Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates that Figma generated $1.056B in revenue for 2025, up 41% from $749M in 2024.</li><li>Figma priced its IPO on July 30, 2025 at $33.00 per share (36,937,080 Class A shares), implying a roughly $19.3B valuation.</li><li>Figma has significantly expanded its product surface beyond its core design tool.</li></ul>

Sacra estimates that Figma generated $1.056B in revenue for 2025, up 41% from $749M in 2024.Figma priced its IPO on July 30, 2025 at $33.00 per share (36,937,080 Class A shares), implying a roughly $19.3B valuation.Figma has significantly expanded its product surface beyond its core design tool.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Figma's Q4 2025 earnings detailed strong performance and strategic developments, painting a comprehensive picture of its current standing and future potential.</li><li>Key positive aspects from the results include substantial revenue growth and strategic expansions.</li><li>Figma reported $304 million in revenue for Q4 2025, which marked a year-over-year growth rate of 40%.</li></ul>

Figma's Q4 2025 earnings detailed strong performance and strategic developments, painting a comprehensive picture of its current standing and future potential.Key positive aspects from the results include substantial revenue growth and strategic expansions.Figma reported $304 million in revenue for Q4 2025, which marked a year-over-year growth rate of 40%.

Figma Is Evolving Beyond Design—AI, New Users, and a Broader Platform Vision!

Podcast by CEO, Norges Bank Investment Management, In Good Company with Nicolai Tangen

In Good Company with Nicolai Tangen

Podcast by CEO, Norges Bank Investment Management

The CEO of the largest single investor in the world, Norges Bank Investment Management, interviews leaders of some of the largest companies in the world. You will get to know the leader, their strategy, leadership principles, and much more. Hosted on Acast. See https://www.acast.com/privacy-policy for more information.

<ul><li>In software design, the process is iterative and collaborative, with constant learning and evolution.</li><li>Figma software is used for digital design, not 3D or CAD design, but still allows for creativity.</li><li>The importance of design has evolved from just aesthetics to a focus on function and form, with increasing competition and value moving up the stack in the tech world.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

In software design, the process is iterative and collaborative, with constant learning and evolution.Figma software is used for digital design, not 3D or CAD design, but still allows for creativity.The importance of design has evolved from just aesthetics to a focus on function and form, with increasing competition and value moving up the stack in the tech world.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Figma CEO: From Idea to IPO, Design at Scale and AI’s Impact on Creativity

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.</li>
<li>Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.</li>
<li>I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.</li>
</ul>


Figma Inc. reported a strong quarter pushing shares up over 5% after-hours as billings growth saw a significant acceleration and management raised guidance for FY25.
Revenue increased 38% YoY and growth of paid customers with ˃$100K in ARR accelerated to 44% YoY due to the adoption of new Figma products.
I think the stock could find a bottom above $40/shr. as valuation fell closer to Adobe’s ~$20B bid. Figma is one of the fastest growing SaaS companies with best-in-class metrics.


Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

<ul><li>Sacra estimates that HeyGen hit $205M in annual recurring revenue (ARR) in June 2026, up from $123M at the end of 2025.</li><li>HeyGen was valued at $500 million following its Series A funding round in 2023.</li><li>HeyGen's product strategy hinges on speed-to-value and ease of use—the platform launched "Instant Avatar" in November 2023, compressing avatar creation from days to 5 minutes.</li></ul>

Sacra estimates that HeyGen hit $205M in annual recurring revenue (ARR) in June 2026, up from $123M at the end of 2025.HeyGen was valued at $500 million following its Series A funding round in 2023.HeyGen's product strategy hinges on speed-to-value and ease of use—the platform launched "Instant Avatar" in November 2023, compressing avatar creation from days to 5 minutes.

United States

Figma, Inc. provides software solutions. The Company offers a browser-based platform for developers, product managers, and marketers which helps them with user interface designing, prototyping, and collaboration. Figma serves customers in the United States.

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Figma (FIG US)

Primer: Figma - 27 Apr 2026

Design tool for real-time collaboration on UI, prototypes, and design systems in-browser

Sacra

Figma Is Evolving Beyond Design—AI, New Users, and a Broader Platform Vision!

Figma's Q4 2025 earnings detailed strong performance and strategic developments, painting a comprehensive picture of its current standing and...

Baptista Research

Figma CEO: From Idea to IPO, Design at Scale and AI’s Impact on Creativity

The software design process is iterative and collaborative, with tools like Figma bridging the gap between imagination and reality, highlighting...

In Good Company with Nicolai Tangen

Figma Inc.(FIG.US): Quarterly Update. Billings Jumped, Valuation Fell Closer To Adobe’s ~$20B Bid

Figma Inc. reported strong quarterly results. The design software maker raised revenue guidance for FY25. i believe the stock could find a bottom...

Andrei Zakharov

Primer: HeyGen - 03 Sep 2026

Video generation tool for creating AI avatar videos for training and sales outreach

Sacra

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