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Trina Spear, A05, Takes FIGS Public with a Valuation Over $4 Billion

From selling scrubs in parking lots to trading her company’s shares on Wall Street, Trina Spear, A05, is shaping the future of female entrepreneurship and the medical apparel industry.

Trina Spear, A05, took her medical apparel company FIGS public on Thursday, May 27, alongside Co-Founder and Co-CEO Heather Hasson. The milestone marked a series of historic accomplishments for the duo who are the first female co-founders and co-CEOs to take a company public. 

“Today we’re ringing in a new era of female entrepreneurship. Because women can and will do great things together,” Trina said in a Tweet. The debut on Wall Street – which began with Heather and Trina ringing the New York Stock Exchange’s Opening Bell surrounded by healthcare professionals – came with a valuation of more than $4 billion for FIGS. 
 

 

In Fall 2020, Trina delivered the keynote Alan Shapiro Entrepreneurial Lecture for the Tufts Entrepreneurship Center. As Trina highlighted during her presentation, FIGS has come a long way since its early days when she and Heather were selling scrubs out of hospital parking lots.

Many entrepreneurs know that there are no guarantees when launching a venture. For Trina, whose background includes several roles in investment banking, this journey started when she made the decision to liquidate her retirement account and pivot from climbing the corporate ladder to owning her own business. 

It was a gamble that paid off.

 

“At $263 million in net revenue in 2020, we feel like we’re just getting started. That’s a two percent market share in the US,” Trina said in an interview with CNBC. She continued, “We look to ensure that [our products] are affordable and accessible for our healthcare professionals.”

In Heather and Trina’s letter filed with the Securities and Exchange Commission, they described their vision for impact and transformation beyond medical apparel. 

In part, they wrote, “We will continue to cheer around the clock so healthcare professionals know they are seen, heard and understood. We get them. We got them. At FIGS, we believe in something bigger than ourselves. We believe we can impact this world and inspire the future of healthcare. We believe we can and will transform the healthcare experience.”