Canva wants to 'eat' Google

Having a $1bn in the bank is a good start.

Having a $1bn in the bank is a good start.

Canva - the software company launched to rival Photoshop which turned us all into graphic designers - is now coming for Microsoft and Google.

Despite its co-founders Melanie Perkins, Cliff Obrecht and Cameron Adams dropping out of the global billionaire rankings this year, the start-up still has more then $1bn in the bank, an inbox full of 200,000 job applications and new tech that is poised to take on the Google and Microsoft's office gadgets.

Launching its new suite of workplace products this week at a flashy event at Sydney’s Hordern Pavilion - which 300,000 Canva users reportedly tuned into via livestream -the tech company is now hoping to go on a hiring frenzy or buy other start-ups.

The anticipation is building for Canva Create where we'll be entering an exciting new chapter at Canva and unveiling a range of new products and features that will unlock new levels of creativity and collaboration for our global community.

Learn more: https://t.co/XRC3wOWkmi pic.twitter.com/CROXODJko4

— Cameron Adams (@themaninblue) September 5, 2022

What's new?

The new Visual Suite will, its leaders said, will put Canva in "direct competition" with Google Workspaces and Microsoft 365.

Canva Docs is its version of Google Docs.

Canva Websites is its iteration of Squarespace

Whiteboards is a "drop and drag" brainstorming and mood board alternative to Miro. 

A new "marketplace" is incoming which will allow developers to build Canva integrations, as well as a Creator marketplace, where local designers can get paid for contributing designs to the library.

All of them new suite of products are available on the free version of Canva.

What's next

Despite 2022 being described by the industry as "a bloodbath" (Canva's investors slashed its valuation by 40%) say the business is "recession proof" and Perkins added she wants the company to be "one of the most valuable" in the world.

"We’re a profitable company, we have $US700m ($1.04bn) in the bank. There’s not a day that goes by without multiple companies for sale landing in my inbox, so while there’s a lot of pressure on other folks, it provides some level of opportunity for us,” Obrecht told The Australian.

"Our team is growing, we’re continuing to hire, we haven’t had any type of hiring pause.

“We’re really leaning in to this. One of the biggest regrets (Salesforce chief executive) Marc Benioff had was not leaning really early into the 2009 downturn, and there are a bunch of different examples like that where companies who have chosen to lean into the downturns have come out the other side much stronger, and we’re in a fortunate position to be able to do that.

“Our underlying business foundations are hugely profitable.”