Canva valuation up to US$3.2b

Sydney-based graphic design software business, Canva, has raised US$85 million in funding, bringing its valuation up to US$3.2 billion.

This is an increase from the US$2.5 billion valuation it announced in May.

This new round of funding came from its existing investors, including Mary Meeker’s Bond, General Catalyst, Blackbird and Sequoia China, in addition to new investor, Bessemer Venture Partners.

According to a Bloomberg report, the capital will be utilised in driving “major changes” that include the doubling Canva’s headcount to 1400 in the coming year, as well as introducing a new solution, Canva for Enterprise.

“When Canva launched as a small Australian startup in 2013, the mission was simple: to empower the world to design. Fast forward six-years and Canva is set to launch one of its biggest endeavours yet: Canva for Enterprise. With 85 per cent of Fortune 500 companies already using Canva, the startup is launching a bespoke product catered to their unique design requirements,” a spokesperson said.

The new product is expected to offer a brand kit, in addition to marketing and sales templates and locked approval-based workflows.

It is also expected to hide Canva’s design library within the company, giving only its employees access to material such as approved brand assets, colours and fonts.

Canva CEO and co-founder Melanie Perkins said, “Our vision for Canva has always been to empower the whole world to design, so we are excited to take this next step and cater to the unique needs of enterprises who want to enable their whole company to design on-brand presentations, marketing materials and social media graphics.

“One of the challenges for enterprises who span offices, geographies and teams, has been to ensure consistent use of their brand, and we’re really excited to launch a product that specifically solves these needs.”

Canva’s solutions aim to aid businesses and people in the creation of banners, logos, and other graphic arts materials, in addition to digital solutions such as social media graphics and presentations.

The company launched in 2013 in Australia, and has since then extended its reach into other Asian markets such as Beijing and Manila.

Following the new round of funding, 32-year-old Perkins is one of the top female-led tech startups globally.

“We’ve been working very closely with Mary Meeker and her team at Bond since the last round,” Perkins said, in the Bloomberg report.

“We saw there is a huge opportunity to help enterprises truly transform the modern workplace and become more efficient.”

Moving forward, the company’s focus will be on further expanding on its services of business and building products for presentations.

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