Canva now valued at $3.2 billion after $85 million fundraise

Canva uses a drag-and-drop format and provides access to photographs, vector images, graphics, and fonts to make images for social media.

Canva is now valued at $3.2 billion after an $85 million fundraise by Mary Meeker’s venture capital firm joined by General Catalyst, Bessemer Venture Partners, Blackbird, and Sequoia China.

It is an eye-popping new valuation as the amount has dramatically increased from  $2.5 billion (announced in May) to $3.2 million in five months. It has made Sydney-based online design platform Canva Inc, co-founded by young 32 years old lady Melanie Perkins, one of the most valued female-led technology startup.

The company was founded on 1 January 2012 and had more than 750,000 users in the first year. It has the vision to make designing easy for anyone. 

The easy-to-use Software assists folks and firms create banners, logos, social media graphics, and displays.

Canva Inc. today claims that 20 million users take its services every month, and 36 designs are generated every second through their platform. Initially, Canva users were individuals and small groups but the situation has changed.

During the interview, Ms. Melanie Perkins said that most of the canvas’s users are working in America’s largest companies. Now, 85% of Fortune 500 companies using the product. She said the new funding would be used to hire and invest in research and development. The company aims to target corporations now to strengthen its position in the industry. Moreover, the company is extending service to organizations with the launch of Canva for Enterprise.

Now, this Australian startup has expanded with workplaces in Manila and Beijing. Ms.Perkin states the company has a massive workforce of 700 employees that is likely to be doubled in 2020. As per source, they have a large share of clients in the USA that is around 10 million. Furthermore, the company aims to hire more employees in this region shortly.

Failed to catch investors at beginnings

In the start, Perkins who was living in Australia found outreaching to large tech investors, many of whom were based in Northern California very hard.

She decided to live with her brother for three months in San Francisco, where she pitched Canva to over 100 venture capitalists but all rejected Canva. 

Her luck, however, would change soon enough. She finally caught the interest of actors Woody Harrelson and Owen Wilson who were the early investors. Canva app today alone on Play Store has over 50 million installs and has been reviewed 4.7 by nearly 2 million users.

What are your views about this news? Do you think that now the company will achieve a whole new level of excellence? Kindly let us know in the comment section below.

Featured image: Canva/Twitter

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