a digital analytics company whose backers include Sixth Street and SoftBank, agreed to acquire Loris AI, a conversation intelligence platform that had raised nearly $20m from firms like ServiceNow Ventures and Bow Capital. axios.link/45seEI9

• DataServ, an accounts payable firm backed by Renovus Capital, agreed to acquire North Andover, Mass.-based IT consultant xFact. dataservtech.com

• J.C. Flowers & Co. acquired Italian insurance broker Caleas. jcfco.com

• New Mountain Capital is in talks to buy around a 40$ stake in Wipfli, a Milwaukee-based accounting firm that would be valued north of $1b, per the WSJ. axios.link/4lYSZxe

• Partners Group acquired a minority stake in Nozomi Networks, an SF-based provider of industrial cybersecurity software that previously raised $245m from VCs. axios.link/4mgsJht

• Thoma Bravo invested in Trading Technologies, a Chicago-based capital markets tech platform owned by 7RIDGE. axios.link/3IRWlU8

• Black Rock Coffee Bar, a Scottsdale, Ariz.-based chain whose backers include Cynosure Partners, filed confidential IPO papers, per Reuters. It could be valued at more than $1b. axios.link/41j2YoL

• D. Boral ARC Acquisition II, a SPAC led by execs from D. Boral Capital and ARC Group, raised $250m in its IPO. axios.link/4nwMD9C

⚡ Five Point Infrastructure is in talks to sell Northwind Midstream Partners to MPLX (NYSE: MPLX) for around $2.3b, per Bloomberg. axios.link/40F6klN

• Axonius, a New York-based cybersecurity asset intelligence firm valued by VCs at 2.6b, acquired Cynerio, an Israeli medical device security firm, for more than $100m in cash and stock. Cynerio had raised around $50m from firms like Alive Israel Healthtech Fund, Samsung Next Ventures, Accelmed, and Arieli Group. axios.link/3H7cbd0

• Brookfield Wealth Solutions (NYSE: BNT) agreed to acquire British insurer Just Group (LSE: JUST) for £2.4b. axios.link/3UCYBRH

• Euronext sweetened its takeover offer for the Athens Stock Exchange to €413m. axios.link/45u7Hq4

• JD.com (HK: 9618) agreed to acquire listed German electronics retailer Ceconomy for €2.2b. axios.link/4mkzL4Y

• Lyft (Nasdaq: LYFT) completed its €175m purchase of taxi app FreeNow from BMW and Mercedes-Benz. axios.link/4lQdXPp

• Bonfire Ventures raised $245m for its fourth fund and promoted Tyler Churchill to partner. bonfirevc.com

🚑 Frazier Life Sciences raised $1.3b for its 12th venture fund. axios.link/46C1A4i

• Silversmith Capital Partners raised $1.7b for its fifth fund. silversmith.com

• Skyline Investors, an LA-based PE firm focused on investments that "bolster local economies," raised $125m for its debut fund. skylineinv.com

• Margit Wennmachers, who has led comms for a16z since before the VC firm raised its debut fund, is transitioning into a partner emeritus role. (Deep cut: Andreessen envy)

• Tom Hussey left General Atlantic to join Brighton Park Capital as a partner and head of a new London office. axios.link/3Ur3iOF

• Shamrock Capital promoted Mike LaSalle to co-president and Andrew Howard to partner, and said that Stephen Royer has transitioned to a chairman role. shamrockcap.com

• John Turner, a former sales exec with Google and Symantec, joined Permira as an executive-in-residence. axios.link/4mkm3Po

You can find a solid case for Fed interest rate cuts in yesterday's GDP report, but not the one that President Trump is making, Axios' Courtenay Brown and Neil Irwin write.

• Despite a robust headline number, underlying domestic demand looked strikingly soft in Q2 — driven in significant part by interest rate-sensitive sectors bearing the brunt of Fed policy.
• Meanwhile, inflation was well-contained.

Go deeper.