Australian graphic design platform Canva has seen its market value surge in the last two years, and after a recent capital raising it is now worth $6 billion.
Its January 2018 valuation, when investors such as Mary Meeker hopped aboard was “only” 1 billion.
Canva is now used by more than 500,000 organizations around the world and scales from small businesses to enterprise implementations. It is also growing a strong presence in the academic and not-for-profit sector with 90,000 education sites and 55,000 NFPs using the software.
According to a statement by the company, a recent doubling in its valuation is attributed to its growing prominence as a workplace collaboration platform fueled by its strong performance in user growth, which continues to accelerate as the world shifts online amidst the global pandemic.
“Today Canva is embraced by over 30 million people every month to design around the globe, collaborating on presentations, marketing materials, social media content, videos and more — at a whopping 80 designs per second and a total over 3 billion designs created since launch,” the statement noted.
Despite COVID-19, Canva cofounder and COO Cliff Obrecht the company continues to see a significant increase in user activity.
“Canva’s accelerated growth is indicative of the “new normal”, as more teams realize the need for a more scalable, more collaborative, more affordable and more user-friendly design platform.
“Now more than ever, organizations of all sizes are doubling down on building a reliable remote workplace, and are turning to modern productivity platforms like Canva to ensure they remain flexible and scalable.”
Investor Rick Baker from Blackbird, a renowned venture capital firm based in Australia said the surge in Canva’s numbers is a testament to the design platform’s abilities to cater to the changing needs of the modern workplace.
“This round is further evidence that Canva continues to power ahead. In a post-COVID world of remote working, we are seeing Canva’s original vision – a collaborative platform to provide all the elements to create great design – become even more powerful. As a result, Canva has seen phenomenal growth over the past months, cementing its place as one of the fastest-growing SaaS companies in the world,” he said.
Meanwhile, Mood Rowghani, general partner at Bond that the COVID-19 disruption had pressured organizations to embrace new methods of work and collaboration. “As the lines between home and office have blurred, Canva’s digital design platform is empowering a new wave of productivity and interaction for businesses, schools, and nonprofits across the globe. We have been thrilled to work with the team and are excited about what’s to come.”