Perth-founded software developer Canva has successfully raised $US60 million ($87 million) from venture capital investors, nearly doubling its valuation to $US6 billion.
Perth-founded software developer Canva has successfully raised $US60 million ($87 million) from venture capital investors, nearly doubling its valuation to $US6 billion.
This comes after the company raised $US125 million in October of last year, which at the time had brought the company’s valuation to $US3.2 billion.
Canva has now raised more than $300 million overall, with the latest round having been led by Blackbird Ventures and Sequoia China, with additional involvement from General Catalyst Partners, Felicis Ventures and Bond Capital.
Chief executive Melanie Perkins and chief operating officer Cliff Obrecht, alongside chief product officer Cameron Adams, founded the company in 2012, before relocating to Sydney in 2013 to seek further funding opportunities.
Commenting on the latest round of funding, Mr Obrecht said Canva’s user activity had grown significantly in recent months as more people have begun looking for scalable and collaborative platforms to facilitate them working from home.
“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,” Mr Obrecht said.
Blackbird Ventures investor Rick Baker echoed that sentiment, saying Canva’s latest round of funding was proof it had the potential to continue to grow.
“In a post-COVID world of remote working, we are seeing Canva’s original vision - a collaborative platform to provide all the elements to create great design - become even more powerful,” Mr Baker said.
“As a result, Canva has seen phenomenal growth over the past months, cementing its place as one of the fastest-growing [software as a service] companies in the world.”
Bond general partner Mood Rowghani general partner said Canva's digital design platform was improving productivity and interaction for businesses and schools as more people begin working from home.
“The recent changes in our world have pressured organizations to embrace new methods of work and collaboration,” he said
“We have been thrilled to work with the team and are excited about what's to come.”
According to Canva, funds received from this latest round will go towards international expansion, including the opening of a new office in the US.
Commenting on the company’s potential for further growth internationally, Mr Brecht said the company would begin to consider acquisitions to help develop a more comprehensive platform.
“Ultimately, we want Canva to be the go-to platform for all your design needs, so we’ll continue to monitor and evaluate acquisition opportunities,” he said.
