Figma Inc., a San Francisco-based design startup, has secured a $12.5 billion valuation in a deal that involved investment from a group of prominent firms.

What Happened: The investment group includes Coatue Management, Alkeon Capital Management, and General Catalyst Partners, reported Bloomberg on Thursday citing people with knowledge of the matter.

This investment has come through a secondary share sale, which has been finalized. The deal also involved current and former employees, as well as other equity holders.

Figma, which is currently generating over $700 million in annual recurring revenue, is expected to exceed $1 billion by next year. The annual recurring revenue was approximately $400 million in late 2022.

Figma did not immediately respond to Benzinga's request for comment.

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Adobe and Figma parted ways after failing to secure approvals from the European Commission and the UK Competition and Markets Authority.

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This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote