Australia’s Canva raises $85m at $3.2b valuation
Australia’s Canva has raised an $85 million growth round led by Bond Capital, the new vehicle of Silicon Valley veteran Mary Meeker. It values the graphic design start-up at $3.2 billion.
Sequoia Capital China and Australia-based Blackbird Ventures also participated, alongside US investors General Catalyst and Bessemer Venture Partners. It comes five months after a $70 million investment from Bond, General Catalyst, Blackbird, and Felicis Ventures that valued the company at $2.5 billion.
"We've been working very closely with Mary Meeker and her team at Bond since the last round," CEO and co-founder Melanie Perkins (pictured) said, according to The Sydney Morning Herald. "We saw there is a huge opportunity to help enterprises truly transform the modern workplace and become more efficient."
Canva is touted as one of the most valuable woman-led technology start-ups globally. The company provides a cloud-based platform and mobile app that allows marketers and other individual users to create a custom-designed online presence. It claims to have more than 20 million monthly active users across 190 countries.
The fresh capital is expected to use its latest funding to expand into industry-focused tools, including Canva Enterprise, a corporate branding product. Other recent developments in this effort include the launch of Photos Unlimited, a Netflix-style subscription service, and the acquisition of two stock image providers, Pexels and Pixabay. These companies have more than one million images combined and have logged about 500 million downloads.
Previous investments include a $40 million round led by Sequoia last year with support from Blackbird and Felicis that valued the company at $1 billion. Canva has raised about $235 million to date, with Matrix Partners, Airtree Ventures, Shasta Ventures, Founders Fund, Square Peg Capital, 500 Startups, InterWest Partners, and Five V Capital among its other backers.
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