Following an investment of $71 million on Tuesday, Australian software firm; Canva says that its value has more than doubled to $15 billion. Canva is based in Sydney, Australia and was founded in 2012 by Melanie Perkins, Clifford Obrecht and Cameron Adams. Canva is a graphic design platform where social media graphics, documents, posters, presentations and generally visual content can be created. It offers templates that users can use to create designs and although the platform is free, users can pay for Canva Pro and Canva for Enterprise to get additional features. Users can also pay to received printed products via the shipping option. The company has around 1,500 employees as at February this year, with products available in 100 languages and is a global brand.
In June of 2020, the company raised $60 million and became valued at $6 billion, therefore doubling its 2019 valuation. The company has done this again in 2021 after receiving an investment of $71 million and has more than doubled its 2020 valuation to $15 billion. Canva has over 55 million monthly active users and says that it has achieved a 130 percent year-over-year in annual revenue, while remaining profitable. According to the information on the company’s website, globally recognized brands like American Airlines, Intel and PayPal are part of the company’s customers.
Existing investors that took part in the funding round include Blackbird Ventures and Skip Capital while new investors include; Dragoneer Investment Group LLC and T. Rowe Price Global Technology Fund. According to Alan Tu; the portfolio manager of T. Rowe Price Global Technology Fund, “the company’s strong customer loyalty and consistent innovation has led to healthy growth. We believe that they have the leadership team in place to continue on their path to becoming a much larger company”.
Christian Jensen, a partner at Dragoneer said that “there are only a small handful of truly special companies being built at any given time and Canva is one of them”.
Canva is one of the best graphic design platforms and is one of the most preferred go-to platforms for achieving satisfactory designs, as if offers a plethora of templates that can be used by users. Canva is currently being used in 190 countries.