Kleiner Perkins Having a Successful Week

Kleiner Perkins Experiences Successful Week with Figma and Ambiq Micro IPOs

The technology sector has recently witnessed two notable Initial Public Offerings (IPOs): Figma and Ambiq Micro. While attention is focused on Figma’s debut, Ambiq Micro, a chip manufacturer specializing in wearable devices, has also experienced a significant surge in share value, climbing from $24 to over $42 between Wednesday and Friday.

Shared Investment: Kleiner Perkins

A common thread connects both Figma and Ambiq Micro: substantial investment from the venture capital firm, Kleiner Perkins. This has proven to be a particularly lucrative week for the established venture firm.

Figma IPO: A Significant Return for Kleiner Perkins

Figma disclosed that Kleiner Perkins sold 1,346,499 shares during the IPO at a price of $33 per share. The firm had the potential to sell up to 2,756,020 shares, contingent upon bankers exercising their option for additional shares.

Considering the high demand for Figma shares, it is likely that the full allotment of additional shares was purchased. Furthermore, Kleiner Perkins retains a considerable stake of 52,364,374 shares in Figma.

With share prices fluctuating between $110 and $142, but closing at $115 on the first day of trading, the value of Kleiner Perkins’ remaining stake is substantial.

The estimated return from share sales is $91 million, and the remaining stake is valued at over $6 billion. (Calculated as 2,756,02 shares at $33 equaling $90,948,660, and 52,364,374 shares at $115 equaling $6,021,903,010).

Perspective on Figma's Value

This stake in Figma alone represents three times the value of the firm’s most recent mega-funds, totaling $2 billion across two investment vehicles in 2024. Mamoon Hamid, a Kleiner Perkins partner and Figma board member, oversaw the firm’s investment in Figma.

Ambiq Micro IPO: Another Win for Kleiner Perkins

Ambiq Micro represents a smaller IPO compared to Figma, with a total of 4 million shares sold, raising $96 million for the company. Existing shareholders are subject to a standard 180-day lockup period before being able to sell their shares.

Kleiner Perkins holds 2,081,831 shares in Ambiq Micro. Shares are currently trading above the IPO price, closing Thursday at $43.85.

The value of Kleiner Perkins’ stake in Ambiq Micro is estimated at $91.3 million (calculated as 2,081,831 shares at $43.85 equaling $91,288,289).

Additional Successes and Future Prospects

Kleiner Perkins has also reportedly benefited from Google’s recent acquisition of technology from Windsurf and the hiring of its key personnel. While the exact amount received by Kleiner Perkins from the approximately $1.1 billion deal is unknown, reports indicate a total return of around 3x the original funding.

Looking ahead, another Kleiner Perkins-backed company, Motive Technologies, a fleet tracking startup, is preparing for a potential IPO in 2025. Motive Technologies recently secured $150 million in funding led by Kleiner Perkins, with Ilya Fushman joining the board.

The firm declined to comment on this story.