Australian photo bank and editor Canva has raised another $ 85 million in an estimated $ 3.2 billion.
Rowe Price and Dragoneer were the lead investors. As a result of the round, the founders of the company Melanie Perkins and Cliff Obrecht became billionaires, according to the American Forbes.
Existing investors have also joined the round, including Blackbird Ventures and Skip Capital. Canva became a unicorn back in 2018 when it raised $ 40 million from Sequoia Capital.
The money will go to double the workforce to 1,400 people and to develop the corporate direction of Canva for Enterprise. The main focus of the company in the near future will be on expanding services for business and creating presentations. Canva users from different time zones and without design experience will be able to easily create branded marketing and presentation materials.
What is Canva?
Canva is a cross-platform graphic design service. It allows users to edit photos and create images based on pre-made elements and templates. Canva was founded in 2012 with the goal of democratizing design tools. The company’s tools are designed to simplify the design process for people who are not designers, whether it’s the sales team who collects sales materials, marketers working on content, or other departments working on in-house materials. The drag-and-drop interface allows people to create something beautiful and impressive without special Photoshop skills.
The service is profitable, states Forbes. The company’s revenue for the year was $ 500 million, an increase of 130%.
Canva’s third co-founder Cameron Adams says the service currently has 55 million registered users. According to the company’s own data, 85% of the 500 largest US companies by revenue use Canva.
Canva in general, which operates on a “freemium” model that allows many users to access its software for free. Canva claims to be used today by 90,000 schools and universities, 55,000 nonprofits, and boasting larger accounts including American Airlines, Hubspot and Warner Music.
Most recently, Canva partnered with FedEx Office to offer easy-to-design print products that allow users to select print projects from one of more than 2,000 locations in the US as the Sydney-based company hopes to gain a foothold in the market.
The company’s business grew strongly during the pandemic and Canva expects growth to continue.
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Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the CEO of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.