Weekly Exit – August 2025 | Issue 32

🔥 Top Startup Exits This Week

🔍 Deal Deep Dives

Figma’s blockbuster IPO

Figma’s public debut was one of the year’s most anticipated tech offerings. Shares priced at $33 opened near $85 and soon topped $100, giving the design‑collaboration company a roughly $46 billion market capitalization and raising about $1.2 billion.

Boxabl’s $3.5 B SPAC

Modular‑housing startup Boxabl agreed to merge with FG Merger II Corp., valuing the combined company at around $3.5 billion. About 350 million shares at $10 each will be issued, and the transaction is slated to close before year‑end.

Joby Aviation snaps up Blade’s Passenger Business

Joby Aviation will acquire Blade Air Mobility’s passenger business for up to $125 million. The deal gives Joby immediate access to Blade’s customer base, terminals, and operational expertise.

SAP to acquire SmartRecruiters

SAP announced a definitive agreement to acquire talent‑acquisition platform SmartRecruiters, expected to strengthen SAP SuccessFactors with full‑lifecycle recruiting capabilities.

Global‑e Acquires ReturnGo

Cross‑border e-commerce platform Global‑e acquired ReturnGo, an AI-powered startup focused on post‑purchase returns and exchanges.

📊 Trends & Insights

• IPO comeback? Figma’s public pop signals demand for high-retention B2B SaaS still exists.

• Vertical integration trend: Acquirers like SAP and Joby Aviation want more control over customer journeys.

• AI-powered SaaS still hot: ReturnGo's acquisition shows demand for focused, post-purchase automation tools.

• Hybrid exits: Boxabl’s SPAC shows how hardware-first companies are leveraging capital markets creatively.

🛣️ Road to Exit

Figma

• Hyper-growth metrics: Figma’s revenue reached $749 M in 2024, up 48 % year‑over‑year, with Q1 2025 revenue of $228.2 M and net income of $44.9 M.

• Enterprise traction: The company served 1,031 customers paying $100K+ in annual recurring revenue, maintained 88.3 % gross margins, and achieved 132 % net dollar retention.

• IPO prep: Filed its S‑1 on July 1, 2025, targeting a $14.6–$16.4 B valuation and raising up to $1 B.

Boxabl

• Massive retail backing: Boxabl had raised over $230 M from 50 000+ investors, reflecting strong retail enthusiasm for its modular housing vision.

• Product innovation: Its flagship 361‑sq‑ft Casita unfolds on‑site and is complemented by smaller units (“Baby Box”) and stackable modules.

• SPAC readiness: The merger deal will issue 350 M shares at $10 each, valuing the company near $3.5 B, with existing shareholders rolling 100 % of their equity.

Joby Aviation

• Certification progress: On Aug 6, 2025, Joby announced that its first FAA-conforming aircraft was headed to final assembly for Type Inspection Authorization (TIA) flight. The company has achieved FAA acceptance of more than half of its test plans.

• Commercialization timeline: Joby expects its pilots to start flying the conforming aircraft in 2025, with FAA pilots to follow.

• Vertical integration: Joby highlighted its vertical integration strategy—in-house design, manufacturing, and testing—and plans to double production capacity to 24 aircraft per year.

SAP + SmartRecruiters

• Recruiting power: SmartRecruiters offers AI-driven and high-volume recruiting tools, giving SAP’s SuccessFactors suite end-to-end candidate lifecycle.

• Strategic fit: SAP said the deal will help customers attract, hire, and retain talent while unifying candidate and employee data across HR processes.

• Closing timeline: The transaction is expected to close in Q4 2025.

Global‑e + ReturnGo

• AI-driven returns: ReturnGo’s AI platform automates returns and exchanges, providing merchants with a smoother post-purchase experience.

• Strategic enhancement: Global‑e plans to integrate ReturnGo’s technology into its cross-border commerce platform to enhance post‑purchase solutions.

🏷️ Valuation & Comps Analysis

*Price/Sales ratio uses 2024 revenue and IPO market capitalization for Figma. Figures for other companies were not publicly disclosed.

✅ Exit Prep Tip of the Week

🧾 Clean Up Your Cap Table—Early

Before you even start M&A conversations, make sure your capitalization table is clean, accurate, and investor-aligned.

