Australian graphic design tool website Canva has announced a new valuation of US$6 billion (AU$8.67 billion) from US$3.2 billion, after having raised a US$60 million in a funding round.
Canva is currently used by more than 30 million people every month to design around the globe, collaborating on presentations, marketing materials, social media content, videos and more.
Canva co-founder and chief operating officer Cliff Obrecht says the company continues to see a significant increase in user activity despite the economic downturn as a result of the COVID-19 pandemic.
“Canva’s accelerated growth is indicative of the 'new normal', as more teams realize the need for a more scalable, more collaborative, more affordable and more user-friendly design platform," Obrecht says.
“Now more than ever, organizations 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.”
Investor Rick Baker from Blackbird, a venture capital firm based in Australia, says the surge in Canva’s numbers is a testament to the design platform’s abilities to cater to the changing needs of the modern workplace.
“This round is further evidence that Canva continues to power ahead," Baker says.
"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. 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.”
More than 500,000 organisations on the Canva platform from small businesses to enterprises such as Hubspot, Ingram Micro, Warner Music, American Airlines and Eaton.
There are more than 90,000 schools and universities worldwide including the NSW Department of Education in Australia and the University of Texas using the platform.
It is also used by over 55,000 nonprofits including the World Health Organization, Task Force for Global Health, NHS Charities Together and UN Commission on Human Rights.
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