- Australia-based design company Canva announced it has raised $60 million in funding at a $6 billion valuation
Australia-based design company Canva announced it has raised $60 million in funding at a $6 billion valuation. This valuation is nearly double what the company was worth when it last raised funding in October. This round of funding was co-led by Blackbird Ventures and Sequoia China. And the company’s other existing investors including Bond (venture fund co-founded by Mary Meeker) and Felicis Ventures also joined.
Canva is a tool for designing logos, media kits, and social media posts. The company offers hundreds of free templates to make designing easier. Now Canva is seeing about 30 million monthly active users across 190 countries — who have made over 3 billion designs so far. And Canva generates revenue through its paid platforms called Canva Pro and Canva for Enterprise.
To expand its footprint in the U.S., Canva is planning to open a new office in Austin, Texas. Canva Chief Operating Officer Cliff Obrecht told CNBC that the company is in the “final stages” of negotiating office space within Austin.
“The combination of a huge number of our users — particularly enterprises — being based in the U.S. and the amazing talent available in Austin was really the driving force to set up an office there,” said Obrecht via CNBC.
Canva’s print operations took a hit during the pandemic, but its core revenues surged 30% as more businesses went online. Plus the company’s video-editing tools also saw rapid growth.
Canva CEO Melanie Perkins and Obrecht came up with the idea for Canva in 2006 after they launched an online yearbook business together while at college. In college, Perkins made some money by teaching students how to use design programs made by Microsoft and Adobe.
Including this round of funding, Canva has raised over $300 million in funding. And Canva has been profitable since the first half of 2017.
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