Canva vs. Figma: A Tale of Two Outcomes

The past year gave design software two very different moments. Figma went public in a blockbuster listing. Canva stayed private and raised $1.5 billion at a $42 billion valuation. The split tells a bigger story about where value is getting created and who captures it.

For early Figma backers, the IPO was a clear win. Based on Brinc analysis of Pitchbook data, on simple valuation multiples, Seed investors saw an implied step-up of roughly 650x ($3.9M at a $14M Post Money) , while Series A investors achieved about 250x ($14M at a $50M Post Money). That is what great private compounding looks like. Retail buyers who chased the excitement at the open saw the other side. After an initial pop, Figma has traded down more than 50 percent from its early highs, erasing tens of billions in public market value.

Part of that slide is structural. A hot IPO is a constrained market. Underwriters funnel weeks of demand into one moment with limited float, which can push price above a steady-state level. Once the stock settles into continuous trading and anyone can buy or sell at any time, that temporary scarcity premium fades. The result is a comedown that feels painful for those who bought the peak.

Canva chose a different route. By raising privately at $42 billion, it secured capital and provided selective liquidity without subjecting the company to daily price discovery. Investors in that round are marked above Figma’s IPO peak and are insulated from the volatility that has defined many recent listings. The company can keep using structured secondaries to generate liquidity for employees and early holders, while staying focused on execution.

The contrast reinforces a broader shift. More of the compounding now happens before a ticker exists. Figma’s arc shows how private investors captured the lion’s share of the gains, while public investors faced timing risk and a quick re-rating. Canva is likely to follow the same pattern. If it eventually lists, the explosive upside will have occurred in the private rounds and secondaries that came first.

None of this is a verdict on Figma’s future. It may keep compounding from here and today’s price could prove attractive. The point is about where value is created and when it is available. Liquidity does not necessarily translate into value. In this cycle the growth curve lives in the private markets. If you want Canva-like outcomes, access to secondaries and late-stage private rounds matters more than waiting for the opening bell.

Interested in Private Markets?

Join Brinc’s Syndicate, for FREE, and get access to vetted startup deals shaping the future. Investments start at $1,000, though we regularly support investors deploying $100K to $1M.

How to join Brinc’s Syndicate:

1. Apply to join for free

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3. Attend webinars with founders

4. Decide if you want to invest (or not)

UpRounds by Brinc

UpRounds are companies in our portfolio that are raising new funding rounds at higher valuations. Our goal is to simply connect interested parties to these great companies. Simple as that.

Enklu
Vertical: AR/VR, Gaming
Description: Enklu is building the Roblox of Augmented Reality (AR), a device-agnostic marketplace for real-world spatial experiences that has solved AR’s hardest problem: distribution. Enklu is raising a $7.5M Series A and the round is currently oversubscribed. 
Pitch Deck Link

Zylo3D
Vertical: Medtech
Description: Zylo3D has developed the world’s first all-in-one dental 3D printer for chair-side procedures. Paired with AI powered design software, their solution helps dentists streamline workflows, create custom in-house solutions, and save $100K annually. Zylo is raising a $2M Seed round with $250K committed. 
Pitch Deck Link

Interested in connecting with any of our portfolio companies above? Click below for a warm introduction.

FinTech Spotlight: Sinder

Chris Hughes, founder of Sinder, took home the top spot at Pitch at the Hive: FinTech Edition in Dubai last month. 

Sinder is the travel card, reinvented.

Built in the UAE, Sinder offers a smart, elegant solution for global spending — combining 0% FX weekday transactions, seamless top-ups, real-time spend tracking, and extra rewards. All in one sleek, AED-denominated card.

They’re on a mission to simplify international payments and empower expats, students, and frequent travelers with transparent, tech-forward financial tools.

With their Founders Premium Card, early users join an exclusive community unlocking beta access, curated content, and lifetime perks.

💳 0% FX premium on weekdays

🌍 AED wallet with global reach

✨ Extra like travel insurance, visa assistance and discounts included

📈 Real-time analytics & finance insights

🧳 Designed for travelers, expats & global citizens

I Built an AI Version of Myself

Last week I showed a colleague a video of me talking about one of our recent investments. His reaction was immediate: “When did you film this?” The truth is, I didn’t. The video was created entirely with AI. My face, my voice, my words, but I never stepped in front of a camera.

The workflow was straightforward. HeyGen generated the video avatar. By uploading pictures and videos of myself, I trained the system to create a realistic avatar that could lip-sync to any script. ElevenLabs cloned my voice. With just a few minutes of recorded samples, the platform captured my tone and inflection closely enough to read new scripts in my voice. Pika handled the visuals. By dropping in the transcript, I could add context and background elements to make the final product feel polished. From start to finish, the process took less than ten minutes.

The hardest part was not the tools, it was the delivery. To capture my real speaking style, I had to record myself multiple ways and at different energy levels. When I talk about an exciting startup, the AI needs training data that reflects that energy.

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Why go through this experiment? Because at Brinc we invest in AI companies. To evaluate these opportunities properly, it is important to understand the tools founders are building with, not just hear about them in pitch decks. The best way to learn is by using the products ourselves.

I will be building this AI avatar in public, sharing workflows, costs, and failures along the way. The content is still mine, and the insights are still real. What changes is my ability to scale my voice without scaling my calendar.

This is not about replacing people. It is about exploring how AI can extend what we do and open up new ways to communicate. For me, it is another step in understanding how AI is reshaping the world we invest in every day.