Canva, the Australian graphic design platform revealed that its valuation has doubled to $ 15 billion after raising $ 71 million in the latest funding. The news comes just under a year after the design unicorn valuation touched $ 6 billion during the COVID-19 pandemic.
Canva’s latest funding
The Sydney-based company revealed that it has managed to raise $ 71 million in a new funding round. The funding was led by new investors Dragoneer and T.Rowe Price. Existing investors which include Skip Capital and Blackbird Ventures also participated in the latest fundraiser.
Canva said that with the latest funding, it will continue to invest in product development and hiring new resources. As it eyes global expansion, Canva recently established its presence in Austin, Texas, and hired personnel in San Francisco.
Canva also disclosed that the business grossed $ 500 million in annualized revenue in 2020, a whopping 131% rise from the previous year.
The new funding is set to make both, co-founder and COO, Cliff Obrecht and co-founder and CEO Melaine Perkins billionaires.
Perkins said that she is very proud of how the global team has grown as they work together to empower the world to design.
More from the co-founders
According to Forbes, Obrecht, and Perkins, who married each other in January 2021, owned around 15% of the company before the investment.
As Canva’s valuation rockets to $ 15 billion, each of them will now hold stakes worth around $ 2 billion.
The couple said that they are most likely to use the money to launch a foundation and contribute to global causes such as global warming and wealth inequality.
Obrecht explained that the motivation has always remained to build and develop a product that people love to use and with the wealth it generates, they want to give back to the world.
More about Canva
Canva was launched in 2013 by co-founders Cameron Adam, Cliff Obrecht, and Melaine Perkins. Currently, the design platform has a staggering 55 million active users around the world out of which, 3 million are using the paid version.
Canva gained popularity due to the lightweight design tools which simplified creating digital assets for companies has transformed into a real-time collaboration tool.
Canva maintains that over 85% of the 500 biggest companies (by revenue) in the U.S. use the software in some way or the other.
Image Source: Canva