Canva, the Australian design-collaboration platform’s valuation has touched $40 billion after it raised $200 million in fresh capital. This makes Canva one of the most valuable private software firms in the world. Besides, this news will also catapult the Australian tech scene forward.
Who are Canva’s Investors?
Rowe Price Group Inc. led the latest funding round, which also saw a mix of old and new investors. Some of these include Sequoia Capital, Global Equities, Franklin Templeton, Greenoaks Capital, Felicis, Blackbird, Bessemer Venture Partners, and Aire Tree Ventures.
Canva’s Soaring Valuation
Canva’s valuation has seen a three-fold increase from $15 billion just around five months ago to the current valuation of $40 billion. What’s more interesting is that Canva is now the world’s fifth most valuable startup company following the trails of ByteDance Ltd., Stripe Inc., SpaceX, and Klarna Bank AB.
Just to give you some perspective on Canva’s incredible growth, the Australian design-collaboration platform was valued at $6 billion in June 2020 and around $3.2 billion in 2019.
Melaine Perkins, Canva’s Chief Executive Officer said that the goal is to build one of the world’s most valuable companies. She said that despite moving in the right direction, the company is not there yet.
How Will Canva Use the Fresh Capital?
The company is set to utilize the latest capital injection for product development. Pekins says that there is tremendous opportunity in portfolio websites. It is one of the area’s Canva will be looking at moving forward. She said that people are more interested in creating their own website instead of sending presentation and resume materials to display their work.
Apart from this, the firm is also looking to double its workforce in the next year, after doubling its employees to 2,000 from 1,000 in the last year.
More about Canva
Canva has over 60 million active users across 190 countries. The platform enables users to design t-shirts, brochures, flyers, Instagram posts, and presentations using the tool’s drag and drop features.
According to Perkins, the company has doubled its revenue year on year and is on course to exceed $1 billion in annualized revenue by 2021.
Image Source: Canva