Index Ventures 1300% Return as Figma Soars on IPO Launch

Danny Rimer, a partner at Index Ventures since 2002, took a bold bet on Dylan Field and Figma in 2013 during the company’s seed stage. At that time, Field was 19 years old and still an intern at Flipboard. Rimer recalls being impressed by Field’s analytical approach and visually compelling presentation during a board meeting, where Field outlined user preferences with clarity and creativity [1]. This encounter marked the beginning of a relationship that would see Index invest $1.8 million in the seed round, with total investments over the following 12 years amounting to $86.5 million [1].

Field and Figma co-founder Evan Wallace had a clear vision: to democratize design by creating tools accessible to all. Despite the prevailing “move-fast-break-things” culture, the founders chose to focus on building a long-term product, acknowledging it would take over two years before anything was ready to launch. Rimer, an art history major with a deep appreciation for design, saw in Field the same ambition that had driven the Bauhaus movement in the early 20th century—a belief that design could become an all-encompassing, fundamental force [1].

Index’s patience and belief in Figma’s mission paid off in a dramatic way. When Figma went public, its shares surged on the first day of trading, propelling Index’s remaining stake to over $7 billion. The firm sold roughly 5% of its shares in the IPO, collecting about $66 million. According to a source familiar with the matter, this marked a 1300% return on invested capital, translating to a nearly 90x return [1].

Rimer emphasized that Figma’s success wasn’t just about design software or graphic tools—it was about a broader cultural shift. He noted that design had become as essential as architecture once was in shaping the world. Index’s investment philosophy, therefore, diverges from the conventional TAM (total addressable market) metric. Instead, Rimer and his team look for disruptive ideas that redefine markets, like Etsy and Figma, rather than chasing numerical projections [1].

With the rise of AI, Figma’s position has only strengthened. Rimer pointed out that AI has lowered the barrier to entry for app development, creating a new wave of “vibe coders” and, by extension, a surge in demand for design tools. In this context, Figma’s value proposition is more relevant than ever. The company is no longer just a design tool—it is a foundational element of the future digital landscape [1].

Field’s early vision, articulated through thoughtful slides as an 18-year-old intern, has proven prescient. Design, once seen as peripheral, is now at the center of technological and cultural progress. Index’s investment in Figma stands as a testament to the power of identifying visionary founders and backing them through long-term, transformative journeys [1].

Source: [1] Why Index’s Danny Rimer bet on Figma and Dylan Field at the seed stage (https://fortune.com/2025/08/01/index-ventures-danny-rimer-figma-dylan-field-seed-round/)