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FIGS
Who controls FIGS today?
FIGS went public in May 2021 as the first company founded by two female co-founders to list on the NYSE, signaling DTC disruption in medical apparel. Ownership concentration and institutional stakes shape its governance and long-term valuation.
Major shareholders include the co-founders, early venture backers, and institutional investors; dual-class shares concentrate voting power. See FIGS Porter's Five Forces Analysis for a product-linked strategic view.
Who Founded FIGS?
The ownership of FIGS began with cofounders Heather Hasson and Trina Spear, combining Hasson’s lifestyle-driven product vision and Spear’s Wall Street operations expertise; initial funding came from personal savings and small seed contributions in 2013. Early rounds included a $5,000,000 Series A in 2016, followed by a transformative $65,000,000 injection from Tulco LLC in 2018 that established strategic control ahead of the IPO.
Founding Partnership
Heather Hasson led creative and brand direction while Trina Spear managed finance and operations from day one.
Initial Funding
Company launched in 2013 using founders' savings and small seed checks before institutional rounds.
Series A
A $5,000,000 Series A round closed in 2016 to scale operations and e-commerce capabilities.
Tulco Strategic Investment
In 2018 Tulco LLC, led by Thomas Tull, invested approximately $65,000,000, acquiring a controlling stake pre-IPO.
Other Early Investors
Venture participants included firms such as Fifth Wall and individual backers like Dreamers VC, contributing strategic capital.
Founder Equity Retention
Founders retained significant equity with vesting schedules to ensure long-term commitment through IPO preparations.
Early ownership combined founder equity with Tulco’s majority influence, shaping FIGS corporate structure and governance ahead of the public listing.
Key ownership facts
Notable points on FIGS ownership, founders and investors.
- Founders: Heather Hasson (creative/CEO role) and Trina Spear (COO/CFO background).
- Series A: $5,000,000 raised in 2016 to accelerate growth.
- Tulco investment: ~$65,000,000 in 2018, resulting in controlling stake pre-IPO.
- Early investors: included Fifth Wall and Dreamers VC; founders kept substantial vested equity.
For context on market positioning and competitors in relation to FIGS ownership strategy, see Competitors Landscape of FIGS.
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How Has FIGS’s Ownership Changed Over Time?
The May 2021 IPO transformed FIGS from a private disruptor into a public company, raising $580,000,000 at an initial valuation near $4.4 billion. By Q3 2025 the ownership mix shifted markedly: institutional holders control the bulk of publicly traded Class A shares while founders and insiders retain meaningful aligned stakes.
| Stakeholder | Approx. Ownership (Q3 2025) |
|---|---|
| The Vanguard Group | 10.5% |
| BlackRock, Inc. | 8.2% |
| Fidelity Management & Research | 7.5% |
| Institutional investors (aggregate) | 82% |
| Insiders (including Trina Spear & Heather Hasson, Tulco LLC) | ~12% |
Ownership evolution: IPO dilution plus secondary share sales and institutional accumulation reshaped FIGS corporate structure, while Tulco LLC and founders preserved concentrated influence to support 2025 strategic and international expansion plans. See company culture and mission context in Mission, Vision & Core Values of FIGS.
Ownership Snapshot — Q3 2025
Institutional dominance contrasts with significant insider alignment, indicating management's financial commitment to the turnaround and growth agenda.
- Primary holders: Vanguard, BlackRock, Fidelity
- Institutional ownership: ~82% of Class A
- Insider stake (founders + Tulco): ~12%
- IPO proceeds: $580M in May 2021
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Who Sits on FIGS’s Board?
FIGS board combines founder leadership with finance and retail expertise: Trina Spear (CEO) and Heather Hasson (Executive Chair) lead a board including Thomas Tull, Sheila Antrum and J. Martin Willhite, focusing on margin improvement and international expansion.
| Director | Role | Background |
|---|---|---|
| Trina Spear | Chief Executive Officer, Director | Co‑founder; product and operations; retains Class B voting stock |
| Heather Hasson | Executive Chair, Director | Co‑founder; formerly CEO; holds Class B voting stock via founder shares |
| Thomas Tull | Director | Investor and media/finance executive; Tulco affiliation increases founder bloc influence |
| Sheila Antrum | Independent Director | Retail and consumer experience executive |
| J. Martin Willhite | Independent Director | Technology and governance background |
The company governance uses a dual‑class share structure: Class B shares carry 20 votes per share and are held by the co‑founders and certain affiliates, while Class A shares carry one vote per share, concentrating control with founders and Tulco‑linked entities.
Voting Power and Governance
As of late 2025 the dual‑class setup gives founders and affiliated entities over 70% of total voting power, limiting takeover risk but drawing ESG governance scrutiny.
- Class B: 20 votes per share; held by founders and select affiliates
- Class A: 1 vote per share; public float primarily
- Founders retain majority voting control despite a smaller economic stake
- Board pressured to boost margins; focus on FIGS Pro and international growth
Key governance notes: no activist campaigns had succeeded by late 2025; capital allocation shifted to cost reductions and prioritizing high‑margin channels; see further market segmentation analysis in Target Market of FIGS.
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What Recent Changes Have Shaped FIGS’s Ownership Landscape?
Between 2023 and mid-2025 FIGS ownership shifted toward larger institutional concentration after a significant board-led share repurchase and changing investor mix, increasing stake concentration among remaining public holders and reducing outstanding Class A shares.
| Event | Timing | Impact |
|---|---|---|
| Share buyback authorization | 2024 | Authorized repurchase up to $50,000,000 |
| Buyback utilization | Mid-2025 | Repurchased > $35,000,000; reduced share count, increased ownership concentration |
| Investor mix shift | 2023–2025 | Early VC departures offset by rise in quant and index funds; top 10 institutions ~ 60% of float |
Analyst commentary in 2025 framed the buyback as a board signal that FIGS was undervalued within the $80,000,000,000 global healthcare apparel market, while public statements from CEO Trina Spear emphasized ongoing brand lifestyle and long-term focus, reducing near-term expectations of major founder divestment or a secondary offering. See additional context in Growth Strategy of FIGS
Share Buyback Details
The 2024 program targeted up to $50 million of Class A common stock, with > $35 million executed by mid-2025, tightening float and boosting per-share metrics.
Institutional Concentration
Top ten institutional holders consolidated to control nearly 60% of the free float by 2025, driven by increased allocations from quant and index strategies.
Founder and VC Trends
Some early FIGS investors exited between 2023–2025; founder stake metrics tightened but founders remain involved operationally, with no major disclosed founder sell-off through mid-2025.
Near-term Outlook
Market attention into 2026 centers on potential secondary offerings or further founder divestment, though public guidance signals stability in FIGS corporate structure and ownership.
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- What is Brief History of FIGS Company?
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- What are Mission Vision & Core Values of FIGS Company?
- What is Customer Demographics and Target Market of FIGS Company?
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