Who Owns FIGS Company?

Who controls FIGS now?

FIGS began in 2013 and went public on May 27, 2021, transforming a DTC scrub maker into a scaled healthcare apparel brand. Founders Heather Hasson and Trina Spear remain influential, alongside early venture backers and public institutional investors.

Ownership now combines founder stakes, early investors, and broad public shareholders; the company reported roughly $500–$550 million in net revenue in 2023–2024 and traded with a market cap near $1.0–$1.8 billion in 2024–2025.

Who Owns FIGS Company? Founders plus institutional holders dominate voting power, with board members reflecting investor mix. See product analysis: FIGS Porter's Five Forces Analysis

Founders and Early Ownership of FIGS traces to 2013 when Heather L. Hasson and Trina L. Spear co-founded the direct-to-consumer medical apparel brand, initially financed with friends-and-family seed capital and early angel investors.

Founders

Heather L. Hasson brought fashion and accessories experience; Trina L. Spear brought private equity expertise from Blackstone.

Early Capital

Company formation relied on friends-and-family seed capital and early angel/industry operators focused on consumer brands.

Pre-Institutional Ownership

Through 2013–2016 the founders collectively controlled FIGS with common shares; standard 4-year vesting with a 1-year cliff was customary.

2017 Growth Round

A mid-2017 growth financing was led by Tulco, LLC (Thomas Tull), expanding the cap table and introducing growth-equity investor rights.

Investor Rights

Post-2017 terms reportedly included protective provisions, board representation, information rights and buy-sell clauses typical of growth equity.

Founders' Role into IPO

Hasson and Spear retained significant leadership and equity through scale-up and into the IPO, maintaining strategic control while diluting pure founder ownership.

Public filings around the 2021 IPO and subsequent SEC reports show institutional investors acquired sizable stakes post-IPO; founders remained notable insiders in disclosures, though exact initial issuance percentages at formation were not publicly disclosed.

Key facts and ownership signals

Relevant points on who owns FIGS and early ownership evolution.

• Founders: Heather L. Hasson and Trina L. Spear co-founded FIGS in 2013 and led operations through growth and IPO.
• Seed and angels: Early friends-and-family and consumer-focused angels provided initial capital and advisory support.
• Major growth investor: Tulco, LLC led a mid-2017 growth round, adding strategic resources and diluting pure founder control.
• Post-IPO: Institutional investors became major shareholders; founders remained significant insiders per SEC filings.

For founder backgrounds and company values see Mission, Vision & Core Values of FIGS.

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Key events reshaping FIGS ownership include Tulco’s 2017 growth investment that made it the principal outside shareholder, the May 27, 2021 IPO that created a large primary and secondary float, and 2022–2025 public-market redistribution as institutional investors increased exposure while founders and early backers adjusted positions.

Major stakeholders reported in 2024–2025 13F and proxy summaries show founders/co-CEOs Heather Hasson and Trina Spear holding a combined mid-to-high single-digit percentage post-dilution (varies with sales and grants); Tulco-related entities remained material holders though reduced via secondaries; top institutional holders (e.g., Vanguard, BlackRock, Fidelity) collectively represented mid-single to low-double-digit percentages among the largest institutional positions.

Ownership dynamics to watch

Concentration fell after IPO, but founders and Tulco retained meaningful influence; institutions now drive governance expectations.

• Who owns FIGS: shifted from Tulco-led concentration to diversified public float
• FIGS founders: Heather Hasson and Trina Spear remain material insiders with single-digit stakes
• FIGS IPO ownership: included large secondary component enabling early monetization
• Institutional investors in FIGS: Vanguard, BlackRock, Fidelity among top reported holders

See further strategic context in Growth Strategy of FIGS for how ownership shifts influenced product expansion, international growth, and emphasis on gross margin and inventory discipline during 2023–2025.

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FIGS's board combines the co-founders serving as executive directors with independent directors experienced in consumer retail, supply chain, and technology; recent composition reflects representation linked to major early institutional investors and standard NYSE governance practices.

FIGS uses a one-share-one-vote structure for Class A common shares; there is no dual-class supervoting or founder-only golden shares, so voting power closely mirrors economic ownership and major institutional holders exert proportionate influence.

Board and Voting Snapshot

Governance emphasis has been on execution, inventory management, and margin recovery rather than control disputes; routine say-on-pay votes and director elections reflect standard public-company oversight.

• One-share-one-vote common structure means no supervoting founder shares
• Largest institutional shareholders hold the most influence proportional to equity
• Key committees are independent, aligning with NYSE consumer company norms
• Recent years show no public proxy battles; focus on operational performance

For more on corporate strategy and market positioning see Marketing Strategy of FIGS

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Ownership in FIGS has shifted toward larger institutional and index holders through 2023–2025, with market cap consolidation around $1.0–$1.8 billion and founders' stakes modestly diluted by equity comp and selective secondaries; passive ownership rose after small/mid-cap index inclusions.

Institutional investors and index-driven flows became decisive drivers of FIGS ownership composition, while founders and early holders used structured secondary sales and compensation-related dilution to manage liquidity and incentives.

Shareholder mix shifted

Passive funds increased exposure after index inclusions; active institutions rebalanced based on fundamentals and weightings.

Founders' stake evolution

Founders experienced modest dilution from equity comp and selective secondary sales; no majority owner emerged.

Capital priorities

Spending emphasized new fabric platforms, footwear/accessories, and international expansion to lift margins and returns.

Governance & activism

FIGS avoided a public activist campaign through mid-2025 but highlighted governance readiness and long-term target communication to shareholders.

Analysts and management cited controlled growth and margin improvement as primary value levers; future ownership shifts are more likely from index reweights, insider 10b5-1 activity, or strategic partnerships than from a single control transaction — see Revenue Streams & Business Model of FIGS.

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