Latest news with #startup
Yahoo
9 minutes ago
- Business
- Yahoo
Iconiq's Will Griffith explains how his firm celebrated Figma's IPO and why investors sold shares
Will Griffith had only been two months in his job as a venture investor for Iconiq when he met a 19-year-old college dropout named Dylan Field. This would lead to one of his signature seed investments, in a startup called Figma. On Thursday, Figma went public with the stock popping from the $33 IPO opening price to close at $115.50 and a $47 billion market cap. And Griffith could not be more effusive in his praise for the company. 'You go to one of these user conferences and you're like, there's 15,000 people here and 5,000 have Figma tattoos,' Griffith smiled. From the earliest days, the founders of this company that offers software for designers had 'a fervent desire to win and deliver and redefine this ecosystem.' Yet in 2013 at that first meeting, co-founders Dylan Field and Evan Wallace were untested. And at that point, so was Iconiq. It was known then as the very secretive wealth management firm for many of Silicon Valley's richest tech moguls like Mark Zuckerberg and Jack Dorsey. Figma, however, already had a champion: Field had been an intern at LinkedIn under its then CEO Jeff Weiner. Weiner was an angel investor (and bought more stock at later rounds, too) and introduced Field to Griffith. 'We got connected to Figma before we had an early fund, before we had any venture fund,' Griffith told TechCrunch. The investor remembers trekking out to meet the founders. 'It was like two guys and the dog in an apartment in Palo Alto, and they were working on these newfangled graphics and design capability in a browser.' The demo showed how light could be manipulated when editing a photo in a browser. At the time, browser-based design software, based on WebGL, was revolutionary. Tech giant Adobe had the graphics design market locked up with its desktop software. 'I thought it was insane,' Griffith recalled. The idea was so unproven Alexis Ohanian, who was investing out of his then firm Initialized, passed on Figma when he saw the product years later in 2016, he noted in a tweet this week. Ohanian called Figma a member of his 'embarrassing miss-list.' But Griffith wrote a check. Seed shares, by the way, were priced at $0.0878 each, Figma disclosed in its S-1A. And Griffin wrote more checks as Figma raised additional rounds. The company raised a total of about $332 million in venture funding through 2024, PitchBook estimates. 'We invested in the seed. We invested in the Series A. We invested further. We did some secondary and we also invested more meaningfully a year ago,' Griffin said. Iconiq did not wind up owning at least 5% of the company, a bar that would require Figma to publicly disclose the size of its stake. But it owns enough that the IPO will be celebrated at the Iconiq offices. 'One of the ways that we celebrate is we guess what the closing day stock price is going to be on the first day. It's a prediction contest around the firm,' Griffin said. 'There are some good prizes and rewards.' If someone nails that number, they could wind up with a healthy cash bonus or even something like a trip to Hawaii. As for the odd part of this IPO, Griffen has some insight. Most of the stock sold was from investors' stakes, including Field's, rather than new shares issued by the company, the company said. 'I think it's very generous that existing investors are willing to sell as much to create enough supply for this IPO,' he said. Figma's fundamentals are so solid that the IPO was 40 times oversubscribed, according to Bloomberg, meaning far more investors wanted shares than the supply available. That can be almost as problematic as investor disinterest, Griffin explained. The largest institutional investors won't bother with an IPO where they can't trade hundreds of millions worth of shares, he said. And if an IPO doesn't float enough shares, prices of available shares could become artificially inflated, meaning the company won't be properly valued. Should prices decline after opening day, the company could be artificially devalued as well. Figma's existing shareholders didn't really want to sell shares at $33, Griffin said. 'We have been with this business since 2015, and we haven't sold a share. And we are going to be meaningful buyers in the IPO,' he said. Still, Griffin emphasized that for Figma, IPO day is just a milestone and not an end. 'I met a young, 19-year-old Dylan, and we forged a partnership,' he said. He describes himself as 'proud' of seeing Field, Figma's CEO, 'continue to just mature and grow, but have the same vision, morals, authenticity.' In the meantime, he says he'll be spending Figma's IPO day 'meeting with the next generation founders.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