Why it matters:

• Messy equity records slow down diligence and can raise red flags for acquirers or IPO underwriters.

• Discrepancies lead to mistrust—and mistrust kills deals.

Quick wins:

• Confirm option grants match board approvals

• Convert any outstanding SAFEs or notes

• Document all transfers or repurchases clearly

• Consolidate data into one trusted source (e.g., Pulley, Carta)

Pro tip: Run a “cap table audit” every six months—even if you're not actively fundraising or exiting.

🧠 Lessons From This Week’s Exits

• Figma: Product-led growth and community lock-in translated into a massive premium.

• Boxabl: Hardware scale with a loyal retail investor base can still command massive SPAC deals.

• Joby: Acquiring to control the funnel (and the user) before full rollout.

• Global-e: AI-powered, problem-specific SaaS is more valuable when plugged into platforms with large distribution.

🔭 Deal Radar & Other Notable Exits

• Cinven buys Smart Communications: European PE firm Cinven acquired a majority stake for $1.8 B.

• Destinus acquires Daedalean: Swiss drone developer Destinus bought autonomous‑flight systems maker Daedalean for CHF 180 M (~$223 M).

• IDEX Corporation buys Micro‑LAM: Laser machining firm acquired for $90 M, plus earn‑out.

• XOMA Royalty acquires HilleVax: Biotech royalty firm to buy vaccine developer for $1.95/share + CVRs.

🔮 Upcoming Exit Signals

Indicators to watch for the next wave of exits:

• FloatLogic: CFO hire sparks speculation of an imminent S‑1 filing.

• AltDNA: Deep talks with Thermo Fisher suggest an M&A deal in the works.

• GliderPay: Recent staff cuts could be preparing the startup for a strategic sale.

• SignalTap: Rumor mill hints at a stealth acquisition by Snowflake.

🗣️ Founder/Investor Insights

• Joby’s Didier Papadopoulos: “Every component, every system, and every test we have completed over the past 15 years has led us to this point… Our vertical integration strategy allows us to scale production and maintain control”.

• Figma’s community: While we don’t have a direct quote from Dylan Field, Figma’s roadshow emphasized product‑led growth and customer love as the foundations for its IPO success.

• Investor view on SPAC appetite: A SPAC Research partner noted that “institutional appetite for SPAC IPOs has never really gone away,” hinting that quality deals like Boxabl can still find strong demand.

💼 Job Board & Hiring Updates

• Figma: Post‑IPO, Figma continues to hire across engineering, sales, and community roles to support enterprise growth.

• Boxabl: The company plans to expand manufacturing capacity and is hiring for operations, engineering, and construction teams as it scales up production.

• SmartRecruiters: With SAP’s backing, expect openings in product, AI, and customer success to accelerate integration.

• ReturnGo: The team is growing across customer success, data science, and sales to support its global customer base.

🔥 Sector Heatmap & Visuals

Below is a simple bar chart showing the number of exits by sector for this week’s issue. Each sector recorded one major exit, illustrating the broad diversity of activity across industries.

📚 Resource Spotlight

• Tool: Pulley – Cap table management software ideal for maintaining investor records and preparing for exits.

• Podcast Episode: Acquired – Episode on “How Slack Sold to Salesforce” offers lessons on timing and negotiation.

• Book: Venture Deals by Brad Feld and Jason Mendelson – A must-read for founders preparing for funding rounds and exits.

• Checklist: Use our Cap Table Audit Checklist (see “Exit Prep Tip” section) to ensure your equity records are diligence‑ready.

🏛️ Regulatory & Policy Watch

• Antitrust scrutiny: The Adobe–Figma deal collapse highlighted intensified regulatory oversight on large tech acquisitions. Expect more rigorous reviews, especially in AI-driven or high-impact software markets.

• SPAC reforms: U.S. regulators are increasing disclosure requirements and tightening accounting rules for SPACs, which could affect timelines and valuations for companies pursuing this path.

• Data privacy laws: New international data-transfer frameworks (e.g., EU-U.S. Data Privacy Framework) may impact cross-border SaaS acquisitions—be mindful when due diligence involves global user data.

💬 From the Editor