Coatue, General Catalyst Back Figma in Tender Offer (Correct)

An investor group including Coatue Management, Alkeon Capital Management and General Catalyst Partners have invested in Figma Inc. as part of a deal that values the design startup at $12.5 billion, according to people with knowledge of the matter.

The deal comes as the San Francisco-based company is delivering annual recurring revenue of more than $700 million, a figure that is projected to surpass $1 billion by next year, one of the people said, asking not to be identified because the information isn’t public. Yearly recurring revenue stood at about $400 million in late 2022.

The transaction, which was ...