10 minutes ago
- Business
- TechCrunch
Iconiq's Will Griffith explains how his firm celebrated Figma's IPO and why investors sold shares
Will Griffith had only been two months in his job as a venture investor for Iconiq when he met a 19-year-old college dropout named Dylan Field. This would lead to one of his signature seed investments, in a startup called Figma. On Thursday, Figma went public with the stock popping from the $33 IPO opening price to close at $115.50 and a $47 billion market cap. And Griffith could not be more effusive in his praise for the company. 'You go to one of these user conferences and you're like, there's 15,000 people here and 5,000 have Figma tattoos,' Griffith smiled. From the earliest days, the founders of this company that offers software for designers had 'a fervent desire to win and deliver and redefine this ecosystem.' Yet in 2013 at that first meeting, co-founders Dylan Field and Evan Wallace were untested. And at that point, so was Iconiq. It was known then as the very secretive wealth management firm for many of Silicon Valley's richest tech moguls like Mark Zuckerberg and Jack Dorsey. Figma, however, already had a champion: Field had been an intern at LinkedIn under its then CEO Jeff Weiner. Weiner was an angel investor (and bought more stock at later rounds, too) and introduced Field to Griffith. 'We got connected to Figma before we had an early fund, before we had any venture fund,' Griffith told TechCrunch. The investor remembers trekking out to meet the founders. 'It was like two guys and the dog in an apartment in Palo Alto, and they were working on these newfangled graphics and design capability in a browser.' The demo showed how light could be manipulated when editing a photo in a browser. At the time, browser-based design software, based on WebGL, was revolutionary. Tech giant Adobe had the graphics design market locked up with its desktop software. 'I thought it was insane,' Griffith recalled. 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San Francisco | REGISTER NOW The idea was so unproven Alexis Ohanian, who was investing out of his then firm Initialized, passed on Figma when he saw the product years later in 2016, he noted in a tweet this week. Ohanian called Figma a member of his 'embarrassing miss-list.' But Griffith wrote a check. Seed shares, by the way, were priced at $0.0878 each, Figma disclosed in its S-1A. And Griffin wrote more checks as Figma raised additional rounds. The company raised a total of about $332 million in venture funding through 2024, PitchBook estimates. 'We invested in the seed. We invested in the Series A. We invested further. We did some secondary and we also invested more meaningfully a year ago,' Griffin said. Iconiq did not wind up owning at least 5% of the company, a bar that would require Figma to publicly disclose the size of its stake. But it owns enough that the IPO will be celebrated at the Iconiq offices. 'One of the ways that we celebrate is we guess what the closing day stock price is going to be on the first day. It's a prediction contest around the firm,' Griffin said. 'There are some good prizes and rewards.' If someone nails that number, they could wind up with a healthy cash bonus or even something like a trip to Hawaii. As for the odd part of this IPO, Griffen has some insight. Most of the stock sold was from investors' stakes, including Field's, rather than new shares issued by the company, the company said. 'I think it's very generous that existing investors are willing to sell as much to create enough supply for this IPO,' he said. Figma's fundamentals are so solid that the IPO was 40 times oversubscribed, according to Bloomberg, meaning far more investors wanted shares than the supply available. That can be almost as problematic as investor disinterest, Griffin explained. The largest institutional investors won't bother with an IPO where they can't trade hundreds of millions worth of shares, he said. And if an IPO doesn't float enough shares, prices of available shares could become artificially inflated, meaning the company won't be properly valued. Should prices decline after opening day, the company could be artificially devalued as well. Figma's existing shareholders didn't really want to sell shares at $33, Griffin said. 'We have been with this business since 2015, and we haven't sold a share. And we are going to be meaningful buyers in the IPO,' he said. Still, Griffin emphasized that for Figma, IPO day is just a milestone and not an end. 'I met a young, 19-year-old Dylan, and we forged a partnership,' he said. He describes himself as 'proud' of seeing Field, Figma's CEO, 'continue to just mature and grow, but have the same vision, morals, authenticity.' In the meantime, he says he'll be spending Figma's IPO day 'meeting with the next generation founders.'
