Canva valuation hits $20bn

Perth-founded technology business Canva has raised $92 million through an off-market share placement, at a valuation of about $20 billion.

The raising this week follows a deal in 2020 that raised about $78 million; to date the company has raised an estimated $510 million.

Investment firm Dragoneer co-led the latest financing round, with additional backers including T.Rowe Price Global Technology Fund, Skip Capital, as well as Australian/New-Zealand-based Blackbird Ventures.

Canva said it now had 3 million paying customers, reporting that annual revenue had lifted more than 130 per cent to $500 million the year ended March 31.

Prominent Canva clients include Salesforce, American Airlines and consulting firm McKinsey.

Canva stated it had more than 55 million monthly active users – up from 30 million in June 2020 -with 5 billion designs created to date.

Canva chief executive and co-founder Melanie Perkins, who grew up in Perth and attended The University of Western Australia, established the business in 2007, growing Canva into an international graphic design startup, now headquartered in Sydney.