Graphic design software business Canva has managed to effectively double its value following the latest round of capital raising.
The Sydney-based company raised $US60 million ($86.4 million) in new funding led by Blackbird and Sequoia China, giving it a new valuation of $US6 billion ($8.77 billion).
Canva cofounder and COO Cliff Obrecht suggested the COVID-19 pandemic has helped the company continue to grow.
“Canva’s accelerated growth is indicative of the “new normal”, as more teams realize the need for a more scalable, more collaborative, more affordable and more user-friendly design platform,” he said.
“Now more than ever, organizations of all sizes are doubling down on building a reliable remote workplace, and are turning to modern productivity platforms like Canva to ensure they remain flexible and scalable.”
The company revealed it now has over 30 million monthly users and generates around 80 designs per second.
“This round is further evidence that Canva continues to power ahead. In a post-COVID world of remote working, we are seeing Canva’s original vision – a collaborative platform to provide all the elements to create great design – become even more powerful,” said Blackbird investor Rick Baker.
“As a result, Canva has seen phenomenal growth over the past months, cementing its place as one of the fastest-growing SaaS companies in the world.”
The latest round of investment comes as the company doubles down on its workplace collaboration offering.
Since launching the product last year, Canva is now used as a collaboration tool by over 500,000 businesses and more than 90,000 schools.
This has seen design creation and sharing on Canva increase by over 50 per cent.
As the company continues to scale, Obrecht confirmed Canva is open to making some acquisitions.
“We’re open to investment opportunities in the media and editing space as we continue on our mission to provide a comprehensive and valuable product.
“Ultimately, we want Canva to be the go-to platform for all your design needs, so we’ll continue to monitor and evaluate acquisition opportunities.”
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