Geek Wire
3 hours ago
- Business
- Geek Wire
Worker skills intelligence startup AstrumU shuts down after running out of capital
GeekWire's startup coverage documents the Pacific Northwest entrepreneurial scene. Sign up for our weekly startup newsletter , and check out the GeekWire funding tracker and venture capital directory . AstrumU founder Adam Wray. AstrumU, a Bellevue, Wash.-based startup that developed a worker skills data platform, is closing. Adam Wray, the company's CEO and founder, confirmed the shutdown and said the company is insolvent. Founded in 2018, Astrum got off the ground with a platform that aimed to calculate the value of an individual's skills and experiences in the labor market. It initially generated revenue from colleges and employers. Wray told GeekWire in 2018 that his goal was to be the 'true North Star for students and universities,' helping match skills and experience with impactful careers. Wray said on Thursday that the company was trying to apply AI to extract and verify an individual's skills from multiple data sources. But he said the company was too early to market by several years and ran out of capital 'before we could apply the learnings at scale.' The company raised more than $50 million to date, Wray said, and employed more than 70 people at its peak. It had 30 employees as of this week, according to LinkedIn. Kingdom Capital led a $7.6 million round in 2020. Other investors include Ignition Partners; Correlation Ventures; the University of Kansas; KC Rise Fund; ASU ScaleU; City Light Capital; Heidrick Struggles chairman Adam Warby; Docusign founder Court Lorenzini; and the University of Kansas, where the company was originally incubated. Wray previously served as CEO of Tier 3, a Bellevue-based cloud computing company that sold to CenturyLink in 2013. He later was CEO of Seattle-area database company Basho Technologies. Kaj Pedersen, CTO at AstrumU since 2019, is retiring, according to a post on LinkedIn.
Forbes
3 hours ago
- Business
- Forbes
South Korean AI Chip Startup FuriosaAI Raises $125 Million
June Paik, CEO of FuriosaAI, during the Super AI Conference in Singapore, on June 18, 2025. Ore Huiying/Bloomberg South Korean AI chip startup FuriosaAI, which Meta considered buying earlier this year, said it has raised a $125 million Series C bridge financing, bringing total funding to date to $246 million. FuriosaAI is currently valued at $735 million, the startup said in a statement. Investors in the round include Korean state-run lenders Korea Development Bank and Industrial Bank of Korea, and local investment firms Kakao Investment (the corporate investment arm of internet giant Kakao), Keistone Partners (a private equity firm with about 2.4 trillion won in cumulative assets under management) and PI Partners (a private equity firm founded last year whose main investment is in FuriosaAI). The funds will be used to scale production of its AI inference chip RNGD (pronounced 'Renegade') and develop its next-generation chip. 'FuriosaAI has built a compelling alternative to GPUs for AI inference,' said Kim Do-young, CEO of Kakao Investment, in a statement. 'Their Tensor Contraction Processor chip architecture delivers the performance and power efficiency that is critical for the next wave of AI applications.' RNGD is equipped with HBM3 chips—a type of high-performance memory crucial for AI computing—from SK Hynix and will be made using TSMC's 5-nanometer manufacturing process. Last week, FuriosaAI announced that LG AI Research is using its chip to power the AI research lab's EXAONE large language models and its enterprise AI agent, ChatExaone. FuriosaAI was founded in 2017 and is led by June Paik, who previously worked as a hardware engineer at Samsung Electronics and as a software engineer at AMD. As of the most recent public filing, Paik owned a 17.6% stake in FuriosaAI. The Seoul-based startup reported that revenue dropped 18.3% year-over-year to 3 billion won in 2024, while net loss doubled from the previous year to 152.2 billion won. Meta, which is developing its own custom AI chips, had considered buying FuriosaAI earlier this year. Forbes was the first to report Meta's interest in buying FuriosaAI in February. FuriosaAI's funding round comes almost a year after its domestic rival, Rebellions, completed its merger with SK Hynix-backed Sapeon. The combined company, which operates under the Rebellions name, is South Korea's first AI chip unicorn and is led by CEO Sunghyun Park, who earned a Ph.D. in electrical engineering and computer science from MIT and has previously worked at SpaceX, Intel and Samsung. Before the merger, Rebellions had raised at least $225 million from investors including Saudi Aramco's venture arm Wa'ed Ventures, Kakao Ventures, South Korean telecom operator KT, Temasek's Pavilion Capital and Korelya Capital, founded and led by former French digital economy minister Fleur Pellerin. Rebellions is in the middle of raising a new round of financing. Samsung joined the new funding round, which Rebellions is aiming to raise up to $200 million from investors. Despite being a relatively small nation of some 50 million people, South Korea has top semiconductor talent. It's home to two of the world's largest memory chipmakers—Chey Tae-won's SK Hynix and Jay Y. Lee's Samsung—as well as key industry suppliers, including Kwak Dong Shin's equipment maker Hanmi Semiconductor and chemicals producer Chung Ji-wan's Soulbrain. Supportive government policies have helped nurture the country's dense tech ecosystem of conglomerates and startups. The country's new president, Lee Jae Myung, pledged during his campaign to invest up to 100 trillion won (about $72 billion) in AI infrastructure and development, including AI chips. More from Forbes Forbes South Korea's AI Chip Champion Is Poised To Carve Out Global Niche By John Kang Forbes Korean Internet Giant Kakao Teams With OpenAI To Jumpstart Growth By John Kang Forbes Nvidia-Backed AI Startup Cohere To Open Asia-Pacific Hub In South Korea By John Kang Forbes AI Data Center Boom Mints South Korea's Newest Billionaire By John Kang
