Canva Leaps to $15 Billion Valuation as Revenue Doubles

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Australia’s Canva Inc. said its valuation hit $15 billion following a $71 million investment, making the provider of design-collaboration tools one of the fastest-growing software startups in the world.

New investors Dragoneer Investment Group LLC and T. Rowe Price Global Technology Fund took part in the round with existing backers including Blackbird Ventures and Skip Capital, Canva said Wednesday. The Sydney-based company was previously valued at $6 billion in June and $3.2 billion in late 2019.

The online-design platform said it surpassed $500 million in annualized revenue this year, a 130% year-on-year increase, while remaining profitable. It now has more than 55 million monthly active users, up from about 30 million in June.

“The company’s strong customer loyalty and consistent innovation has led to healthy growth,” Alan Tu, portfolio manager of T. Rowe Price Global Technology Fund, said in the statement. “We believe that they have the leadership team in place to continue on their path to becoming a much larger company.”

Canva was co-founded by Melanie Perkins, Cliff Obrecht and Cameron Adams. Launched in 2013, the product is used in 190 countries.

“There are only a small handful of truly special companies being built at any given time -- and Canva is one of them,” said Christian Jensen, a partner at Dragoneer.

©2021 Bloomberg L.P.

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