Design Startup Canva Is Now Worth $15 Billion, Doubles Valuation in Just 1 Year
Canva, every student and worker’s go-to free design platform, has just set a new record for itself after raising $71 million in its latest funding round, bringing the design startup’s valuation to $15 billion as of April, 2021. The new funding was led by T. Rowe Price and Dragoneer.
Canva’s valuation has almost tripled in just one year, with its July, 2020 valuation recorded at $6 billion. Its growth was urged on by rapid digitalization of companies worldwide as a result of the pandemic. It’s been touted as one of the few unicorns to become profitable and it recently announced that its revenues are up 130 percent from last year, with over $500 million in annualized revenue.
What is Canva?
The design platform is best known for its well-designed social media cards and presentation templates, free archive of fonts and stock photos, and its free video editing software. Canva has been lauded for disrupting and democratizing design as it brings quality design templates to all for free. It currently has over 55 million monthly active users, with three million paid users per month. While majority of Canva’s features are free, the Canva Pro version offers features that allow for more comprehensive branding, collaboration, content, and more.
The platform is now being used in 190 countries, and over 250 million presentations have been created on Canva. As demand increased due to the pandemic, Canva recently released a new suite of presentation products curated for work presentations. These include talking presentations, a Canva-live feature, mobile-first presentations, and more charts and infographics.
One of the world’s fastest-growing software companies, Canva’s headquarters are located in Sydney, but it’s second biggest office is right here in Metro Manila, so don’t be surprised if your favorite designs were made by graphic designers from the Philippines. The Manila office was also recently named one of the best workplaces in the Philippines in 2021.
A popular platform among students and MSMEs in the Philippines, Canva was originally created with that specific market in mind. But its momentum has attracted even big companies to the platform, and Canva’s biggest customers now include the likes of American Airlines and Salesforce. The startup claims that 85 percent of Fortune 500 companies use Canva.
Who Are Canva’s Founders?
The Australian-based startup was founded less than a decade ago by CEO Melanie Perkins, COO Clifford Obrecht, and chief product officer Cameron Adams. The idea of Canva was conceived by Perkins and Obrecht in the late 2000s, but it wasn’t until they met Adams, a former Google employee, did they have the tech caliber to bring Canva to life.
Co-founders Perkins and Obrecht are now billionaires, each holding a stake worth about $2 billion. The two were recently married after getting engaged in Turkey in 2019. Obrecht proposed with a $30 ring despite the couple’s immense wealth by then.
The newlyweds may be heading one of the few profitable unicorns at the moment, but they’ve already planned to launch a foundation with the intention of donating their wealth away to causes like global wealth inequality.
Obrecht explained why quite simply: “It’s not our vibe to hoard money.”