Sydney-based Canva has hit a $US40 billion ($55 billion) valuation, more than Telstra and on par with iron ore giant Fortescue, after the graphic design platform announced a $US200 million raising from investors.

As flagged by The Australian Financial Review’s Street Talk column in July, the raise, led by T. Rowe Price and joined by returning local investors Blackbird Ventures and AirTree Ventures, is more than double the $20 billion valuation Canva announced after a $71 million equity sale in April.