Forbes
5 hours ago
- Business
- Forbes
The 20-Step Guide To Starting A Business Today
By Dominique Harroch and Richard D. Harroch Starting a business today requires more than just passion or a good idea. It demands careful planning, strategic execution, and the flexibility to evolve as markets shift and customers grow. This 20-step guide walks you through every major milestone—from setting your vision to managing finances, scaling operations, and protecting your brand. Whether you're launching a product, offering a service, or building a tech startup, these steps are your modern playbook for success. Every successful business starts with a clear purpose. Before anything else, define what your business stands for, what problem it solves, and why it exists. Your vision serves as your North Star—guiding decisions, attracting talent, and inspiring customers. But it's not just about inspiration. You must also assess your commitment. Are you ready for the uncertainty, risk, and time it takes to build something from scratch? Clarifying your purpose ensures that when challenges arise, you're not just chasing profits—you're working toward something meaningful. 👉 Do You Have a Clear Business Vision? Find Out Why Your Success Depends on It Before you invest time, money, or energy, confirm that there's a real need for your product or service. Validation means researching your audience, testing the concept, and collecting feedback. Build a prototype, set up a landing page, or talk to potential customers. Are they willing to pay for it? Are you solving a pain point or just offering a nice-to-have? The earlier you validate, the fewer resources you'll waste chasing an idea that doesn't resonate. 👉 How to Test a Business Idea: 11 Strategies Market research helps you understand your competitive landscape and customer behavior. Study market size, trends, pricing models, and your competitors' strengths and weaknesses. Dig into what customers complain about and where gaps exist. Use primary methods (interviews, surveys) and secondary sources (industry reports, competitor websites). This research gives you the insight to position your business strategically, tailor your messaging, and avoid launching blindly. 👉 11 Simple Tips for More Effective Market Research Your business name is more than just a label—it's the foundation of your brand. Choose a name that reflects your identity, is easy to pronounce and spell, and can scale with your growth. Then check domain name availability and register the .com version if possible. Run a trademark search to avoid future legal issues, and secure matching social media handles. A name that's legally clear and digitally available saves time, money, and headaches later. 👉 5 Steps for Naming Your Business 👉 7 ChatGPT Prompts to Help You Name Your Startup Choosing a legal entity is a foundational decision. A sole proprietorship is simple but leaves you personally liable. An LLC offers protection and flexibility. Corporations allow for scalable ownership and outside investment. Your choice affects your taxes, your liability, your legal obligations, and your funding options. Don't guess—consult a legal or tax advisor to get it right from the beginning. 👉 Everything You Need to Know About Business Entity Types With your entity chosen, it's time to make your business official. File your Articles of Incorporation or Organization with your state, apply for an EIN (Employer Identification Number) from the IRS, and obtain local licenses and permits. These steps vary by industry and location, so check with your local Small Business Administration office or state website. Legal compliance isn't just paperwork—it's your license to operate. 👉 How to Register Your Business in 5 Steps 👉 Legal Requirements for Starting a Small Business: 10 Things to Know A business plan doesn't need to be a 50-page binder—it just needs to answer the right questions. Who is your customer? What problem are you solving? How will you make money? What will it cost? Your plan should also include marketing strategies, sales forecasts, and operational logistics. A lean plan keeps you focused and ready to respond to opportunities or setbacks. It also helps when seeking funding or bringing on partners. 👉 Guide to Creating Your Business Plan 👉 Business Plan Basics: Objectives, Mission Statements Even if you're not raising money, you'll need to pitch your business idea often—to customers, collaborators, and future team members. Craft a short elevator pitch for casual conversations and a full investor deck with key details: market problem, your solution, target market, competitive advantage, business model, team, and financial projections. Practice until you can pitch confidently in any setting. 