Canva raises at $40 billion valuation in latest funding round
Canva is now valued at $40 billion after raising $200 million in a funding round led by investment management firm T.Rowe Price.
New and existing investors participated in the round, including Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis, and AirTree Ventures.
This round makes Canva one of the world's biggest privately-owned companies and the most valuable startups.
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The graphic design and collaboration platform said the money raised would be used to expand its team of more than 2,000 employees, which the company expects to double in the year ahead.
In a funding round last April, the software firm was valued at $15 billion with an investment of $71 million.
After years of servicing as a tool for amateur designers or small businesses to make posters, social media graphics, and presentations with its presets and templates, Canva now has more than 60 million monthly active users across 190 countries and 500,000 paying teams, which include well-known companies Zoom Video Communications, Salesforce, Intel and PayPal. It launched as a free product back in 2013, and since then, the company has added an option for its users to upgrade their accounts for access to premium tools and content.
Recently, Canva moved up the ranks from 7th to 3rd place in the Forbes 2021 Cloud 100, the definitive ranking of the top 100 private cloud companies in the world published by Forbes in partnership with Bessemer Venture Partners and Salesforce Ventures. It is the only Australian-based company to appear in the Top 50.
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