Figma’s IPO: The Full Breakdown & Why Melio’s $2.5BN Acquisition is “Discouraging”

Rory O’Driscoll is a General Partner @ Scale where he has led investments in category leaders such as Bill.com (BILL), Box (BOX), DocuSign (DOCU), and WalkMe (WKME), among others.

Jason Lemkin is one of the leading SaaS investors of the last decade with a portfolio including the likes of Algolia, Talkdesk, Owner, RevenueCat, Saleloft and more.

In Today’s Episode We Discuss:

Intro

Figma's IPO: Rule of 80, $1.5B in cash, 40% margins

Adobe Screwed the Deal: Should They Have Just Bought Canva?

Pay-to-Play Deals: Heroic Hail Mary or Guaranteed Write-Off?

How Index Is Returning $3.5B on 2 Deals

Melio’s $2.5B Exit: Insane Growth… So Why Did They Sell?!

Massive Penthouses and the Death of Focus: AI Founders Beware

Chime, Anthropic, Menlo & The Art of Selling LPs the Future

Couchbase Acquired: PE Buyers Are Back… Or Are They?

Why No One’s Buying These 9-Figure SaaS Zombies

If You Didn’t Grow from AI By June 30, You’re Already Dead

Superhuman vs The AI-Natives: Who Wins the Replatforming War?

Oracle's $30B AI Deal: Larry Did It Before You Even Started

Scale Is Dead. Long Live Surge. The AI Data War Gets Bloody.

Asana CEO Move & the Great Founder Exodus of 2025

Kalshi Quick-Fire Round