Canva has confirmed a valuation of US$2.5 billion, achieved after closing a US$70 million fund raising round. Rumours of the raising began appearing a few days ago.
Two new VCs, General Catalyst and Bond, join existing investors Felicis Ventures and Blackbird Capital.
Barely seven years old, the online design company founded by Melanie Perkins, Cliff Obrecht, and Cameron Adams, already has 500,000 paying subscribers and 15 million monthly users. Its revenues are believed to be approximately $130M a year.
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With this new valuation, it joins another Australian business – Atlassian – in the digital unicorn stakes. However, it has a fair way to go to catch its compatriot. At the end of April Atlassian was worth almost $14 billion according to Macrotrends.
The company also added one of Silicon Valley’s most influential investors, Mary Meeker author of the influential annual Internet Trends Report, to its register via her new company, Bond. Indeed it is believed to be Meeker’s first investment since she left Kleiner Perkins.
The new injection of funds will be used to further cement Canva’s position in the workplace, the company said.
It also announced that it will release a tailored product for the world’s largest brands and enterprises who require additional brand control and collaboration.
This builds upon the success of its existing premium offering for individuals and teams, Canva Pro, which already boasts global brands such as Yelp, Finder.com and Hubspot.
According to Meeker, General Partner, “The Canva team are building their platform around three trends – content, community and commerce – that we’ve been observing in some of the world’s fastest growing companies.”
She said,”We are excited about the potential to achieve Canva’s mission of improving the world’s design fluency and look forward to being part of that journey.”
In a statement announcing the deal, Perkins, Canva’s CEO said, “We’ll be using this new funding to further cement Canva as the default tool in every workplace.
“We’ve heard the challenges faced by hundreds of brand managers, designers and teams at large companies. Our enterprise product will help to resolve these pain points and ensure that all content produced is perfectly aligned, ” she said.
Canva describes its long-term vision as empowering the modern workforce by making it easier for people to communicate their ideas effectively in this ever-growing visual world.