Graphic design platform startup Canva hits $15bn valuation
Sydney, Australia-based design platform Canva has become one of the world’s most valuable startups thanks to a new funding round
The company focuses on design solutions in an enterprise setting, with its flagship workplace product Canva Presentations enabling the collaborative construction of visual communications aids.
Since its 2012 foundation, the company has raised over $300mn across 15 funding rounds, and claims its technology is employed by 85% of the Fortune 500. Its latest funding round, announced today, was worth $71mn, and involved Dragoneer Investment Group and T. Rowe Price Global Technology Fund alongside existing backers.
Canva Australia’s most valuable tech unicorn
The new valuation places it among the world’s highest valued startups, sharing the rarefied air with the likes of Klarna, Stripe, and runaway leader ByteDance, owner of social media sensation TikTok. It also further cements Canva’s position as Australia’s most valuable Unicorn (a tech startup worth over $1bn).
“Canva's growth is a testament to the company’s deep insight into the creative and communication needs of an ever-evolving workplace and its outstanding execution in delivering tools that help teams collaborate and present more effectively,” said Christian Jensen, Partner at Dragoneer.
“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.”
The continuing digital transformation of the workplace
The company achieved a record year, with revenues totalling $500mn - a figure the company partly attributed to the impact of the COVID-19 pandemic. “Now more than ever, teams and workplaces around the world need scalable, collaborative and easy-to-use visual communication products to empower them to achieve their goals,” Canva co-founder and CEO, Melanie Perkins. “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.”
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”