Combine is taking on the design venture capitalist world | Figma Blog

Combine is a new seed-stage venture firm founded by former Facebook and Airbnb design leaders Soleio Cuervo and Adam Michela. Rather than relying on publicity, it plans to build an elite, design-focused portfolio and provide hands-on support through an in-house team of design partners. The firm’s model combines early investment with design-studio services, reflecting the growing importance of user experience in competitive software markets.

A Quiet Venture Launch

• Combine launched with little publicity, sharing only cryptic images of its warehouse office and no formal Medium announcement.
• Despite its low profile, Silicon Valley insiders were watching closely.
• The founders’ understated approach reflects their belief that reputation should come from past work rather than promotional claims.

Founders with Deep Design Experience

• Soleio Cuervo was Facebook’s second design hire.
  • He helped shape the company’s early design culture.
  • He led work on Facebook Messenger, Groups, and the original Like button.
• Adam Michela joined Facebook after Cuervo’s departure.
  • He created Facebook’s first design system.
  • He later built a design system at Airbnb.
• Their contrasting personalities complement each other:
  • Cuervo is an expressive, relationship-oriented connector.
  • Michela is a quieter, methodical operator.
• Both share a strong interest in design and people, along with a reluctance to self-promote.

A Venture Firm Built Around Design

• Combine had raised more than $12 million for its first fund.
• The firm planned to maintain a small, selective portfolio.
• It intended to hire a team of highly experienced design partners.
• These partners would work directly with portfolio companies on:
  • Branding and marketing
  • User research
  • Product design
  • Recruiting and team-building
• The model resembles Andreessen Horowitz’s service-oriented venture approach, but with an unusually strong focus on design.

The Growing Importance of Design

• Combine was launching as startups increasingly compete through user experience.
• Cloud infrastructure has made software cheaper and easier to build, giving consumers more alternatives.
• As functional differences narrow, thoughtful design can become a company’s strongest competitive advantage.
• Users increasingly blame a product—not themselves—when they cannot understand how to use it, making usability central to business success.

Combine’s approach represents a shift from venture capital as primarily financial support toward venture capital as an active operating partnership. Its success would depend on whether elite design expertise can meaningfully improve early-stage companies and establish a repeatable model for design-driven investing.