Canva, an Australian startup specialising in workplace collaboration tools, has announced that its valuation has almost doubled, from $3.2bn to $6bn, after it raised $60m in its latest funding round.
Canva provides tools for organisations to create on-brand digital and print content, including social media posts, marketing materials, presentations and in-house multimedia. It is designed to support remote collaboration on projects, with support for brand’s visual identities, team access controls and workflows.
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The stellar growth in the startup’s valuation is being attributed to the rise in remote working, which has fuelled significant adoption of its platform.
Having launched in 2013, the company now has over 500,000 corporate customers, as well as 90,0000 educational customers and 55,000 non-profit customers.
Key users include travel search engine Skyscanner, the World Health Organisation, American Airlines and Warner Music.
“Canva’s accelerated growth is indicative of the ‘new normal’, as more teams realise the need for a more scalable, more collaborative, more affordable and more user-friendly design platform,” said Cliff Obrecht, COO and co-founder of Canva.
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By GlobalData“Now more than ever, organisations of all sizes are doubling down on building a reliable remote workplace, and are turning to modern productivity platforms like Canva to ensure they remain flexible and scalable.”
Canva valuation sees company eye global acquisitions
The latest valuation of Canva comes as the Sydney, Australia-founded startup is expanding its reach in the US by opening an office in Austin, Texas.
However, it is also eyeing the possibility of acquisitions in other markers in order to grow its platform globally.
“We’re open to investment opportunities in the media and editing space as we continue on our mission to provide a comprehensive and valuable product,” said Obrecht.
“Ultimately, we want Canva to be the go-to platform for all your design needs, so we’ll continue to monitor and evaluate acquisition opportunities.”
This follows the acquisition of Pexels and Pixabay, two of the world’s largest repositories of free stock images, in May 2019.
The company also sees the long-term shift to remote working as vital to its future success.
“This round is further evidence that Canva continues to power ahead. In a post-Covid world of remote working, we are seeing Canva’s original vision – a collaborative platform to provide all the elements to create great design – become even more powerful,” said Rick Baker, an investor from venture capital firm Blackbird, which has backed Canva.
“As a result, Canva has seen phenomenal growth over the past months, cementing its place as one of the fastest-growing SaaS companies in the world.”
Read more: Australia’s technology industry sees a rise of 26.3% in deal activity in Q4 2019
