Series A Needs to Change
October 6, 2025
I’ve been in Silicon Valley for almost 20 years and during that time the Series A round has barely changed.
This week’s big news was Adobe buying Figma. Here’s my unsolicited thoughts on the main questions people have been asking.
A big startup acquisition certainly looks good, and I think overall, it’s a very positive indicator. Although, the deal being half stock and half cash might indicate that we have more downside coming in the stock market. As if Adobe thought their stock was undervalued, they would have paid all cash.
No. Adobe’s model is a suite of services (Photoshop, Acrobat, etc.), and they have retained the brands and products of several acquisitions, e.g., Behance, Marketo. Over the next 12 months, you should expect to see more integrations with Adobe products and others become a lower priority.
Yes! Figma was founded in 2012, it’s practically ancient in the startup world, so there’s likely numerous ways to beat them now — just like they beat Adobe! But remember, a large sale is not a good reason to choose a market.
