Canva, the global visual communications platform, today announced a USD $40 billion valuation after a USD $200 million funding round led by T. Rowe Price and joined by new and existing strategic investors, including Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis, and AirTree Ventures. The latest valuation solidifies Canva as one of the fastest-growing software companies to date.
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More than 6 million presentations are now created each week on Canva. (Photo: Business Wire)
“Visual communication has emerged as a universal need for teams of every size across almost every industry,” explains Canva co-founder and CEO, Melanie Perkins. “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.”
Canva continues accelerated growth at scale
Canva’s rapid surge in valuation comes as it marks the milestone of more than 60 million monthly active users in 190 countries. As both usage and global adoption climb, the company continues to experience supercharged growth, more than doubling its revenue year on year and remaining on track to exceed USD $1 billion in annualized revenue by the end of the year while generating positive free cash flows. The fresh round of funding will be used to accelerate this continued growth, including expanding Canva’s team of more than 2,000 employees, which the company expects to double in the year ahead.
The Canva community has created more than 7 billion designs, with 120 new designs created every second using Canva’s expansive library of more than 800,000 templates and over 100 million design ingredients, including photos, videos, stickers, audio tracks, and illustrations.
“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 Alan Tu, portfolio manager of T. Rowe Price Global Technology Fund. “We’re pleased to extend our investment supporting Canva on its mission to democratize visual communication.”
Team adoption quadruples as workplaces embrace Canva
Canva is rapidly becoming the collaboration platform of choice for teams and workplaces across the globe. From large enterprises to small businesses, the shift to distributed working has seen team adoption more than quadruple over the last twelve months, also seeing increased uptake among Fortune 500 companies including Zoom, Salesforce, Marriott International, PayPal, and American Airlines deploying Canva as Enterprise customers.
"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 Wendy Bergh, Head of Digital and Online at Zoom, one of the latest enterprise customers embracing Canva to scale a global brand.
As team and workplace usage increases, presentations have quickly become one of the most popular uses for Canva, with more than 6 million presentations now created each week. The number of presentations being created has more than tripled in the last 12 months. Over the next 12 months, Canva is set to expand its repertoire of visual communication products, with a new video editor, responsive website creator, and offline mode set to launch later this year.
Launched in 2013, Canva is a free online visual communications and collaboration platform with a mission to empower everyone in the world to design. Featuring a simple drag-and-drop user interface and a vast range of templates ranging from presentations, social media graphics, posters, apparel to videos, plus a huge library of fonts, stock photography, illustrations, video footage, and audio clips, anyone can take an idea and create something beautiful. Canva is available on desktop, web, iOS, and Android.
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