Penpot, an Adobe competitor, has raised $8 million in two weeks after the Figma deal

Almost two weeks ago, software giant Adobe reached an agreement to buy Figma for $20 billion. Meanwhile, an open-source alternative said it had raised $8 million, which is the largest Series A round for a Spanish open-source company to date.

Penpot, which launched last November, allows for cross-platform collaboration, meaning designers and developers can work on projects at the same time. Since its launch last November, the Madrid-based design tool has seen its user base steadily grow. The platform is reportedly used by 10,000 companies whose customers include Google, Microsoft, Tencent, ByteDance and Mozilla.

Of the $8 million raised, a significant portion came from Decibel, a Silicon Valley-based venture capital firm focused on early-stage investments. Athos Capital, a Spanish venture capital firm, has doubled its $2.6 million investment in Kaleidos, Penpot’s parent company. Other notable investors include ex-Figma COO Eric Wittman, developer relations executive Grace Francisco and Pedro CastilloFounder and former CEO of security analytics company Devo.

“Penpot is seeing unprecedented growth because designers and developers hate working in the silos and rigidity of traditional enterprise software,” said Pablo Ruiz-Múzquiz, Penpot co-founder and Kaleidos CEO, on Tuesday.

Before Adobe acquired Figma, the latter was an attractive option for designers due to its independence. Penpot said his signups increased 5,600% in a single day after signing the deal.

Ruiz-Múzquiz said the funding push will help the company invest in cloud infrastructure to continue driving signup and usage growth.

“I am grateful to all of you for joining us on this journey. Now is our time – our hopes of finding an open source design and prototyping platform that can unite developers and designers are finally becoming a reality. Penpot happening – Please join us!” he said in a statement.

https://www.ibtimes.com.au/penpot-adobe-competitor-has-raised-8m-two-weeks-after-figma-deal-1838914?utm_source=Public&utm_medium=Feed&utm_campaign=Distribution Penpot, an Adobe competitor, has raised $8 million in two weeks after the Figma deal

Fry Electronics Team

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