👉 A Guide to Investor Pitch Decks 👉 Tips for Practicing Your Investor Pitch Ahead of the Big Meeting Open a dedicated business bank account to separate personal and business finances. Set up accounting software or hire a bookkeeper to track expenses, income, and taxes. Monitor cash flow weekly and keep detailed records for compliance and clarity. Understanding your financials helps you make smart decisions and demonstrates reliability to investors, lenders, and partners. Do you need capital now, or can you bootstrap for a while? If you need outside funding, explore small business loans, grants, angel investors, or crowdfunding. Each option has different expectations—loans must be repaid, equity reduces your ownership, and grants require time to apply. Choose based on your business stage, risk tolerance, and speed of growth. 👉Seed Financing Explanation From contracts to intellectual property, legal protection is critical. Use written agreements for services, employment, or partnerships. Consider business insurance policies like general liability, professional indemnity, and cyber insurance. Consult a legal advisor to protect your brand, assets, and reputation. Legal trouble can be devastating—prevention is cheaper than litigation. 👉 Business Forms and Agreements Center Don't wait until everything's perfect. Launch a basic version of your product or service that solves your customer's core problem. Then use feedback to improve. This agile approach helps you iterate quickly, validate assumptions, and prevent wasted effort building features nobody wants. 👉 How to Test a Business Idea: 11 Strategies Your brand is how people remember and trust you. It's made up of your logo, colors, tone of voice, website, and every customer interaction. Define your brand values and make sure they show up everywhere—from your packaging to your social media captions. A consistent and authentic brand creates emotional connections that turn customers into fans. 👉 Branding a Startup Company: 3 Essential Elements You need to be found online—period. Build a mobile-responsive website with fast load times, clear messaging, and optimized SEO. Claim your Google Business Profile, set up business pages on social media, and collect reviews. An online presence legitimizes your business and opens the door to organic discovery and digital advertising. 👉17 Key Tips for Entrepreneurs Marketing brings your idea to life in the minds of customers. Define your marketing goals—brand awareness, lead generation, conversions—and pick the right channels: SEO, content marketing, social media, paid ads, email, or PR. Track what works, refine your messaging, and double down on your best-performing efforts. Marketing isn't just getting attention—it's converting attention into action. 👉 Steps to Create a Successful Small Business Marketing Strategy 👉 How to Start Marketing a Small Business—And Why Email Is Still So Effective Protecting your data and customer information is non-negotiable. Use strong passwords, encrypted backups, firewalls, and two-factor authentication. Train employees to spot phishing and comply with data regulations like General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA). One breach can destroy customer trust and create costly liabilities. Secure your systems now before it's too late. Technology allows small teams to do big things. Automate invoicing, email follow-ups, social media scheduling, and customer support using modern tools. Invest in scalable systems early so your operations can grow without breaking. Automation reduces error, saves time, and helps you focus on high-value work. You can't build an empire alone. Start by hiring freelancers or agencies for specialized work. As you grow, add part-time or full-time team members aligned with your mission. Create clear roles, expectations, and processes. A strong team doesn't just get work done—they carry your culture and help scale your impact. Track your business health through data. Monitor monthly revenue, profit margin, burn rate, customer acquisition cost, and customer lifetime value. Use dashboards and analytics to see what's working and what's not. Data empowers you to adapt quickly and stay focused on sustainable growth. The market will change. Customers will evolve. You'll need to adapt. Build regular feedback loops, run experiments, and stay close to your data. At the same time, plan for growth by identifying new markets, expanding your offerings, or improving infrastructure. Flexibility plus forward-thinking is the formula for long-term success. Conclusion on Starting a Business Starting a business today is more accessible than ever, but it also requires clarity, commitment, and adaptability. From crafting a clear vision to choosing the right legal structure, building a brand, and establishing financial discipline, each step you take lays the groundwork for long-term success. Modern entrepreneurs must be willing to test ideas early, listen to their customers, and constantly refine both their product and their approach. The combination of strategic planning and real-world validation separates the businesses that grow from those that stall. But success isn't just about the checklist—it's about persistence, adaptability, and learning quickly. As you implement the steps outlined in this guide, remember that no business journey is linear. Mistakes will happen, markets will shift, and growth will come with new challenges. Stay focused on your purpose, surround yourself with the right people, use data to guide your decisions, and remain open to change. With consistency and grit, your vision can become a thriving, resilient business. More from AllBusiness: Copyright © by Richard D. Harroch. All rights reserved.
