Marin Community Foundation Reaps $440M from Figma IPO Outpacing Figma's Own Proceeds

Marin Community Foundation, a California-based charity, emerged as the largest financial beneficiary from Figma’s initial public offering (IPO) earlier this year, selling 13.4 million shares in the offering for over $440 million. This amount surpassed the proceeds from Figma itself, which sold 12.5 million shares. The IPO marked a significant milestone for the design software company, with its stock price surging by 250% on the first day of trading. The charity’s stake was transferred by Figma co-founder Evan Wallace, who has remained largely out of the public eye since stepping away from the company in 2021 [1].

The Marin Community Foundation operates as a public charity that manages philanthropy for individuals, families, and institutions. Its spokesperson described it as one of the largest community foundations in the U.S., adding that it facilitates the acceptance of complex gifts to support donors’ charitable ambitions. The shares were likely transferred through the MCF Gift Fund, which specializes in handling high-value gifts such as those from private equity or venture-backed startups. A source told Fortune that such transfers are not uncommon—though not typical—when a company is nearing an IPO [1].

Wallace’s gift to the foundation is part of a long-established tradition among Silicon Valley founders who use donor-advised funds to make tax-efficient philanthropic contributions. This method allows donors to retain control over how their funds are distributed while benefiting from immediate tax deductions. While the exact motivation behind Wallace’s decision remains unclear, the historical background of the Marin Community Foundation adds a compelling layer to the story [1].

The foundation’s origins trace back to a legal and financial dispute involving Beryl and Leonard Buck, who had amassed significant wealth through an investment in Belridge Oil. Beryl Buck donated her wealth to the San Francisco Foundation in 1975 with the condition that it be used to benefit Marin County, where she lived. However, when oil giant Shell acquired Belridge Oil in 1979, the value of the trust skyrocketed, creating a legal and ethical dilemma about how the funds should be distributed. The foundation eventually lost a court battle to redirect funds to other areas of the Bay Area and instead established a new organization in 1986 to manage the trust. The resulting foundation is now valued at approximately $2.8 billion [1].

The recent windfall from the Figma IPO brings the Marin Community Foundation back into the spotlight at a time when generational wealth and philanthropy continue to evolve. Whether Wallace was aware of the foundation’s storied past remains unknown, but his contribution has certainly rekindled interest in a charity that has been shaped by both controversy and transformation [1].

Source: [1] Figma IPO’s surprise winner is a charity with 13 million shares—and a famous backstory that sparked a bitter feud over an oil fortune decades ago (https://fortune.com/2025/08/02/figma-ipo-surprise-winner-marin-community-foundation-history-legal-fight/)