Well-known Perth-founded design software company, Canva, has today announced a revised valuation that values the company at an eye-watering A$20 billion (US$15 billion).
This valuation increase follows a A$93 million (US$71 million) investment round with funds from existing backers Blackbird Ventures and Skip Capital along with US investment firms T.Rowe Price and Dragoneer.
This valuation more than doubles the US$6 billion valuation Canva had back in June 2020.
To emphasise how much Canva’s worth has grown in recent times, that June 2020 valuation was itself a doubling of the previous valuation received in October 2019.
Canva currently services 55 million monthly active users from 190 countries and year-on-year has seen a 130% increase in annualised revenue.
Founded in 2012, the now Sydney-based Canva has been enjoying strong growth in recent times. Growth was accelerated by the pandemic when design creation and sharing on the platform increased last year by 50% – in part due to users spending more time at home.
The work-from-home movement has also increased the need for remote collaboration between colleagues, which Canva co-founder and CEO, Melanie Perkins, said the platform hopes to facilitate further with their new Canva Presentations suite of features.
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.
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.Melanie Perkins, Canva Co-Founder and CEO
Whilst Gina Rinehart is currently the richest woman in Australia, Melanie is probably not far off for second place – however, regardless, she is by far the richest self-made female billionaire in the country.
In fact, after Atlassian and Skip Capital co-founder Scott Farquhar, Melanie and her co-founder – and now husband – Cliff Obrecht, are the richest self-made Australians under the age of 40. Based on the new valuation, their combined worth will be several billion dollars.
Alan Tu, Portfolio Manager of T. Rowe Price Global Technology Fund, said he was pleased to be supporting Canva as it seeks to ‘democratize’ visual communication.
The company’s strong customer loyalty and consistent innovation has led to healthy growth, and we believe that they have the leadership team in place to continue on their path to becoming a much larger company in the future.Alan Tu, Portfolio Manager T. Rowe Price Global Tech Fund
Christian Jensen, Partner at Dragoneer, said he was thrilled to be working with Canva during their next growth phase, especially given how much the ‘nimble and passionate’ company has achieved in a relatively short time frame.
Canva’s growth is a testament to the company’s deep insight into the creative and communication needs of an ever-evolving workplace…We believe that there are only a small handful of truly special companies being built at any given moment— and Canva is one of them.Christian Jensen, Partner Dragoneer
I can confidently say there will be more to come…