The US tech stock sell-off has seen an investor in Canva’s most recent raising round cut the value of its shares by one-third, which suggests a huge market correction.
Franklin Templeton’s Growth Opportunities Fund has cut the value of the 11,829 shares it bought from A$28.2 million to A$18.7 million, effectively valuing the $55 billion company at around $37 billion.
The fund revealed its 33.5 per cent paper loss in a March 24 filing with the US corporate regulator.
Franklin Templeton is the only Canva investor to have so far written down its recent round investment in the company by such a significant amount. Considering the mass sell-off, it is unlikely to be the last.
Apple, Microsoft, and Twitter will all report this week, with all three expected to negatively impact shares.
Canva has successfully completed five venture capital rounds in less than three years, and holds A$975 million in cash.
