- Australian graphic design startup Canva has rocketed to a new milestone with a valuation of $US15 billion ($19.7 billion).
- This comes after the Australian-based company secured $US71 million in funding.
- Canva’s user base increased by 50% during pandemic lockdowns in 2020, the company said.
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Australian tech unicorn Canva has hit an on-paper valuation of $US15 billion ($19.7 billion).
This comes after the company secured $US71 million in a new round of funding from several US investment funds.
The latest investment was led by US investment firm Dragoneer, Australian VC firm Blackbird Ventures, Scott Farquhar and Kim Jackson’s Skip Capital and US investment firm T. Rowe Price.
It also follows a successful 2020 for the company, powered by the increased demand for tools that enable remote collaboration during the coronavirus pandemic.
Now, the company said it’s on track to increase turnover by 130% this year, to $US500 million this financial year.
Canva has raised nearly $US390 million overall and also announced a suite of features for its products geared toward remote work, including workplace templates and new tools to enable remote presentations.
Co-founder Melanie Perkins said in a statement the company wants to optimise its products even further for remote work and collaboration as the post-pandemic world shifts toward flexible work.
“I’m incredibly proud of our rapidly growing global team as we work together to empower the world to design,” she said.
Christian Jensen, partner at Dragoneer, said Canva’s growth was testament to the startup’s deep insight into the needs of evolving workplaces.
“It’s incredible to see what this nimble and passionate company from Sydney’s emerging tech hub has been able to achieve in such a short period of time,” he said.
Canva’s user base increased by 50% in 2020
In June last year Canva announced it had nearly doubled in value and was worth US$6 billion ($8.7 billion) following a private funding round.
The startup, which was founded in 2013 by Melanie Perkins, Cliff Obrecht and Cameron Adams, helps advertisers, companies and individuals create banners, logos and presentations without the need for extensive graphic design skills.
It became one of a small group of Australian tech unicorns in 2018.
Last year during the pandemic Canva said use of its platform increased more than 50%.
More than three billion designs have been made on Canva since it launched back in 2013, which currently has more than 55 million active users.
Canva said that as companies increasingly choose to maintain flexibility for their workforce, access to tools that can be easily used and accessed by employees without specialised skills will only become more important.
“Now more than ever, organisations of all sizes are doubling down on building a reliable remote workplace, and are turning to modern productivity platforms like Canva to ensure they remain flexible and scalable,” Canva co founder and chief operating officer Cliff Obrecht said in a statement.