Canva announced a USD $40 billion valuation after a USD $200 million funding round led by T. Rowe Price and joined by new and existing strategic investors, including Franklin Templeton, Sequoia Capital Global Equities, Bessemer Venture Partners, Greenoaks Capital, Dragoneer Investments, Blackbird, Felicis, and AirTree Ventures.
“Visual communication has emerged as a universal need for teams of every size across almost every industry,” explains Canva co-founder and CEO, Melanie Perkins. “It has been incredible to see the continued growth of Canva across the globe over the last year. More than 60 million people are now using Canva for everything from launching startups to raising awareness for nonprofits, supporting remote learning, collaborating in distributed teams, and managing global enterprise brands at scale. We’re incredibly excited to be further accelerating our mission to truly empower the world to design.”
Canva has more than 60 million monthly active users in 190 countries. As both usage and global adoption climb, the company continues to experience growth, more than doubling its revenue year on year and remaining on track to exceed USD $1 billion in annualized revenue by the end of the year while generating positive free cash flows, the company said. The fresh round of funding will be used to accelerate this continued growth, including expanding Canva’s team of more than 2,000 employees, which the company expects to double in the year ahead.
The Canva community has created more than 7 billion designs, with 120 new designs created every second using Canva’s library of more than 800,000 templates and more than 100 million design ingredients, including photos, videos, stickers, audio tracks, and illustrations.
“The need for both visual communication and online collaboration has become increasingly paramount and is driving Canva’s exceptional growth and adoption in teams and workplaces of every size and across many industries,” said Alan Tu, portfolio manager of T. Rowe Price Global Technology Fund. “We’re pleased to extend our investment supporting Canva on its mission to democratize visual communication.”
Team adoption quadruples
Canva has seen team adoption more than quadruple over the last twelve months, also seeing increased uptake among Fortune 500 companies including Zoom, Salesforce, Marriott International, PayPal, and American Airlines deploying Canva as Enterprise customers.
“We’re looking forward to using Canva to manage our global brand assets and campaigns, all in one place. With millions of people around the world using Zoom, Canva will play an important role in helping us to continue scaling our brand and marketing efforts while empowering our rapidly growing team to create content at speed,” said Wendy Bergh, Head of Digital and Online at Zoom, one of the latest enterprise customers embracing Canva to scale a global brand.