Canva co-founders Cameron Adams, Cliff Obrecht and Melanie Perkins. Photo: supplied
Privately-owned online design startup Canva says its market value is now US$3.2 billion (AU$4.7bn) after a US$85 million (AU$125m) raise revealed on Thursday.
Those lining up to support Canva’s 7th raise – taking the total investment to AU$333 million in five years – with US Internet Trends Report analyst Mary Meeker’s Bond Capital reinvesting alongside fellow US VC General Catalyst, locals Blackbird Ventures, and Sequoia China. New to the book is California’s Bessemer Venture Partners.
Canva’s stated value has shown astonishing growth in less than last two years, more than trebling to AU$4.7 billion. Co-founders Cliff Obrecht, Melanie Perkins and Cameron Adams are aiming to build a trillion-dollar business.
In January 2018, the Sydney-based design platform raised US$40 million in Series A funding to value the business at US$1 billion (AU$1.45bn), making it Australia’s second tech unicorn after Atlassian. In May, they announced a US$70 million (AU$100m) raise to value the business at US$2.5 billion (AU$3.6bn).
Canva calculates that the latest AU$125 million injection adds AU$1.1 billion to the valuation of the business.
The company will use the funds to roll out its business-customer product, Canva for Enterprise, saying 85% of Fortune 500 companies are already using its products. Canva for Enterprise will reportedly cost companies $360 per employee annually for access.
Co-founder Melanie Perkins told The Australian “we’re using the power of the internet to completely kill PowerPoint presentations”.
In a statement accompanying the announcement Perkins said: “One of the challenges for enterprises who span offices, geographies and teams, has been to ensure consistent use of their brand, and we’re really excited to launch a product that specifically solves these needs”.
Perkins told The SMH that the company is not planning an IPO.
The company says it now has 20 million monthly users a month in 190 countries. The privately owned venture has not released financial statements beyond December 2017.