Canva raises US$200m at a US$40bn valuation
New and existing investors also participated in the round, including Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis and AirTree Ventures.
The fresh round of funding will be used to accelerate this continued growth, including expanding Canva’s team of more than 2,000 employees, which the company expects to double in the year ahead.
“Visual communication has emerged as a universal need for teams of every size across almost every industry,” explains Canva co-founder and CEO, Melanie Perkins.
“It has been incredible to see the continued growth of Canva across the globe over the last year. More than 60 million people are now using Canva for everything from launching startups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams, and managing global enterprise brands at scale. We’re incredibly excited to be further accelerating our mission to truly empower the world to design.”
Accelerated growth at scale
Canva’s valuation comes as it marks the milestone of more than 60 million monthly active users in 190 countries. As both usage and global adoption climb, the company continues to experience supercharged growth, more than doubling its revenue year on year and remaining on track to exceed USD $1 billion in annualised revenue by the end of the year while generating positive free cash flows.
The Canva community has created more than 7 billion designs, with 120 new designs created every second using Canva’s expansive library of more than 800,000 templates and over 100 million design ingredients, including photos, videos, stickers, audio tracks, and illustrations.
“The need for both visual communication and online collaboration has become increasingly paramount and is driving Canva’s exceptional growth and adoption in teams and workplaces of every size and across many industries,” said Alan Tu, portfolio manager of T. Rowe Price Global Technology Fund. “We’re pleased to extend our investment supporting Canva on its mission to democratise visual communication.”