Canva valuation hits $40bn as design platform’s founders pledge to give away their billions

Sydney-based design platform Canva has announced a $200m funding round at a $40bn valuation

Canva co-founders                                 
Canva co-founders, from left to right: Cameron Adams, Cliff Obrecht and CEO Melanie Perkins – Photo: Canva
                                

Sydney-based visual design platform Canva is now one of world’s fastest-growing software businesses after it announced a $200m private equity funding round at a $40bn valuation.

The round, which was led by T Rowe Price and joined by new and existing investors – including Franklin Templeton, Dragoneer Investments, Sequoia Capital Global Equities, Bessemer Venture Partners, Blackbird, Felicis, Greenoaks Capital and AirTree Ventures – solidifies Canva’s global domain.

The funding round also signifies the surge in demand for visual communication and digital marketing platforms.

The power of design

Sydney-based Canva was launched in 2013 by co-founders Melanie Perkins and Cliff Obrecht, both of whom hold a 30% stake in the business, valued at $16bn. 

According to its website, Canva has created over seven billion designs, with a rate of 120 designs created every second and over 150% in overall presentations created over the past year. It currently serves more than 60 million monthly active users across 190 countries, and is available in 100 languages.

Canva currently has over 2,000 employees, with over 1,000 new hires in 2021, and expects that number to double in the year ahead aided by the fresh new funding. The business expects to exceed $1bn in annualised revenue by the end of the year.

Co-founder and CEO Perkins described seeing the company’s supercharged growth over the past few years as “incredible”.

Said Perkins: “more than 60 million people are now using Canva for everything from launching start-ups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams and managing global enterprise brands at scale. 

 “Visual communication has emerged as a universal need for teams of every size across almost every industry. We’re incredibly excited to be further accelerating our mission to truly empower the world to design,” adds Perkins. 

Wendy Bergh, Head of Digital and Online at Zoom adds, “with millions of people around the world using Zoom, Canva will play an important role in helping us to continue scaling our brand while empowering our growing team to create content at speed.”

Philanthropic goals

In a blog post published on the company website, Perkins announced that together with Obretch, the two co-founders will commit the vast majority of their equity in Canva (30%) to support philanthropic activities through the Canva Foundation. 

The $200m funding boost will also continue to support team expansion and invest in product growth for its video communication products as many continue to rely on a remote working environment.

Further reading: Intuit enters $12bn acquisition deal with Mailchimp

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