Canva Nudges $5bn Valuation
Australian graphic design software company Canva said it has no short-term plans for a stockmarket float, instead raising US$85 million ($125 million) from private investors.
California-based Bessemer Venture Partners joined existing backers Mary Meeker’s Bond, US outfit General Catalyst, Australian venture capital operator Blackbird and Sequoia China in putting money into the pot. It brings Canva’s total funds raised to US$251 million and giving the company a market value of $5.2 billion.
CEO Melanie Perkins told The Australian the moola will help Canva shift beyond its typical consumer user base and into the corporate market.
Canva is also launching Canva for Enterprise, which the company says will help businesses ensure consistent use of their brand in design work. Canva Enterprise will cost $30 a month per person. Canva’s basic product is free to use.
“We’ll be doubling down on the huge potential of Canva in the workplace,” Ms Perkins said. “Presentations in particular is one of our fastest-growing categories, and we’re using the power of the internet to completely kill PowerPoint presentations.”
Perkins, co-founded the tech company as a 19-year-old when studying at the University of Western Australia.
She claims that 85 percent of Fortune 500 companies now use Canva.