Software design startup Canva has hit a $US40 billion ($55 billion) valuation after securing a new round of funding, making it the most valuable private consumer software company ever.
The Sydney-based company is now worth more on paper than ASX telecommunications giant Telstra, with its co-founders Melanie Perkins and Cliff Obrecht’s 30 per cent stake in the business now worth more than $16 billion.
The tech juggernaut announced a $US200 million capital raising on Wednesday morning, led by investment firms T. Rowe Price, Franklin Templeton, Sequoia, Bessemer Venture Partners, Greenoaks Capital, Dragoneer, Felicis Ventures and Australian venture firms Blackbird Ventures and Airtree Ventures.
Having more than doubled its value since its previous capital raising in April, it’s now the world’s fifth most valuable startup after TikTok owner ByteDance, payments fintech Stripe, Elon Musk’s space travel venture SpaceX and buy now, pay later firm Klarna Bank, according to data from research firm CB Insights.
Canva was founded by Ms Perkins, Mr Obrecht and Cameron Adams in 2013 with the aim to allow anyone to easily design products such as greeting cards, posters, websites and presentation slides.
Eight years on, the high-flying startup has 60 million users across 190 countries and said it is on track to surpass $US1 billion in revenue this year.
Canva has grown to a global team of more than 2000 employees, having almost doubled its staff numbers this year.
“Visual communication has emerged as a universal need for teams of every size across almost every industry,” Ms Perkins said. “It has been incredible to see the continued growth of Canva across the globe over the last year.”