Australian design giant Canva has a staggering new valuation of US$15 billion (A$19.6bn) following a fresh US$71 million (A$93m) investment.
That figure more than doubles the company’s last A$8.7 billion valuation in less than 12 months following an A$87 million raise in June 2020.
In just 18 months, the privately-owned design startup has more than quadrupled its market value from US$3.2 billion (AU$4.7bn) in October 2019, to the new figure, which makes the business worth more than iron ore mining billionaire Andrew Forrest’s Fortescue Metals Group, and three times the market cap of national airline Qantas.
In a statement announcing the raise, the company said the surge in the valuation was a result of rapid growth in Canva’s use by workplaces globally – 85% of Fortune 500 companies use the platform – with more than 55 million monthly active users and it’s now “one of the fastest-growing software companies in history” surpassing $500 million annualised annual revenue.
Canva has seen its revenue grow year-over-year by 130% and, in a rarity for fast-growing software businesses, which tend to post billions of dollars in losses – think Uber – the company says it is profitable.
The business has taken on more than $500 million in investment as it turned into a global tech powerhouse following its launch in 2013. The latest round included backing from new US firms T Rowe Price Global Technology Fund and Dragoneer Investment Group, alongside local early investors, including Blackbird Ventures and Skip Capital
Canva has now raised more than $500 million across 13 rounds of funding and the latest round includes two of its earliest local investors, Blackbird Ventures and Skip Capital.
Canva co-founder and CEO, Melanie Perkins said the launch of Presentations “gives workplaces of all sizes a unique, flexible collaboration product that makes work feel like play”
“I’m incredibly proud of our rapidly growing global team as we work together to empower the world to design,” she said.