Tech
An artistic triumph: Canva’s value soars three-fold
From Instagram posts to water bottles, the design network that can turn anyone into an artist is now worth fortunes.
The value of design platform Canva has increased almost three-fold, with the once $15 billion company now worth $40 billion USD.
It comes after a funding round led by T.Rowe Price helped raise 200 million dollars for the company.
AirTree adventures, Blackbird and Dragoneer Investments were among the new and pre-existing investment companies that contributed to the deal.
It’s a win for the Australian tech scene, painting Canva as one of the most valuable software companies online.
The graphic design platform enables anyone to be a star designer, no matter the level of experience.
From videos to t-shirts, Canva offers a range of templates across their easy-to-use platform, providing a convenient and easy experience for the user.
A step into the future of design
Co-founder and CEO Melanie Perkins says the goal of her platform is to replace PDF documents.
“Rather than people sending PDFs backwards and forwards between the designer and the client, designers can just create a template for organisation use,” Perkins says.
“It’s less important for us to absolutely excel at things like vector design because there are amazing programs on the market that may be there.”
“We really want to focus on that collaboration piece.”
How will the funding help?
The extra cash will be splashed on hiring two thousand workers, doubling their existing team where 42 percent of their workforce are women.
The extra funding also means the company is able to fulfill their dreams of further growing their business.
Web design, video editing and offline mode are all other features the platform is hoping to offer their growing user base, which is something the extra money can help them launch.
Perkins says it’s the funding from the investors that helps the platform remain to an extent free.
“We intentionally make our free product extremely generous for a number of reasons,”
“It means that people are able to love the product, share it with their friends and family, and promote it on social media, and then that virality really rapidly fuels our growth.”
Today, Canva has over 60 million users across 190 countries.
A number of big-name companies also use the platform, paying for their premium enterprise service.
Written by Rebecca Borg
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