Canva hits $3.6bn valuation as it raises a fresh $US70m

Canva is plotting a path to become a default tool for firms as it raises another $US70m.

Canva CEO Melanie Perkins.

Online design platform Canva is plotting a path to become a default tool inside organisations, after raising $US70 million in fresh capital, valuing the Sydney-based company at $US2.5 billion ($3.6bn).

The latest funding round had also seen Canva welcome two new venture capital investors, General Catalyst and Bond, which is led by influential tech analyst Mary Meeker.

Existing investors Felicis Ventures and Blackbird Capital have also pitched in new funds. Canva has so far raised $US166m in funding in total.

Canva CEO and co-founder Melanie Perkins said the fresh funding will be used further reinforce Canva’s place inside workplaces.

“We’ve seen incredible uptake from millions of people all around the world, with organisations of all sizes, from small businesses to Fortune 500s, using Canva every day.”

“We’ve heard the challenges faced by hundreds of brand managers, designers and teams at large companies. Our enterprise product will help to resolve these pain points and ensure that all content produced is perfectly aligned,” she said.

Canva has launched a new product catering to the needs of bigger organisations, building in the success of its Canva Pro product, which is already used by 500,000 paid subscribers.

It also recently picked up free stock photography sites Pexels and Pixabay for an undisclosed sum. It’s also launching Photos Unlimited, a “Netflix-style” subscription model for more paid stock photography.

Canva is Bond’s debut investment and Ms Meeker, renowned for her technology predictions, said that Canva had established itself as a leader

“The Canva team are building their platform around three trends — content, community and commerce — that we’ve been observing in some of the world’s fastest growing companies.”

“With its global user base of more than 15 million monthly active users, Canva is a clear leader providing a platform that empowers users to create compelling, data-rich visuals and gain design fluency through collaboration and feedback,” she said.

Meanwhile, General Catalyst managing director Kyle Doherty said that investing in Canva was a no-brainer.

“In only five years it has not only demonstrated the need for a simpler way to design, but it is also one of the rarer cases of a tech start-up that is already profitable while growing incredibly quickly.”

“Every organisation in the world juggles dozens of publishing tools, and has a highly stretched design team, Canva makes the design process simpler, giving everyone the tools they need to create content to achieve their goals,” Mr Doherty said.