Australian-founded visual communications and collaboration SaaS vendor Canva’s latest US$200 million funding round values the company at US$40 billion.
The round was led by T Rowe Price and also involved Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis, and AirTree Ventures.
“The need for both visual communication and online collaboration has become increasingly paramount and is driving Canva’s exceptional growth and adoption in teams and workplaces of every size and across many industries,” said T Rowe Price Global Technology Fund portfolio manager Alan Tu.
“We’re pleased to extend our investment supporting Canva on its mission to democratise visual communication.”
Canva co-founder and CEO Melanie Perkins said “It has been incredible to see the continued growth of Canva across the globe over the last year. More than 60 million people are now using Canva for everything from launching startups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams, and managing global enterprise brands at scale.
“We’re incredibly excited to be further accelerating our mission to truly empower the world to design.”
One of the things the fresh capital will be used for is a doubling of the Canva team from the current 2,000 employees over the coming year.
Canva is on track to exceed US$1 billion in annualised revenue by the end of the year.
The shift to distributed working has seen an uptake in adoption more during the last twelve months. Enterprise customers adopting Canva include Zoom, Salesforce, Marriott International, PayPal, and American Airlines.
“We’re looking forward to using Canva to manage our global brand assets and campaigns, all in one place. With millions of people around the world using Zoom, Canva will play an important role in helping us to continue scaling our brand and marketing efforts while empowering our rapidly growing team to create content at speed,” said Zoom head of digital and online Wendy Bergh.
More than 7 billion designs have been created by Canva users. 120 new designs are created every second using the company’s library of more than 800,000 templates and over 100 million design components including photos, videos, stickers, audio tracks, and illustrations.
Canva plans to launch a video editor and a responsive website creator later this year, as well as providing offline operation.
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