Index Ventures’ Remarkable Exit Streak – A Year of Big Wins - InforCapital

Yesterday marked one of the most dramatic IPO debuts in recent memory. Figma, the collaborative‑design platform once nearly acquired by Adobe, floated on the New York Stock Exchange on 31 July 2025 and its shares erupted. Priced at $33 a share, Figma’s stock opened at $85 and touched $124.63 before closing at $115.50, more than 250 % above the IPO price. The surge lifted Figma’s market capitalisation to roughly $68 billion—a stunning outcome after regulators torpedoed Adobe’s $20 billion merger proposal just last year.

This blockbuster listing isn’t just a feel‑good story for the company’s founders and employees; it underscores a remarkable year of exits for Index Ventures. In the past twelve months the London‑ and San Francisco‑based venture firm has seen portfolio companies realise more than $150 billion in headline value through IPOs and acquisitions. The Figma float is the latest (and perhaps flashiest) example of Index reaping the rewards of patiently cultivated stakes across software, cybersecurity and fintech. Below is a look at the firm’s standout exits and what they signal for the broader venture market.

Figma: a blockbuster IPO and a windfall for Index

Index was Figma’s earliest institutional backer, co‑leading the $3.9 million seed round in 2013. Over the ensuing decade it invested in every round, accumulating a holding of roughly 66 million shares, or about 13 % of the company. The firm sold about 3.3 million shares into the IPO, a sale that would have raised roughly $108 million at the $33 issue price. The real payday comes from its remaining stake: at the $115.50 closing price, Index’s position is now worth about $7.2 billion. For context, Index’s last flagship fund was around $3 billion; a single holding delivering more than double that amount is a once‑in‑a‑decade event.

Figma’s swift value appreciation also highlights how venture investors can benefit from regulatory disruptions. In 2022 Adobe agreed to acquire the startup for $20 billion, but antitrust scrutiny scuttled the deal. Under pressure, Adobe paid Figma a $1 billion break‑up fee, after which the company launched four new products and doubled its business. Index’s patience paid off: the company went public at a $19.3 billion valuation and then quickly vaulted to nearly $68 billion. The listing has reopened the tech IPO window, inspiring comparisons with the 2011–2012 era when companies like LinkedIn, Groupon and Facebook reignited public‑market appetite.

Wiz: the largest VC‑backed acquisition ever

In March, Google’s parent Alphabet agreed to buy Wiz, a cloud‑security company founded in 2020, for $32 billion in cash. The transaction is the largest venture‑backed acquisition on record and underscores how cybersecurity remains one of the hottest categories in tech. Index Ventures invested early in Wiz and steadily increased its ownership to about 12 % of the company. That stake could translate into over $3.8 billion in cash when the deal closes—an astonishing return in under five years.

The scale of the windfall highlights the power‑law dynamics of venture capital. Seed investor Cyberstarts will turn a $6.4 million investment into $1.3 billion, while Sequoia’s 10 % stake may be worth about $3 billion. Index’s 12 % share underscores its role as the largest shareholder and positions the firm alongside Sequoia as one of the biggest beneficiaries. The transaction also signals that big‑tech acquirers are willing to pay premium prices for cloud security platforms, potentially spurring further consolidation in the sector.

Scale AI: a $29 billion deal with Meta and a path to liquidity

In June, Meta Platforms announced it would invest $14.3 billion in Scale AI for a 49 % stake, valuing the data‑labelling startup at $29 billion. The deal not only brings Scale’s 28‑year‑old CEO Alexandr Wang to Meta to lead its “superintelligence” efforts, it also offers liquidity to early investors. The agreement allows investors such as Accel and Index Ventures to cash out half of their holdings. Scale was valued at $14 billion in a May 2024 round; the Meta transaction effectively doubles the company’s valuation and underscores the premium being placed on strategic AI infrastructure.

While terms of Index’s stake have not been disclosed publicly, its early support for Scale should translate into significant returns. The deal also underscores a new phenomenon: strategic minority investments that provide both capital and liquidity, allowing venture funds to realise gains without ceding all upside. In addition, the transaction has already caused repercussions; Google, Scale’s largest customer, is reportedly preparing to move its business away from the company. How Scale balances these competing allegiances will be closely watched, but for Index and other early investors, the partial exit is another win in a year full of them.

Revolut: soaring valuations and partial liquidity

Fintech remains another pillar of Index’s portfolio. Revolut, the London‑based digital bank, secured a secondary share sale in August 2024 that valued the company at $45 billion. The sale was led by Coatue, D1 Capital and Tiger Global and allowed employees to cash out some of their shares. In April 2025, Revolut reported that pretax profit had surged 149 % to £1.1 billion (≈$1.46 billion). By July 2025 the Financial Times reported that the company was in talks to raise about $1 billion at a valuation of $65 billion. Although some industry blogs have speculated about a $75 billion round, those figures are not yet confirmed. Even a $65 billion valuation would make Revolut one of the world’s most valuable private tech companies and demonstrate the continued appetite for fintech growth stories.

A streak reminiscent of the Sequoia glory days

The combined headline value of Figma’s IPO (~$68 billion), Google’s Wiz acquisition ($32 billion) and Meta’s investment in Scale AI ($29 billion) exceeds $129 billion. Adding the mooted $65 billion valuation for Revolut would push the total to around $194 billion—numbers that evoke comparisons to Sequoia Capital’s early‑2010s run with WhatsApp, Airbnb and others. While not all of these amounts flow directly into Index’s coffers, the firm’s ability to deliver multiple multi‑billion‑dollar outcomes in a single year is extraordinary.

What it means for the venture market

Index’s exit streak arrives after a prolonged drought in tech IPOs and a reset in venture capital valuations. The Figma debut, in particular, is being watched closely by other late‑stage startups considering public offerings. The fact that an enterprise‑software company could triple in its first day of trading—after raising nearly $1.2 billion—suggests pent‑up demand for new listings and may encourage firms such as Stripe, Databricks or Canva to revisit IPO plans.

For limited partners (LPs) in Index’s funds, these exits provide not just paper gains but real cash distributions. A stake worth $7.2 billion in Figma, over $3.8 billion from Wiz and partial exits in Scale AI send a strong signal that long‑dated venture strategies can still deliver exceptional returns. They also give Index dry powder to re‑invest in the next generation of startups.

Index Ventures has long prided itself on backing category‑defining companies early and supporting them through to maturity. The firm’s stellar 2025 exit roster vindicates that strategy and positions it as one of the premier global venture platforms. Whether the broader IPO market remains receptive and whether mega‑deals like Wiz become more common will depend on macroeconomic conditions. But for now, Index Ventures’ partners can celebrate a historic year—and LPs can expect some hefty cheques.