Global visual communications company Canva’s valuation has now reached an all-time high of US$40 billion, after the company raised US$200 million in its latest funding round.
The announcement comes just five months after the Australian company, which allows users to make posters, social media graphics, presentations and more, updated its valuation to US$15 billion following a US$71 million investment.
The latest funding round is led by investment management firm T.Rowe Price.
T.Rowe Price, which has $US1.68 trillion in assets under management, was joined by Franklin Templeton, Sequoia Capital Global Equities and Bessemer Venture Partners among others in the latest funding round.
Canva said the money raised will be used to expand its team of more than 2,000 employees, which the company expects to double in the year ahead.
Launched in 2013, Canva has more than 60 million monthly active users across 190 countries and counts companies including Zoom Video Communications, Salesforce and PayPal as its customers.
“Visual communication has emerged as a universal need for teams of every size across almost every industry,” 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.”
Canva’s rapid surge in valuation also 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 said it continues to experience supercharged growth, more than doubling its revenue year on year and remaining on track to exceed USD $1 billion in annualised revenue by the end of the year while generating positive free cash flows.
The Canva community has created more than seven billion designs, with 120 new designs created every second using Canva’s 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,” T. Rowe Price Global Technology Fund portfolio manager Alan Tu said.
“We’re pleased to extend our investment supporting Canva on its mission to democratise visual communication.”
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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